Plates and Screws Market Size, Share, Growth, And Global Industry Growth, By Type (Plates and Screws) By Application, (Upper Extremities and Lower Extremities), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2024 To 2032

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PLATES AND SCREWS MARKET REPORT OVERVIEW

The global plates and screws market size was valued at USD 5.43 billion in 2023 and is projected to touch USD 7.62 billion by 2032, exhibiting a CAGR of 3.8% during the forecast period. Asia-Pacific holds leading position in plates and screws market share in 2023.

Plates and screws are used to fix internal bones or any implant. The screws are simple devices with different designs based on fracture type and the usage of the screw. Plates are splints used to hold the broken pieces of the bones. Plates can be left in place after the healing process completion, or they can be removed. These products are used to fix broken bones. 

These plates and screws are used for the internal fixation of the bones. These are made from titanium and stainless steel, which is strong and consistent. Instead of fixing them, these implants can be made of chrome and cobalt to replace the joints. These are compatible with the body and do not cause any allergic reactions. 

COVID-19 Impact: Low Demand Due to Lockdown Impeded Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with plates and screws experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the plates and screws market growth and demand returning to pre-pandemic levels once the pandemic is over.

The pandemic impacted every market and has had a long-lasting effect on its growth. The market shut down and halted construction, manufacturing of chemicals and advanced materials, which is expected to hinder the market's growth. Demand for the product witnessed a downfall due to the sudden shutdown of the market. The lockdown disrupted the product supply chain. The demand for the product could not be fulfilled due to the lower manufacturing rate of the product. The outbreak of the pandemic had a negative impact on the market growth.

LATEST TRENDS

"Steady and Cost-Effective Treatments to Foster Growth in the Market"

The up-gradation in healthcare facilities coupled with the up-gradation of plates and screws is anticipated to garner market growth. The time-consuming, expensive surgeries have now shifted to rapid and cost-effective treatments. Moreover, cost-effective treatments offered by various government hospitals in emerging countries are expected to drive trends in the market. Government hospitals offering cost-effective treatments for bone fixation are also forecasted to be an additional factor boosting plates and screws market share. 

PLATES AND SCREWS MARKET SEGMENTATION

• By Type Analysis

By type, the market is segmented into Plates and Screws.

The plates will dominate other segments due to the rising demand for plates in various spinal disorders. 

•  By Application Analysis

Based on application, the market is classified into Upper Extremities and Lower Extremities. 

 

DRIVING FACTORS

"Rising Prevalence of Joint Diseases to Stimulate Product Demand "

The rising geriatric population is anticipated to bolster product demand by rising orthopedic diseases among older adults. The consistently increasing aging population is most likely to suffer from bone issues, which is expected to boost the demand for the product. The rising number of road accidents is also anticipated to surge plates and screws market growth.

"Constantly Increasing Ageing Population and Sports Activities by Youngsters to Garner Market Growth"

The increasing geriatric population and increasing prevalence of degenerative bone diseases is anticipated to spur market growth. Additionally, the generation is inclined toward sports and games, which is expected to boost the incidences of injuries. These factors are anticipated to drive growth in the market. 

RESTRAINING FACTORS

"Lack of Skilled Professionals to Slow the Market Growth"

The plate and screws market share is anticipated to be hindered by the low awareness of the product usage and applications. The use of plates and screws should be done under the guidance of professionals, which is expected to affect the growth rate of the market. The higher cost of the product is also expected to hinder its adoption. The higher costs of the product resist the general population from adopting it, thus hindering the market's growth.

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PLATES AND SCREWS MARKET REGIONAL INSIGHTS

"North America to Dominate Market Due to Presence of Major Players "

North America is anticipated to dominate the global market due to major key players in the region. The region’s focus on developing strategic approaches such as geographical expansion, technological expansion advancements, for treating fractures and accidental injuries, and new product launches are also expected to garner the region’s growth. 

Europe is anticipated to show sizeable growth due to the rising prevalence of osteoporotic fractures among the old population. Additionally, the region's growth is supported by the rising demand for bone fixation plates in orthopedic fixation. 

Asia Pacific is anticipated to show significant growth by raising awareness about external fixation and internal orthopedic devices. Additionally, the region's growth is also backed by the rising prevalence of orthopedic and osteoporosis disorders. 

KEY INDUSTRY PLAYERS

"Key Companies to Develop Long-Term Growth Strategies to Gain Market Share"

Key industry players try to develop new products at pocket-friendly costs to expand the market growth. Major market players emphasize collaborating with other companies to enhance their product portfolio. Companies strive to increase the production rate to deliver maximum demand in the least time. Additionally, the key companies try to develop strategies that offer long-term growth to gain maximum market share in the global market. Major players also strive to gain a competitive advantage by expanding their product applications.

LIST OF TOP PLATES AND SCREWS COMPANIES

• J & J (U.S.)
• Stryker (U.S.)
• Zimmer Biomet (U.S.)
• Smith & Nephew (U.K.)
• Acumed (U.S.)
• Medartis (Switzerland)
• OsteoMed (U.S.)
• Globus Medical (U.S.)
• Orthofix (U.S.)
• BBraun (Germany)
• MicroPort (China)
• aap Implantate (Germany)

REPORT COVERAGE

The report covers every possible detail of the market. Global market players and their headquarters are mentioned in the report to offer details about the existing competition in the market. The report also includes an analysis of regions to explain the dominant region. The market segmentation is represented in the report to offer details about various segments. The market report provides an in-depth analysis of market share, competitive landscape, and other aspects. It has incorporated various factors expected to influence the plates and screws market growth. The section also offers the details of various factors that are expected to impede the growth of the market. Market trends, drivers, and restraints are also included in the report.