Market Trends of High Tibial Osteotomy Plates Industry
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 on the knee's inside 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 knee osteoarthritis and various deformities. Opening wedge osteotomy is preferred for the treatment of miserable misalignment syndrome. For patients who have 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.
Older 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 the current year to 16% in 27 years. 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, in 27 years. Therefore, with the anticipated increase in the population, the adoption of the opening wedge osteotomy technique is anticipated to increase. Thus, the market studied is expected to grow significantly over the forecast period due to the aforementioned factors.
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 significant 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. For instance, according to the article published by the Frontiers in Physiology in July 2022, musculoskeletal disorders are one of the most commonly reported medical conditions. They are the leading cause of disability in the United States, accounting for more than half of chronic conditions in people over 50. Thus, an increase in bone-related disorders is expected to drive the growth of the market.
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 increased 10.5% from the previous year. It also reported that fatalities on urban roads rose 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.
Moreover, in August 2021, Zimmer Biomet Holdings, Inc. and Canary Medical received a U.S. FDA De Novo classification grant and authorization to market the tibial extension for Persona IQ, the world's first and only smart knee cleared by the FDA for total knee replacement surgery.
Hence, the market studied in North America is expected to witness significant growth over the forecast period due to the above-mentioned factors.
