Market Trends of High Tibial Osteotomy Plates Industry
This section covers the major market trends shaping the High Tibial Osteotomy Plates Market according to our research experts:
Opening Wedge Osteotomy Segment is anticipated to Witness a Significant Growth
The opening wedge osteotomy segment is anticipated to register significant growth. The technique involves an incision made on the inside of the knee to replace a bone graft into the tibia bone. This graft is made to hold in place with metal plates and screws. It involves an incision inside the knee to place a bone graft into the tibia. It is an established procedure to treat patients suffering from osteoarthritis of the knee in combination with various deformities. Opening wedge osteotomy is preferred for the treatment of miserable misalignment syndrome.
For patients suffering from arthritis, the procedure aims to slow the degeneration process to relieve pain and correct the lower extremity alignment by reducing the effective load. According to the CDC, in October 2021, about 1 in 4 United States adults (23.7%), or about 58.5 million people, have doctor-diagnosed arthritis. According to the Government of Canada, in September 2021, 374,000 (1.2%) Canadians aged 16 years and older live with diagnosed rheumatoid arthritis. Thus, with the estimated increase in arthritis incidence, the number of people suffering from osteoarthritis is also anticipated to increase, augmenting the demand for opening wedge osteotomy.
Elder people are prone to suffer from bone-related deformities. According to the World Population Prospects 2022, the share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. By 2050, the number of persons aged 65 years or over worldwide is projected to be more than twice the number of children under age five and about the same as that of children under age 12. Therefore, with the anticipated increase in the population, the adoption of the opening wedge osteotomy technique is anticipated to increase. Thus, due to the aforementioned factors, the market studied is expected to grow significantly over the forecast period.
North America is Anticipated to Register a Significant Growth in High Tibial Osteotomy Plates Market
The contribution of the North American segment to the high tibial osteotomy plate market's growth is expected to be high during the forecast period. The major factors contributing to the growth of the market in the region are increasing incidences of bone-related disorders and developed healthcare infrastructure.
According to the article published by the Frontiers in Physiology in July 2022, musculoskeletal disorders are one of the most commonly reported medical conditions and are the leading cause of disability in the United States, as they account for more than half of chronic conditions in people over age 50. The increasing incidence of road accidents leading to amputations is also anticipated to propel the market's growth over the forecast period. For instance, according to the data published by the National Highway Traffic Safety Administration in the United States, in May 2022, traffic fatalities witnessed an increase of 10.5% in 2021 from the previous year. It also reported that fatalities on urban roads increased from 57.0% in the previous year to 62.0% in March 2021, a 5.0% increase. Hence, such factors are expected to increase the demand for high tibial osteotomy, driving the market's growth over the forecast period.
The increasing number of road injuries and a significant increase in sports-related activities is leading to an increase in the number of people undergoing high tibial osteotomy procedures in the region. These factors are fuelling the demand for high tibial osteotomy plates in healthcare facilities in North America. Technologically advanced infrastructure and increasing research and development in the region are also anticipated to propel the demand for high tibial osteotomy plates.
Hence, due to the above-mentioned factors, the market studied in the United States is expected to witness significant growth over the forecast period.
