Internal Trauma Fixation Device Market Expected to Reach $12.72 Billion by 2027 with Key Companies Like Globus Medical, Medartis Holding, Stryker, Zimmer Biomet
Pune, Maharashtra, India, December 15 2020 (Wiredrelease) Allied Analytics –:The global Internal Trauma Fixation Device Market garnered $8.80 billion in 2019, and is expected to reach $12.72 billion by 2027, witnessing a CAGR of 4.9% from 2020 to 2027. 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.
Rise in incidence of orthopedic diseases, surge in number of road accidents & injuries, and improved healthcare facilities in developing nations drive the growth of the global internal trauma fixation device market. However, shortage of skilled workers and high initial costs regarding implants restrain the market growth. On the other hand, unlocked potential from developing countries create new opportunities in the next few years.
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Manufacturing activities have been stopped due to lockdown and disrupted supply chain resulted in a shortage of raw materials.
Hospitals carried out bone implantation and fixation procedures for emergency cases only. Else, the procedures were postponed to prevent the risks related to cross-contamination. Moreover, the staff was reallocated to manage coronavirus-infected patients.
Owing to lockdown, the cases of road accidents and sports injuries reduced significantly. So, the demand for these devices from hospitals lowered down.
With governments of many countries lifting off lockdown restrictions, the demand for these devices would increase steadily as hospital began performing implantation and fixation services for patients.
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.
Based on end user, the hospitals segment accounted for the highest share in 2019, contributing to nearly half of the global internal trauma fixation device market, and is expected to maintain its dominance in terms of revenue during the forecast period. However, the orthopedic surgical centers segment is expected to grow at the fastest CAGR of 5.6% from 2020 to 2027.
The hospitals segment to maintain its dominant share during the forecast period
Based on end user, the hospitals segment contributed to the highest share in 2019, accounting for nearly half of the global internal trauma fixation device market, and is projected to maintain its dominant share during the forecast period. This is due to improved healthcare settings across emerging countries and overall rise in number of hospitalizations with increase in number of road accidents and other sports injuries. However, the orthopedic surgical centers segment is projected to manifest at the highest CAGR of 5.6% from 2020 to 2027, owing to increase in investments by the governments of various countries to open up new orthopedic surgical centers to offer better medical facilities.
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Based on region, North America held the highest market share of the global internal trauma fixation device market in 2019, contributing to more than two-fifths of the total share, and will maintain its lead in terms of revenue by 2027. This is due to favorable reimbursement policies in the healthcare system, rise in number of accident cases, and ease in accessibility to advanced devices in the region. However, Asia-Pacific is estimated to witness the largest CAGR of 5.7% during the forecast period, owing to rise in awareness regarding advanced internal trauma fixation devices, increase in healthcare expenditure, and technological advancements.
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.
Leading market players
B. Braun Melsungen AG
Globus Medical Inc.
Johnson & Johnson Company (DePuy Synthes)
Medartis Holding AG
Orthopaedic Implant Company
OsteomedSmith & Nephew plc.
Wright Medical Inc.
Zimmer Biomet, Inc.
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