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Osteosynthesis Devices Market Reaching US$11.09 bn Towards the End of 2023

May 14th 2019 at 4:45 AM

Osteosynthesis Devices Market

The key factor responsible for the rising demand for osteosynthesis devices is the growing prevalence of osteoarthritis and osteoporosis. Both medical issues have a considerable public health burden as they occur commonly among the geriatric population around the world. The rise in the number of patients suffering from these conditions is directly related to the growing population of the elderly. Osteoarthritis, termed by major medical organizations as one of the leading disabling diseases in developed countries, can add severe limitations to the movement and mobility of a patient. Therefore, treatment of the disease is pertinent to the overall geriatric demographic wellbeing.

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Outside of the elderly population, there are several factors that drastically increase the chances of a patient suffering from osteoarthritis, including obesity and physical injuries. As such, a rise in the number of obese people, especially in developed nations, is a highly concerning factor for healthcare agencies and a major driver for the production and development of osteosynthesis devices. The number of road accidents and sports injuries is also increasing around the world, adding to the probability of an increase in the demand for osteosynthesis devices in the coming years.

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Osteosynthesis devices, however, have quite often been subject to product recalls in recent past, severely reducing their overall usability and market growth.

A culmination of the above factors along with other minor drivers and restraints is likely to result in a CAGR of 6.5% for the global osteosynthesis devices market revenue from 2015 to 2023. By the end of 2016, this revenue is expected to reach US$6.69 bn, and US$11.09 bn by the end of 2023.

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