Market Challenges And Opportunities

Global Bio-absorbable Bone Screw Market Drivers:-

New product launches by key players are expected to drive global bio-absorbable bone screw market growth. For instance, in April 2013, Smith & Nephew Plc., a company that develops, designs, and sells medical devices worldwide, launched Biosure HA screws. Biosure HA screws are made up of poly-L-lactic acid with hydroxyapatite (a calcium phosphate similar to the mineral compound of human bone). The launch of new products provides a wide range of bio-absorbable products for orthopedic patients to choose from, which is expected to contribute to the market growth.

Increasing number of orthopedic patients is expected to boost global bio-absorbable bone screw market growth. According to a study conducted by the Indian Orthopedic Research Group in 2015, more than 60 million people are orthopedic patients in India, most of them are geriatric population. Increasing number of geriatric population is also expected to fuel market growth. According to the Survey of Statistics and Program Implementation in 2016, more than 30 million males and more than 42 million females are part of the geriatric population.

Collaboration among market players to distribute their products on a wide scale is expected to fuel market growth. For instance, in 2017, Ortho Pediatrics Corp, a company advancing in the field of pediatric orthopedics, collaborated with Biorectec Ltd. to widen the distribution channel of Biorectec’s bio-absorbable products. Ortho Pediatrics Corp will market and sell Biorectec’s bio-absorbable products such as screws and other fixation implants under Ortho Pediatrics Corp’s brand TorqLoc. These products are safe for children and would eradicate the fear of further surgeries. Such collaboration is expected to encourage all age groups to switch to bio-absorbable implants and screws to minimize risks in the future.

However, the high cost of bio-absorbable implants and screws, which are not affordable to the population of low and middle-income economies and the slow regeneration rate of new ligaments, is restraining the growth of the market.