According to a new report published by Allied Market Research, titled, "Internal Trauma Fixation Device Market by Product (Closure Devices (Plates & Screws, Wires, Clips, Pins, and Cables), and Bone Cement), by Material (Stainless Steel, Nitinol, Titanium, Tritium, and Polyether Ether Ketone), and by End User (Hospitals, Orthopedic Surgical Centers, Trauma Centers, and Ambulatory Surgery): Opportunity Analysis and Industry Forecast, 2020–2027," the global internal trauma fixation device market size was valued at $8.80 billion in 2019, and is projected to reach $12.72 billion by 2027, growing at a CAGR of 4.9% from 2020 to 2027.
Internal trauma fixation devices are different type of devices those are used for treating and preventing disorders related to various trauma. The main purpose of these implants and devices is to restore and maintain normal alignment of an individual’s spine. These devices have evolved much over the past few decades, due to its larger usage and prevalence rates of trauma cases. There has been significant advancement in the material science for the orthopedic applications, which propels the adoption rate of the internal trauma fixation devices owing to various advantages such as higher compatibility, higher restorative capabilities, and cheaper alternatives.
The higher focus on the R&D for hip and knee devices across the globe further intensifies the need for technological development. Moreover, rise in incidence of orthopedic diseases coupled with growing ageing population and surge in prevalence of diseases, such as osteoporosis significantly drives the growth of the market. For instance, according to the Centre of Disease Control and Prevention, the number of patients suffering from arthritis is expected to increase to 78 million in the U.S. by 2040 with corresponding rise in aging population. Moreover, upsurge in incidences of sport injuries and road accident injuries also propels the growth of the global internal trauma fixation device market. For instance, according to the World Health Organization, more than 1.25 million people succumbed to injuries due to road accidents. In addition, improved healthcare facility across the globe propels the growth of the market. However, dearth of skilled labors and high-cost associated with orthopedic implants procedure hamper the growth of the market. Furthermore, high market potential in the emerging economies is expected to offer lucrative opportunities for the expansion of the market during the forecast period.
Furthermore, owing to increase in COVID-19 patients across various countries have led to shutdown of various manufacturing companies, which in turn is negatively impacting the growth of the market. Various authorities from the countries across the globe advised to postpone the trauma and orthopedic surgeries to reduce human contact, which further hampered the growth of the internal trauma fixation device market.
The global internal trauma fixation devices market is segmented on the basis of product, material, end user, and region. Based on product, the market is bifurcated into closure devices and bone cement. Closure device is further classified into plates & screws, wires, clips & pins, rods & nails, and cables. Based on material, the market is categorized into stainless steel, nitinol, titanium, tritium, and polyether ether ketone (PEEK). According to end user, the market is divided into hospital, orthopedic surgical centers, trauma centers, and ambulatory centers. The hospital segment is expected to dominate the global market. However, the orthopedic surgical center segment is expected to grow at the highest CAGR throughout the forecast period. This is attributed to the fact that orthopedic surgical centers have more advanced equipment and technologies. The presence of experienced and skilled healthcare professionals in orthopedic surgical centers lead to the growth of the orthopedic surgical centers. This contributes toward the robust growth displayed by this segment from 2020 to 2027. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in this report include B. Braun Melsungen AG, Globus Medical Inc., Johnson & Johnson Company (DePuy Synthes), Medartis Holding AG, Orthopaedic Implant Company, Osteomed, Smith & Nephew plc., Stryker Corporation, Wright Medical Inc., and Zimmer Biomet, Inc
Key Findings Of The Study
- Closure devices were valued at $6,460.66 million share of internal trauma fixation device market in 2019.
- The nitinol segment is anticipated to grow with the moderate CAGR throughout the forecast period.
- Europe accounted for 27.63% of the internal trauma fixation device market in 2019.
- Asia-Pacific is anticipated to grow at the highest rate in during the forecast period.