High Tibial Osteotomy Plates Market to Reach $398.68 Mn, Globally, by 2030 at 2.8% CAGR: Allied Market Research
Rise in prevalence of bone-associated disorders, technological advancements in the high tibial osteotomy plates, surge in number of osteoarthritis treatment procedures, and increase in the number of road accidents have boosted the growth of the global high tibial osteotomy plates market.
PORTLAND, Ore., March 30, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "High Tibial Osteotomy Plates Market by Material (Metals and Polymers) and Technique (Open Wedge Technique, Closed Wedge Technique, and Other): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global high tibial osteotomy plates industry was pegged at $302.3 million in 2020, and is expected to reach $398.68 million by 2030, growing at a CAGR of 2.8% from 2021 to 2030.
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Drivers, restraints, and opportunities-
Rise in prevalence of bone-associated disorders, technological advancements in the high tibial osteotomy plates, surge in number of osteoarthritis treatment procedures, and increase in the number of road accidents have boosted the growth of the global high tibial osteotomy plates market. However, high costs associated with HTO procedure, surgical complications, and increase in preference for alternative treatment methods impede the market growth. On the other hand, rise in healthcare expenditure globally is expected to open new opportunities for the market players in the future.
Covid-19 Impact Analysis (Pre & Post)
- The global market for high tibial osteotomy plates dropped in 2020 as a result of the global economic downturn caused by the COVID-19 pandemic. A large number of clinics and hospitals around the world have been reconfigured to boost hospital capacity for COVID-19 patients.
- Manufacturing and shipping of healthcare essentials were both disrupted because of the prolonged lockdown.
- Due to the substantial increase in COVID-19 cases, many non-essential procedures experienced a backlog. Orthopedic surgeries, which are mostly elective, were therefore reduced during the pandemic. However, rising vaccination rates are expected to stabilize the market during the projected period.
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The metals segment to dominate by 2030-
By material, the metals segment accounted for more than four-fifths of the global high tibial osteotomy plates market share in 2020, and is anticipated to retain its dominance throughout the forecast period, owing to its high preferability due to its fixation and stability. The polymers segment, however, would showcase the fastest CAGR of 5.4% by 2030, owing to its less complication.
The open wedged technique segment held the lion's share in 2020-
Based on technique, the open wedged technique segment held the lion's share in 2020, contributing to more than half of the global high tibial osteotomy plates market, and is expected to continue its lead during the forecast period, owing to its few dissections, its effectiveness, and simplicity of the procedure. However, the closed wedged technique segment is expected to witness the highest CAGR of 3.6% by 2030. This is due to the inherent stability of the closing wedge with direct bone contact and reliable healing that enables early weight-bearing and shorter recovery time.
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North America, to lead the trail in terms of revenue-
By region, North America, garnered the major share in 2020, contributing to nearly half of the global high tibial osteotomy plates market, and is anticipated to dominate the market during the forecast period. This is owing to rise in bone associated disorders, rapid adoption of advanced technologies and presence of key players across North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 4.6% throughout the forecast period, owing to rapidly growing geriatric population and increase in disposable income. The report also includes an analysis of Europe and LAMEA region segments.
Major market players-
- Amplitude Surgical
- Aap Implantate AG
- Zimmer Biomet Holdings, Inc.
- Arthrex, Inc.
- Intercus Gmbh
- B. Braun Holding GmbH & Co. KG
- Johnson & Johnson (Depuy Synthes)
- Smith & Nephew Plc
- Newclip Technics
- Stryker Corporation (Wright Medical Group N.V.)
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