Fracture Fixation Products Market - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2015 - 2023
Albany, NY -- (SBWIRE) -- 11/29/2016 -- Fracture fixation is a process of stabilizing the fractured bone, to enable fast healing of the injured bone, and to return early mobility and full function of the injured extremity. The global fracture fixation market is growing significantly due to the rise in prevalence of osteoporosis and osteoarthritis propelling the demand for joint replacement surgeries. Osteoporosis is an alarming health issue, especially in the geriatric population. The disease is associated with weakening of hip, knee, wrist, and spinal bones and joints. According to estimates provided by the International Osteoporosis Foundation, 75 million patients are diagnosed with osteoporosis in Europe, the U.S., and Japan every year. Moreover, consistent increase in the orthopedic procedures due to rise in geriatric population and obesity would directly boost the demand for fracture fixation devices. Road accidents, sports injuries and violence are the major driving factors for the global fracture fixation products market. However, frequent product recalls would restrict the fracture fixation products market growth during the focus period.
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The global fracture fixation products market has been categorized as internal fracture fixation products and external fracture fixation products. The application of these devices is mainly based on the type of injury. Internal fracture fixation devices involve surgical implementation of implants that aid in bone repair whereas external fracture fixation devices are used to stabilize bone and soft tissues with minimum invasion. The internal fracture fixation products segment dominated the osteosynthesis devices market due to factors such as increased life expectancy, high prevalence of osteoporosis, and rising cases of road accidents and sports injuries. The internal fracture fixation products are categorized into a major segments such as wires and pins, screws and plates, and intramedullary nails or rods. Screws and plates held the largest market in the internal fracture fixation products due to its multi-utility. Majorly employed external fixation products include Hoffman devices, Ilizarov devices along with clamps, frames, and pins.
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Geographically, the global osteosynthesis devices market has been segmented into five major regions: North America, Europe, Asia Pacific (APAC), Latin America, and Rest of the World (RoW). North America held the largest share of the global fracture fixation products market followed by Europe. North America is anticipated to continue its dominance during the forecast period due to the presence of major players headquartered in this region. Additionally, technological advancements, low cost/utility ratio, increasing health care investments and growing geriatric population are supporting the growth of fracture fixation products market. The fracture fixation products market in Europe is primarily driven by Germany, the U.K., and France. Despite premium pricing, innovative products are gaining market share in Europe. Asia Pacific has been identified as the most lucrative market. . Presence of large population, increasing disposable income, and growing patient awareness are some of the factors driving the market in Asia Pacific. The fracture fixation products market in Latin America is anticipated to be largely driven by favorable demographics, high number of motor vehicle accidents, and improving access to health care, which will allow more patients to undergo these procedures. Improving insurance coverage across Latin America and introduction of universal health care facilities in Brazil, Mexico and Columbia will help better accessibility of these services to the patients.
Some of the major players operating in this market include DePuy Synthes Companies, Stryker Corporation, Zimmer Biomet Holdings, Smith & Nephew, Aesculap, Inc. and Néosteo SAS and others.