As clinical outcomes improve, paving the way for more patients to undergo treatments that use orthopedic trauma devices, companies in the global orthopedic trauma devices market will find new opportunities for growth.
New York, NY -- (SBWIRE) -- 02/06/2017 -- WHO's recent report depicts that traumatic injuries are the cause of around 10% of mortality each year. Orthopedic traumas are specifically related to severe damage to the musculoskeletal system of a body, causing loss of function. It involves serious bone or ligament injuries, which require immediate expert assistance from a specialist in orthopedic surgery or trauma.
Orthopedic trauma devices play a key role in the surgical treatment of traumatic orthopedic injuries. Owing to staggering increase in road accidents and severe fracture incidences worldwide, the global orthopedic trauma fixation devices market has been witnessing significant growth since the past few years. The market is estimated to expand at a healthy CAGR of 7.2% during the forecast period, 2014-2020. The market value attained US$ 5.7 Bn in 2013, which is expected to reach US$ 9.4 Bn by 2020 end.
Key Market Dynamics
Prevalence of rheumatoid arthritis and osteoarthritis are the most likely to positively impact the demand for orthopedic trauma fixation devices. In addition to a growing number of traumatic orthopedic injury cases, rising demand for advanced facility in orthopedic trauma and surgery centers is a key factor providing a strong impetus to the market for orthopedic trauma devices. Increased participation of people in sports and related activities is likely to fuel the market growth during the forecast period. Growing geriatric population is also a major factor expected to push the demand for orthopedic trauma fixation devices. Several governments as well as MNCs are increasingly investing in the orthopedic trauma and surgery industry, which is anticipated to fuel the demand for orthopedic trauma devices.
Relatively lower awareness about the availability of orthopedic trauma devices, coupled with higher costs of these devices, is likely to restrain the market growth, especially in developing nations. Double surgery cases and lack of health insurance of patients may also negatively impact the demand for orthopedic trauma devices over 2014-2020.
Technological advancements are constantly innovating the conventional orthopedic trauma device. Highly specific and flexible trauma fixation devices are currently trending in the global market. In addition, growing popularity of hybrid plate and screw systems is expected to hold a positive influence on the market growth. Lucrative opportunities lie in developing markets, which have been witnessing higher healthcare investments since the recent past.
The global orthopedic trauma fixation devices market is segmented on the basis of type of fixator into internal fixator and external fixator, and on the basis of material into metallic fixators and bio-absorbable fixators. By fixator type, internal fixator type segment will maintain a dominant market share with a healthy CAGR of 6.8% during the forecast period. The plate and screw systems sub-segments are likely to continue growing popularity and register a higher CAGR of 7.1%. This growth is attributed to increased adoption rate of hybrid plate and screw systems. The external fixator segment is projected for significant growth by 2020 end. Based on material, metallic fixators are expected to continue witnessing higher revenues, as bio-absorbable fixators are relatively new and currently witness a nascent market.
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On the basis of region, the global market for orthopedic trauma devices is segmented into North America, Europe, Asia Pacific, and rest of the world. In terms of volume and value, North America is estimated to be remain the dominant market over 2014-2020. This growth is attributed to increased accident rate and availability of sophisticated reimbursement framework. The U.S. is a key market that will attract the maximum revenues through the highest consumption rate. Owing to a number of third party payers, such as governments, local dealers, and private health insurers, the market in the U.S. and Canada is expected to observe a steady growth rate. Following higher penetration of orthopedic trauma devices in developing markets, the market in Asia Pacific is likely to witness the fastest growth throughout the forecast period. The market will especially witness higher growth in China, India, Japan, and some of the countries in the Eastern Mediterranean and Southeast Asia.
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Key Market Players
The most prominent market player is DePuy Synthes, a Johnson & Johnson company. Other notable companies with significant market value shares, include Stryker Corporation, Zimmer Holding Inc., Smith & Nephew, Orthofix International, Biomet, Medtronic, and NuVasive. Consistent innovation and launching of new products will continue to influence the competitive landscape in the global orthopedic trauma fixation devices market.
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