Trauma Fixation Devices Market to Reach US$ 11.0 bn by 2031, driven by the growing elderly population will foster the market growth: Global Insight Services
New York, November 2022: According to a new research study by Global Insight Services (GIS), the global trauma fixation devices market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 11.0 billion by 2031.
Trauma fixation devices are devices that are used to stabilize bones and soft tissue in order to allow the body to heal from injuries. These devices can be external or internal, and are typically made from metal or plastic. External devices include casts and splints, while internal devices include screws, plates, and pins.
Trauma Fixation Devices Market: Key Trends and Drivers
Due to the increasing prevalence of cardiovascular disorders, prompt and well-established healthcare services and infrastructure and the presence of key players, there is an increasing demand observed for Trauma Fixation Devices, thereby positively influencing the overall Trauma Fixation Devices market. Furthermore, the rising geriatric population has high susceptibility to musculoskeletal disorders such as arthritis, osteoarthritis, and others, along with rising healthcare costs, improving healthcare infrastructure population and use of stainless steel and titanium in the manufacturing of these fixators have contributed immensely in improving the safety prospects of these devices are projected to augment the trauma fixation devices market.
Trauma Fixation Devices Market: Restraints & Challenges
The downfall in demand for Trauma Fixation Devices was primarily due to the outbreak of the COVID-19 pandemic. The government imposed lockdowns to curb the spread of the virus leading to restrictions in movement and a decrease in regular check-ups. Owing to the COVID-19 pandemic situation, various forms of elective procedures were temporarily stopped in contrast to the COVID-19 affected patients that were given utmost priority. This lead to a decrease in the demand for Trauma Fixation Devices.
The external trauma fixation devices segment is likely to hold a dominant Trauma Fixation Devices Market share and grow at a substantial CAGR during the forecast period.
Based on the product, the trauma fixation devices industry is bifurcated into external fixators, internal fixators, and others. Of these, the external trauma fixation devices segment registered significant revenue in 2021. This is owing to the external Fixation Devices are among the oldest medical devices known to man, describing external fixation methods in treating a tibia fracture. These are joined with components, comprising bolts and wires, which pierce the dermis and are secured to the underlying bone. It is indicated when open fractures are present or when a temporary solution is needed prior to surgery. External Fixation can keep the bone supported and in place, though for complicated closed fractures, internal fixation can be more efficacious.
The stainless steel segment is anticipated to hold a majority of the Trauma Fixation Devices Market size throughout the study period.
By material, the industry is divided into stainless steel, titanium, and others. The stainless steel segment of the trauma fixation devices market is expected to grow at a rapid pace through 2030. Stainless steel is one of the important materials used in the fabrication of internal fixation implants due to its quality such as high corrosion resistance under oxygen-rich environment as compared to other biomaterials. In addition, it is also cost effective in nature, further contributing to the material’s high adoption. Furthermore, countries with low income or limited insurance coverage mostly prefer usage of stainless-steel attributed to its cost-effective nature, thereby contributing to the segment expansion.
The lower extremities segment is anticipated to hold a majority of the Trauma Fixation Devices Market size throughout the study period.
Based on site, the trauma fixation devices industry is categorized lower extremities and upper extremities. The lower extremities segment accounted for lucrative market share in 2021. This is owing to the Bone degenerative diseases such as osteoporosis, arthritis and others that cause friction between the joints and ultimately reduces bone strength leading to rapid injuries.
The hospital segment is anticipated to hold a majority of the Trauma Fixation Devices Market size throughout the study period.
Based on the end-user, the industry is categorized into hospitals, ambulatory surgical centers, orthopedic centers, and others. Among these, the hospital segment is expected to depict significant CAGR from 2022 to 2030 attributed to the growing incidence of injuries related to sports and hike in number of road accidents. Moreover, increasing number of multispecialty hospitals with an aim to provide appropriate treatments for trauma injuries, mostly in the developing countries including India will propel the industry revenue. Additionally, cost effective treatments provided by various government hospitals in low-income countries will act as major market expansion fuelling factors.
The North America region is estimated to exhibit the highest growth rate during the Trauma Fixation Devices Market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America Trauma Fixation Devices market is poised to witness significant growth rate through 2031. The presence of dominant market players and technologies and growing demand because of the high prevalence of osteoporosis and other bone diseases, the rising population of the elderly, increasing number of sports-related injuries among other factors in the region.
The global Trauma Fixation Devices Market report includes players such as Zimmer Biomet Holdings, Inc., Stryker Corporation, Johnson and Johnson (DePuy Synthes), Wright Medical Group, Inc., Orthofix International N.V., Cardinal Health Inc, Medtronic, Integra LifeSciences, Double Medical Technology Inc., and Citieffe S.R.L, among others. For instance, in May 2018, the company announced a definitive agreement to acquire the assets of Medical Enterprises Distribution, LLC, a developer of surgical impactor technology, to further develop surgical impactor technology for orthopedic surgical procedures.
Recent Developments in the Trauma Fixation Devices Market:
- In June 2022, Paragon 28, Inc. announced the launch of its Monkey Rings™ Circular External Fixation System for trauma, deformity correction, and limb salvage. The Monkey Rings Circular External Fixation System is designed to use external wires and screws that can be fixed into bone to maintain anatomic position while providing stability, preservation of soft tissue, and allow for adjustability and functionality.
- In August 2021, OrthoGrid Systems, Inc., announced the launch of its new OrthoGrid Trauma Application. The new OrthoGrid Trauma is the latest application of OrthoGrid’s Surgical Digital Platform.
- In July 2021, Endeavor Orthopedics received the 510k approval from the US FDA for their Summit Patella Plating System. This system is indicated in the surgical stabilization of patella fractures during open reduction internal fixation procedures in adults.
- In June 2021, Zimmer Biomet launched Bactiguard-coated trauma implants for infection prevention in select Europe and the Middle East and Africa markets. In January 2021, these implants received the CE mark.
- In June 2018, DePuy Synthes announced the launch of the Femoral Recon Nail System in the U.S. for treatment of thigh bone fractures, expanding the company’s trauma portfolio for patients suffering from hip and femur fractures.
Trauma Fixation Devices Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global Trauma Fixation Devices Market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future Trauma Fixation Devices Market potential from 2021 to 2031 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Trauma Fixation Devices Market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global surface disinfectants industry.
Global Trauma Fixation Devices Market Segmentation
- External Fixators
- Internal Fixators
- Stainless Steel
- Lower Extremities
- Upper Extremities
- Ambulatory Surgical Centers
- Orthopedic Centers
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of World
- Latin America
- Middle East
• Zimmer Biomet Holdings, Inc.
• Stryker Corporation
• Johnson and Johnson (DePuy Synthes)
• Wright Medical Group, Inc.
• Orthofix International N.V.
• Cardinal Health Inc.
• Integra LifeSciences
• Double Medical Technology Inc.
• Citieffe S.R.L