July 21, 2024

Kirschner Wire Market is estimated to driven by increasing demand for orthopedic surgeries

Kirschner wires find wide application in bone fractures and other orthopedic surgical procedures owing to their thin and flexible design. These wires help to hold bone pieces together after fractures. They are commonly used in surgeries involving fractures in hand, arm, elbow, foot, leg and bones of face. Rising geriatric population, increase in number of trauma cases like road accidents and sports injuries have significantly contributed to the rising demand for orthopedic surgeries worldwide. As per the data by National Center for Health Statistics, over 7.2 million orthopedic surgeries were performed in outpatient settings in the United States in 2018. This growing demand for surgical treatments of bone injuries is expected to propel the Kirschner wire market forward.

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 key trends:

One of the key trends witnessed in the market currently is the increasing preference for bioabsorbable K-wires. Unlike conventional metallic K-wires which need to be surgically removed post usage, bioabsorbable wires get dissolved and absorbed by the body over time without requiring secondary surgery for their removal. This reduces surgical trauma and alleviates pain for patients. Growing research in the area of polymer-based bioabsorbable materials is leading to availability of novel absorption profiles and performance characteristics of these wires. For instance, Poly-L-lactide and Polyglycolide are some of the commonly used bioabsorbable polymers to manufacture K-wires that get absorbed within 6-9 months of implantation. Rising demand for minimally invasive surgeries is another key factor fueling preference for advanced bioabsorbable variety among surgeons and patients.

Porter’s Analysis
Threat of new entrants: Low capital requirements and established industry players make the threat of new entrants low in this market.
Bargaining power of buyers: Large number of players provide buyers with greater choice and bargaining power in this market.
Bargaining power of suppliers: Established industry players and commodity nature of raw materials result in low bargaining power of suppliers in this market.
Threat of new substitutes: Limited threat of substitutes given entrenched industry standards and expertise required.
Competitive rivalry: Presence of large multinational players results in high competitive rivalry in this 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.

Regional analysis North America region is expected to hold the major share in the global Kirschner Wire market owing to early availability of advanced treatment options, rising prevalence of orthopedic diseases, and growing number of trauma & accident cases in the region.

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.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it