Compression plates are used to apply compression on fractures. The holes in the compression plates have slopped edges, in which screws are inserted. This locks the plate in the bone without moving and helps in quick healing of bone fractures. The incidence of accidental injuries during sports, driving, and adventure has increased drastically in the last decade. A study carried out by the American Academy of Orthopedic Surgeons (AAOS) revealed that around 25% of sports injuries were related to lower extremities such as ankle and foot. Serious bone injuries have been reported recently among professionals as well as amateur sportspersons. Hence, the demand for compression plates for faster healing of injuries and bone fractures is expected to increase during the forecast period. This is estimated to augment the compression plates market in the coming years.
There is a gradual rise in the adoption rate of advanced orthopedic solutions that offer fast recovery and reduced post-operative complications. The global compression plates market is primarily driven by an increase in the number of bone surgeries; increase in the prevalence of injuries related to accidents, sports, and adventure activities; and rise in the adoption of technologically advanced products. An increase in the percentage of obese population is likely to propel the prevalence of bone fractures and hence drive the compression plates market during the forecast period. According to the Centers for Disease Control and Prevention (CDC), the number of orthopedic procedures was reported to be around 5 million in 2011. They were projected to increase to 7 million by 2020. Additionally, increase in the geriatric population and advancements in health care facilities are expected to boost the growth of the global compression plates market in the next few years. However, safety and risk issues are shifting patient preference toward non-surgical alternatives. Moreover, high cost of compression plates are expected to restrain the market in the next few years. Nevertheless, government funding in emerging markets, high unmet needs, and low cost manufacturing destinations are expected to provide new opportunities for the market during the forecast period.
The global compression plates market can be segmented based on type, application, end-user, and region. Based on type, the compression plates market can be classified into distal, femoral, neck, proximal, and lateral. In terms of application, the market can be categorized into laminoplasty, radius, humerus, maxillofacial reconstruction, tarsal bone, acromioclavicular joint, and others. Based on end-user, the global compression plates market can be divided into hospitals, critical care, and ambulatory surgical centers.
In terms of region, the global compression plates market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America leads the global compression plates market with a dominant share, owing to well-developed health care systems. Additionally, high cost of technologically advanced surgical procedures and increase in the prevalence of orthopedic diseases in the region are expected to boost the compression plates market during the analysis period. Asia Pacific holds a prominent share of the compression plates market, owing to an increase in focus on the development of health care infrastructure by public as well as private hospitals and rise in demand for affordable care from a significant base of the patient population. According to The China National Fracture Study (CNFS), from January 2015 to May 2016, nearly 4.39 million people in China suffered from traumatic fractures, primarily due to incidents such as slips and falls and road accident injuries.
Key players operating in the global compression plates market include B. Braun Melsungen AG, Zimmer Biomet, Stryker Corporation, Smith & Nephew plc, Wright Medical Group, Inc., Orthofix Medical, Johnson & Johnson, KLS Martin Group, Arthrex, Inc., and Lima Corporate.
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