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The global Kirschner Wire Market is used in orthopedic surgery to fix fractures or join together fragments of bone. K-wires are thin surgical wires made of stainless steel or titanium alloys used to stabilize fractures or hold bone grafts in place during healing. It is commonly employed in hand, wrist, and foot surgeries. Some key uses of Kirschner wires include fixation of fractures and osteotomies of small bones of the hand, foot, and ankle.
The global Kirschner Wire Market is estimated to be valued at US$ 2,135.2 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Number of Road Accidents and Bone Fractures: Road accidents are one of the leading causes of fractures and disabilities worldwide. According to the World Health Organization, around 1.35 million people die each year as a result of road traffic crashes. The increasing number of road accidents is expected to boost the demand for orthopedic surgeries including kirschner wire procedures for fracture fixation. Bone fractures are also common due to falls in the elderly population and during sports activities. This is expected to drive the kirschner wire market growth over the forecast period.
Rising Geriatric Population: The global geriatric population is growing at an unprecedented rate. Age related bone conditions like osteoporosis increases the risk of fractures in senior citizens. According to the UN report on World Population Ageing, in 2050, one in six people in the world will be over age 65 (16%), up from one in 11 in 2019 (9%). This growing aged demography will propel the demand for orthopedic implants including kirschner wires for fracture fixation procedures.
Segment Analysis
The global kirschner wire market can be segmented into material type and end user. Based on material type, the market is classified into stainless steel wires and nitinol wires. Among these, stainless steel wires dominate the market as they are more cost effective compared to nitinol wires. Stainless steel wires hold around 80% market share. Based on end user, the market is divided into hospitals, ambulatory surgical centers, specialty clinics and others. Hospitals account for the largest share due to high patient volume and availability of advanced medical facilities for treating orthopedic injuries and fractures.
PEST Analysis
Political: Government regulations regarding usage of medical devices and standards ensuring patient safety positively impact the market growth.
Economic: Rising healthcare spending coupled with increasing trauma and accident cases boost the demand for kirschner wires from the orthopedic sector.
Social: Growing geriatric population suffering from osteoporosis and joint disorders favor the market expansion.
Technological: Advancements in material science and minimally invasive procedures aid in designing innovative kirschner wire configurations. Development of bioabsorbable wires also progresses the market.
Key Takeaways
The global kirschner wire market is expected to witness high growth. The global Kirschner Wire Market is estimated to be valued at US$ 2,135.2 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030.
North America dominates the market currently due to rising prevalence of orthopedic disorders, availability of advanced healthcare infrastructure and presence of major players. However, Asia Pacific is anticipated to register fastest growth over the forecast period supported by increasing healthcare spending, growing medical tourism and rising cases of bone fractures in densely populated countries like China and India.
Key players operating in the kirschner wire market are Stryker Corporation, Paragon 28 Inc, Zimmer Biomet Holdings, Inc., B. Braun Melsungen AG, Orthofix Medical Inc., Smith & Nephew plc, Medline Industries, Inc., Becton, Dickinson and Company, DePuy Synthes Companies (a subsidiary of Johnson & Johnson), Arthrex, Inc., Wright Medical Group N.V., Integra LifeSciences Corporation, KLS Martin Group, Acumed LLC and GPC Medical Ltd. Stryker Corporation holds a leading position in the global market attributed to its extensive surgical solutions portfolio and strong geographical presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
