Trauma Fixation Devices Market US$ $12.72 Billion Opportunity By 2027
Pune, Maharashtra, India, February 15 2021 (Wiredrelease) Allied Analytics –:According to a new report published by Allied Market Research, titled, “the global internal trauma fixation device market size was valued at $8.80 billion in 2019, and is projected to reach $12.72 billion by 2027, growing at a CAGR of 4.9% from 2020 to 2027.”
Internal Trauma Fixation Device Market by Product (Closure Devices and Bone Cement), Material (Stainless Steel, Nitinol, Titanium, Tritium, and Polyether Ether Ketone), and End User (Hospitals, Orthopedic Surgical Centers, Trauma Centers, and Ambulatory Surgery): Global Opportunity Analysis and Industry Forecast, 2020–2027.
The higher focus on the R&D for hip and knee devices across the globe further intensifies the need for technological development. Moreover, rise in incidence of orthopedic diseases coupled with growing ageing population and surge in prevalence of diseases, such as osteoporosis significantly drives the growth of the market.
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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Owing to lockdown, manufacturing activities have been halted and supply chain has been disrupted. The issues regarding shortage of raw materials also occurred.
Hospital authorities decided to perform bone implantation and fixation procedures in extreme or emergency cases. However, the procedures that were not urgent have been postponed to avoid cross-contamination. Moreover, the staff has been reallocated for treatment of coronavirus-infected patients.
As governments of many countries imposed lockdown, the cases of road accidents and sports injuries lowered down considerably. So, the demand for fixation devices from hospitals also took a toll.
With governments of different countries relieving lockdown restrictions, the demand for these devices is expected to grow steadily as hospitals began carrying out implantation and fixation services.
Based on product, the closure devices segment held the highest share in 2019, contributing to nearly three-fourth of the total market share, and will continue its leadership status throughout the forecast period. Moreover, this segment is projected to witness the largest CAGR of 5.2% from 2020 to 2027. The report offers an extensive analysis of the bone cement segment.
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North America to maintain its lead in terms of revenue by 2027
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.
Leading market players:
Leading players of the global internal trauma fixation device market analyzed in the research include B. Braun Melsungen AG, Globus Medical Inc., Johnson & Johnson Company (DePuy Synthes), Medartis Holding AG, Orthopaedic Implant Company, Osteomed, Smith & Nephew plc., Stryker Corporation, Wright Medical Inc., and Zimmer Biomet, Inc.
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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