The Australian medical screws and plates market share witnessed significant growth in the past and is expected to grow at a CAGR of 7.97% during the forecast period (2022-2030).
Medical screws and plates are devices used to stabilize fractures in different body areas, including bones, spine, and pelvis, and for treating minor bone fractures. They are classified as internal fixation methods for fractures. They are available in various types, such as cortical screws, cannulated screws, shaft screws, cancellous bone screws, and locking head screws. These products have wide-ranging applications in treating fractures and orthopedic conditions involving bones and joints.
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Individuals face emotional and financial consequences because of sports-related injuries, accidents, and falls, including treatment costs and the impact on productivity in cases of disability or death. The automotive industry has witnessed substantial growth due to increased foreign investments, resulting in more middle-class-owned vehicles. This overall increase in factors contributing to bone fractures, such as road accidents, falls, and sports injuries, is expected to significantly contribute to the growth of the medical screws and plates market.
Osteoporosis poses a significant global burden, impacting individuals and society at large. With over 8.9 million fractures occurring annually, equivalent to a fracture every 3 seconds, it is a pressing concern. The International Osteoporosis Foundation reports that approximately 200 million women have osteoporosis. The Centers for Disease Control and Prevention also states that 4.2% of men and 18.8% of women aged 50 and above experience osteoporosis in the femur neck or lumbar spine. As the number of osteoporosis patients continues to rise, the demand for medical screws and plates for fracture management and repair is expected to increase accordingly.
Complications can arise in the medical field if implants are not appropriately sized, screws are inadequately fixed, plates are not contoured properly, or they are positioned incorrectly. Moreover, the absence of cancellous bone grafts at fracture sites can also contribute to complications such as infections, delayed bone healing, and damage to the overall construct. Failure to follow proper plate application principles significantly raises the risk of these complications, which is expected to hinder market growth in the projected period.
Emerging economies offer considerable growth opportunities for both established and new entrants in the market. This is mainly attributed to factors such as the rising prevalence of osteoporosis, a large and growing patient population, expanding healthcare infrastructure, an increasing elderly population, and improved disease diagnosis and treatment awareness. Moreover, market participants actively focus on product development, innovation, and technological advancements, which are expected to drive market growth and create significant demand soon.
Australia's medical screws and plates market is analyzed regionally, considering factors such as market size, growth prospects, and key players. Regions such as New South Wales, Victoria, and Queensland contribute significantly to the market, driven by the demand for orthopedic surgeries and advancements in healthcare infrastructure.
The Australia medical screws and plates market is segmented into materials, types, and end-users.
It is further segmented by material into stainless steel, titanium, nitinol, and others.
Stainless steel dominated the market and is expected to register a CAGR of 8.08% over the forecast period. Due to its high biomechanical properties ('E' = 200 20 GPa, ductility, etc.), corrosion resistance, bio inertness, and cost-effectiveness compared to other biocompatible metals, Stainless Steel (e.g., 316L) is one of the most preferred biomaterials for bone plates.
By type, it is further segmented into upper extremity and lower extremity.
Lower extremity dominated the market and is expected to register a CAGR of 8.43% over the forecast period. Internal fixation medical equipment is what you may call things like metal plates, screws, and nails. They are frequently employed during fracture treatment because of their ability to stabilize and support a shattered bone. As the most common type of surgery performed worldwide, procedures using screws and plates generate a large chunk of income.
It is further segmented into hospitals and clinics, orthopedic clinics, and ambulatory surgical centers based on end-users.
Hospitals and clinics dominated the market and are expected to register a CAGR of 8.08% over the forecast period. A hospital is a center for primary health care, providing specialized treatment services administered by trained medical personnel. In addition, the number of hospitals is increasing worldwide. In hospitals, the presence of advanced apparatus and a secure environment for surgical procedures facilitates the use of products.