Increasing Number of Trauma Associated With Road Accidents Coupled With Growing Geriatric Population Are Major Factors Driving the Growth of Market
Hyderabad, India - July 22, 2021 /MarketersMedia/ —
Orthopedic Trauma Devices Market size is forecast to reach $6.4 billion by 2026, growing at a CAGR of 3.6% during the forecast period 2021-2026. Orthopedic trauma is a major musculoskeletal system damage that affects the bones, joints, and soft tissues (muscles, tendons, ligaments) in the body. Accidents or other fatal incidents have resulted in critical circumstances ranging from simple fractures to serious life-threatening injuries. Orthopedic trauma devices are used to repair broken bones and aid in the restoration of anatomic alignment of joint surfaces, allowing for regeneration and the return to full operation of the affected body portion. Screws, plate systems, Intramedullary nails, and special implants are among the equipment and devices used in reconstructive surgery. These instruments are commonly made from titanium, stainless steel, and other materials. Polylactic acid, Polyglycolic acid are used for the treatment of orthopedic trauma. Increasing number of trauma associated with road accidents coupled with growing geriatric population are the major factors driving the growth of the market. Growing research & development activities improving healthcare facilities is driving Orthopedic Trauma Devices Market for the period 2021-2026.
Orthopedic Trauma Devices Market Segment Analysis – By Type
The External Fixator segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 4.7% during the forecast period 2020-2025. Plates, screws, and intramedullary nails are examples of internal fixators, while external fixators include Unilateral & Bilateral External Fixators, Circular Fixators, and Hybrid Fixators. The circular fixators frame is an Ilizarov external fixator that has recently been merged with the Taylor Spatial Frame. This frame's basic elements are loops, connecting rods, and struts. Ilizarov rings are classified into three types: complete (closed) rings, partial (open) rings, and arches. Koji Nozaka et al. released a new study in BMC Musculoskeletal Disorders 2020 demonstrating that circular external fixing is a safe and successful treatment for periprosthetic fractures around the knee in elderly patients. External Fixator are estimated to register the higher CAGR over the period 2021-2026.
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Orthopedic Trauma Devices Market Segment Analysis – By End User
Hospitals held the largest share in the Orthopedic Trauma Devices Market in 2020 and is estimated to grow at a CAGR 4.0% during the forecast period 2021-2026. Increasing number of hospitals which leads to reduction in the patient waiting time with suitable treatment for trauma injuries including hospital infrastructure improvements. Rising government support for supply of devices and adequate reimbursement policies offered by hospitals. Hospitals are estimated to register the higher CAGR over the period 2021-2026.
Orthopedic Trauma Devices Market Segment Analysis – By Geography
North America dominated the Orthopedic Trauma Devices Market with a major share of 36.3% in 2020. This is attributed to rising number obese people coupled with high purchasing capacity, Extensive availability of advanced technology, improved repayment strategies and high adoption of minimally invasive procedures trends and usage of Polylactic acid, Polyglycolic acid for diagnosis and treatment of orthopedic diseases and others is also increasing the growth of the market in this region.
Orthopedic Trauma Devices Market Drivers
Increasing Number of Trauma Associated With Road Accidents
Increasing number of trauma associated with road accidents are some factors driving the growth of Orthopedic Trauma Devices Market. This is due to the advancement of technologically advance devices for increased lifespan. According to World Health Organization (WHO), in 2020, in worldwide around 1.35 million people die each year owing to road accidents and injuries. One of the leading causes of death, especially among people aged 15 to 29, is traffic crashes. Thus, further contributing to the growth of Orthopedic Trauma Devices Market during the forecast period 2021-2026.
Technological Advancements
Technological advancements is increasing the growth of the Orthopedic Trauma Devices Market. Technological advancements has enabled the manufacturers to develop instruments that reduces technical difficulty. Increasing advancements in Orthopedic Trauma Devices has provided an opportunity for development of automation of instruments and improvement of instruments such as bioresorbable implants and nano-coated devices. Thus, increasing the growth of the Orthopedic Trauma Devices Market during the forecast period 2021-2026.
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Orthopedic Trauma Devices Market Challenges
Lack of Skilled and Well-Trained Healthcare Workers
Factors which restrain the growth of the Orthopedic Trauma Devices Market are lack of skilled and trained healthcare professionals. High cost of Orthopedic Trauma Devices, lack of compensation policy, and high initial investment is also set to hinder the growth of the market.
Orthopedic Trauma Devices Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Orthopedic Trauma Devices Market. In 2020, the Orthopedic Trauma Devices Market share is consolidated by the top ten players present in the market. The Orthopedic Trauma DevicesMarket, top 10 companies are Stryker Corporation, Olympus Corporation, Johnson & Johnson, Medtronic PLC., Zimmer Holding Inc., ConMed Corporation, Smith & Nephew PLC, Orthofix Holdings, Inc., Integra LifeSciences Corporation, and DePuy Synthes.
Key Takeaways
North America dominated the Orthopedic Trauma Devices Market in 2020 owing to the wide availability of advanced technologies and favourable reimbursement policies. The Orthopedic Trauma Devices Market scope for different regions will be provided in the final report.
Increasing healthcare expenditure and technological advancement along with the new innovations are likely to aid the market growth of the Orthopedic Trauma Devices Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Orthopedic Trauma Devices Market report.
Lack of skilled and trained healthcare professionals and high cost of devices is poised to create the hurdles for the Orthopedic Trauma Devices Market.
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