Report Overview
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The global tibial plateau plates market size was USD 218 million in 2020. As per our research, the market is expected to reach USD 279 million by 2027, exhibiting a CAGR of 3.5% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with the tibial plateau plates market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Tibial plateau plates are clinical implants that alleviate and support the bones during high tibial osteotomy treatment. During this procedure, a measured cut is made on the top of the tibia (shinbone) to reposition the bones and restructure the weight-bearing stress on the knee joint. Knee osteoarthritis is a common disease characterized by degeneration of the knee joint. Demand for tibial plateau plates surgeries and related implants such as HTO plates is projected to increase as the world's population ages and becomes more prone to osteoarthritis. Materials, design and production Advances in technology have led to state-of-the-art HTO drive systems. Technological advances are fueling market expansion by providing surgeons with more effective and efficient treatment options.
COVID-19 Impact: COVID 19 Leads To Reduction in Product Demand to Hamper the Market Growth
The tibial plateau plates market growth was slowed during the closing period due to reduced demand for tibial plates such as plates and screws. Fewer visits to clinics and hospitals due to the threat of COVID-19 infection and restrictions, which negatively affected the market. The tibial plateau plates market is expected to expand during the forecasted period due to the increase in accidents and sports-related injuries. In addition, the growing aging population worldwide is affected by orthopedic diseases due to bone deterioration, leading to market expansion.
Latest Trends
"Investments in 3D Printing To Lead Market Expansion "
The tibial plateau plate market uses 3D printing to create printed bone models, surgical guides, and titanium implants and is expected to increase the market demand during the forecast period. For example, CBM is a U.K. based company with an advanced R&D and batch production facility and partners with UK-based Langford Veterinary Services. Collaboration with veterinary services enabled CBM to create 3D-printed implant models from titanium Ti6AI4V EL material. MRI or CT scans are sent from Bristol-based Langford Veterinary Services to CBM, who then produce 3D-printed models using an Arcam EBM Q10plus machine.
Segmentation
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- By Type
On the basis of type, the market is divided into l-shape plate, I-shape plate.
L-shape Plate is expected to be the leading segment.
- By Application
On the basis of application, the market is segmented into hospital, clinic, others.
Hospital will be the dominating segment.
Driving Factors
"Rising Use of Open Wedge Technology to Foster the Market Growth"
In terms of technology, the open wedge technology segment was estimated at approximately USD 120 million in 2022 and is expected to grow tremendously by 2032. As open wedge procedures ensure optimal compliance and patient recovery, they are becoming increasingly popular among medical professionals. In addition, the open wedge technique is an effective procedure to restore coronary alignment and the proximal tibiofibular joint, which promotes segmental growth of the market in the future.
"Increasing Investments in R&D to Aid Market Expansion"
Another important factor supporting the outlook of the industry is the increasing investments in R&D, new product launches, mergers, acquisitions and partnerships with major leaders in the HTO board market to strengthen their presence globally. The increase is due to increased R and D initiatives and the participation of academic institutions and national research centers in the development of advanced technologies which drives the growth of the market. Factors such as increasing awareness of the tibial plateau plate market will further contribute to its growth. Moreover, increasing consumer awareness and ease of accessibility regarding preventive treatment is boosting the adoption of the tibial plate-plating market. The increase in technological advancement will offer lucrative growth in the market.
Restraining Factor
"High Cost of Orthopedic Surgeries to Hinder Market Growth "
High cost of orthopedic surgeries is restraining the growth of the global market growth. For example, surgery costs include supplies, x-rays and equipment that many households cannot afford. For example, in the United States, an evaluation of the problem usually costs about USD 400, and orthopedic surgery can cost between USD 1,500 and USD 4,000. As a result, the market growth is limited by the high cost of orthopedic surgeries.
Regional Insights
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"North American Region to Dominate the Market Due To Technological Advancement"
North American region is likely to register the largest tibial plateau plates market share in terms of revenue in the near future. This is due to the increase in cases of osteoarthritis and osteoporosis and, the use of technologically advanced treatment methods, the development of key players and the growth of healthcare costs in the region. Regionally, the North America to witness rise in the market share due to high population in arthritic countries such as China, India, and Japan. Additionally, rising rates of osteoarthritis in the region due to sedentary lifestyles and unhealthy eating habits and a growing geriatric population base are driving the demand for the region's products.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- J & J (U.S.)
- Stryker (U.S.)
- Zimmer Biomet (U.S.)
- Smith & Nephew (U.K.)
- Globus Medical (U.S.)
- Aap Implantate (Europe)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 218 Million in 2020 |
Market Size Value By |
US$ 279 Million by 2027 |
Growth Rate |
CAGR of 3.5% from 2020 to 2027 |
Forecast Period |
2022-2027 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global tibial plateau plates market expected to touch by 2027?
Based on our research the global tibial plateau plates market is expected to reach USD 279 million in 2027.
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What CAGR is the global tibial plateau plates market expected to exhibit by 2027?
The global tibial plateau plates market is expected to exhibit a CAGR of 3.5% by 2027.
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Which are the driving factors of the tibial plateau plates market?
Increasing investments in R&D and Rising use of Open wedge technology are two main driving factors of the tibial plateau plates market.
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Which are the top companies operating in the tibial plateau plates market?
The top key players in the tibial plateau plates market are J & J, Stryker, Zimmer Biomet, Smith & Nephew, Globus Medical, aap Implantate.