High Tibial Osteotomy (HTO) Plates Market to Reach $269 Mn, Globally, by 2023 at 3.2% CAGR, Says Allied Market Research
PORTLAND, Oregon, November 1, 2018 /PRNewswire/ --
Rise in incidence of bone-related diseases, increase in the number of road accidents, and high adoption of surgical procedures for safe diagnosis would drive the growth of the global HTO plates market.
Allied Market Research published a report, titled, High Tibial Osteotomy (HTO) Plates Market by Material (Metals, and Polymers), and Technique (Open-Wedge Technique, Closed-Wedge Technique, and Other): Global Opportunity Analysis and Industry Forecast, 2017-2023. The report offers extensive analyses of the drivers & opportunities, value chain, market size & projections, key market segments, top investment pockets, and competitive landscape. According to the report, the global high tibial osteotomy (HTO) plates market generated $223 million in 2017 and is expected to reach $269 million by 2023, registering a CAGR of 3.2% from 2017 to 2023.
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High incidence of bone-related diseases due to unhealthy diet or sedentary lifestyle, surge in road accidents, growth in geriatric population, and rise in adoption of surgical procedures for safe diagnosis drive the growth of the global HTO plates market. However, high cost of osteotomy surgeries and side effects associated with the usage of plates hamper the market growth. Conversely, increase in investment in healthcare infrastructure and untapped potential in developing regions would offer numerous opportunities for the market players in future.
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Metals segment to lead in terms of market share throughout the forecast period
Metals segment contributed more than three-fourths of the total market share in 2017 and is expected to maintain its dominance throughout the forecast period. This is due to the fact that metals are the preferred and standard choice of material for manufacturing HTO plates. However, polymers segment would register the highest CAGR 6.9% from 2017 to 2023, owing to rise in adoption of polymer HTO plates as they overcome the disadvantages related to metallic HTO plates.
Open wedge technique segment to dominate in terms of revenue by 2023
Open wedge technique segment accounted for the major market share in 2017, accounting for more than half of the total revenue. This is attributed to the effectiveness and simplicity provided for joint-preserving surgery of the knee joint. This segment will continue to maintain this trend by 2023. On the other hand, closed wedge technique segment registered the fastest CAGR of 4.1% from 2017 to 2023, owing to surge in research activities for exploring the potential of closed wedge techniques for HTO.
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Asia-Pacific to grow the fastest by 2023
Increase in geriatric population, availability of HTO plates at affordable prices, and improvement in healthcare infrastructure are the key factors that have enabled the Asia-Pacific region to grow at the fastest CAGR of 5.8% from 2017 to 2023. However, North America contributed nearly half of the total market share in 2017 and is expected to remain dominant throughout the forecast period. This is due to the considerable rise in the number of osteoporosis and osteoarthritis cases over the past few years.
Torchbearers of the industry
The major market players analyzed in the study include DePuy Synthes (Johnson & Johnson), Zimmer Biomet, Arthrex, Inc., Stryker Corporation, aap Implantate AG, Smith & Nephew, B. Braun Melsungen AG, Acumed, LLC, Wright Medical Group N.V., and Amplitude Surgical. These market players have adopted various strategies such as new product launches, expansion, collaboration, joint ventures, partnership, and others to gain a strong position in the industry.
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