Rise in incidence of orthopedic diseases and improved healthcare facilities in developing nations drive the growth of the global internal trauma fixation device market
PORTLAND, Ore., Nov. 24, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Internal Trauma Fixation Device Market by Product (Closure Devices and Bone Cement), Material (Stainless Steel, Nitinol, Titanium, Tritium, and Polyether Ether Ketone), and End User (Hospitals, Orthopedic Surgical Centers, Trauma Centers, and Ambulatory Surgery): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global Internal Trauma Fixation Device Industry generated $8.80 billion in 2019, and is projected to reach $12.72 billion by 2027, manifesting a CAGR of 4.9% from 2020 to 2027.
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Drivers, restraints, and opportunities
Rise in incidence of orthopedic diseases, surge in number of road accidents & injuries, and improved healthcare facilities in developing nations drive the growth of the global internal trauma fixation device market. However, shortage of skilled workers and high initial costs regarding implants restrain the market growth. On the other hand, unlocked potential from developing countries create new opportunities in the next few years.
- Owing to lockdown, manufacturing activities have been halted and supply chain has been disrupted. The issues regarding shortage of raw materials also occurred.
- Hospital authorities decided to perform bone implantation and fixation procedures in extreme or emergency cases. However, the procedures that were not urgent have been postponed to avoid cross-contamination. Moreover, the staff has been reallocated for treatment of coronavirus-infected patients.
- As governments of many countries imposed lockdown, the cases of road accidents and sports injuries lowered down considerably. So, the demand for fixation devices from hospitals also took a toll.
- With governments of different countries relieving lockdown restrictions, the demand for these devices is expected to grow steadily as hospitals began carrying out implantation and fixation services.
The closure devices segment to continue its lead position throughout the forecast period
Based on product, the closure devices segment accounted for the highest share in 2019, holding nearly three-fourth of the total share of the global internal trauma fixation device market, and will maintain its lead position throughout the forecast period. Moreover, this segment is expected to grow at the highest CAGR of 5.2% from 2020 to 2027. This is due to focus of major industry players on development of innovative devices and implementing new strategies. The report provides a detailed analysis of the bone cement segment.
The hospitals segment to maintain its dominant share during the forecast period
Based on end user, the hospitals segment contributed to the highest share in 2019, accounting for nearly half of the global internal trauma fixation device market, and is projected to maintain its dominant share during the forecast period. This is due to improved healthcare settings across emerging countries and overall rise in number of hospitalizations with increase in number of road accidents and other sports injuries. However, the orthopedic surgical centers segment is projected to manifest at the highest CAGR of 5.6% from 2020 to 2027, owing to increase in investments by the governments of various countries to open up new orthopedic surgical centers to offer better medical facilities.
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North America to maintain its lead in terms of revenue by 2027
Based on region, North America held the highest market share of the global internal trauma fixation device market in 2019, contributing to more than two-fifths of the total share, and will maintain its lead in terms of revenue by 2027. This is due to favorable reimbursement policies in the healthcare system, rise in number of accident cases, and ease in accessibility to advanced devices in the region. However, Asia-Pacific is estimated to witness the largest CAGR of 5.7% during the forecast period, owing to rise in awareness regarding advanced internal trauma fixation devices, increase in healthcare expenditure, and technological advancements.
Leading market players
- B. Braun Melsungen AG
- Globus Medical Inc.
- Johnson & Johnson Company (DePuy Synthes)
- Medartis Holding AG
- Orthopaedic Implant Company
- Smith & Nephew plc.
- Stryker Corporation
- Wright Medical Inc.
- Zimmer Biomet, Inc.
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