The Internal Trauma Fixation Devices Market size was estimated at $4,608 million in 2020, projected to grow at a CAGR of 7.2% during the forecast period 2021-2026. Trauma fixation devices help to speed up the healing process by limiting the movement of broken bones, allowing quicker healing and avoiding improper bone recovery. The demand for trauma fixation devices is expected to grow due to an increase in the number of road accidents, especially in developing countries. In terms of technology and user friendliness, trauma fixation systems have undergone groundbreaking improvements. As a result of technological advances, demand for these devices is growing.
Older people are more vulnerable to fractures and dislocations due to a higher risk of degenerative bone diseases such as Osteoporosis, Osteoarthritis and Paget’s disease. The global geriatric population was about 703 million in 2019, according to the United Nation (UN), which is projected to grow to 2,000 million by 2050, the rising geriatric population that are more prone to and degenerative bone diseases and orthopedic surgery are increasing the demand for internal trauma fixation devices. Moreover, favorable reimbursement policies, in the developed nations are further anticipated to fuel the growth. However, the allergic reactions and high cost associated with Internal Trauma Fixation Devices could pose a threat to the market's growth during the forecast period 2021-2026.
Internal Trauma Fixation Devices Market Segment Analysis- By Product Type
By Product, the Internal Trauma Fixation Devices Market can be classified into bone cement and closure devices (plates & screws, wires, clips, pins, and cables). Closure devices accounted for the largest share of the market and is predicted to expand at a steady CAGR of 6.7% over the forecast period 2021-2026, owing to factors such as an increase in the incidences and prevalence of orthopedic diseases, as well as an increase in the cases of sports injuries.
Poly (methyl methacrylate) PMMA, also known as bone cement, is a space-filling material that serves as a grout to keep the implant in place against the bone. It is widely used for implant fixation in orthopaedic and trauma surgery is also anticipated to register significant growth owing to the easy acceptance of the products from manufacturing companies and end user.
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Internal Trauma Fixation Devices Market Segment Analysis - By Material
Based on Material, the global market is segmented as Stainless Steel, Nitinol, Titanium, Tritium, and Polyether Ether Ketone. The stainless steel segment accounted for major share of Internal Trauma Fixation Devices Market in 2020. In contrast to other biomaterials, stainless steel is one of the most commonly used biomaterials in internal fixation implants owing to its favorable combination of mechanical properties, cost effectiveness, and corrosion resistance. As a result of its cost effectiveness, stainless steel is widely used in low-income countries thereby driving the market.
However, titanium as a biomaterial is expected to grow at a faster CAGR of 8.7%. Its rapid expansion can be due to its numerous biomechanical applications. Titanium implants are gaining popularity in a number of developing economies due to their excellent biocompatibility. Titanium's lower modulus of elasticity and corrosion resistance characteristics is further poised to increase the Internal Trauma Fixation Devices Market during the forecast period 2021-2026.
Internal Trauma Fixation Devices Market Segment Analysis - By Geography
Based on geography, North America dominated the Internal Trauma Fixation Devices Market with a region share of 37.4% in 2020 followed by Europe and APAC. Increased geriatric population that are more prone to orthopedic surgery and increasing health concerns are the major factor propelling the growth in this region. Moreover, the presence of large number of internal trauma fixation device manufacturing company that invest heavily on the research along with the easy availability of technologically advanced devices is predicted to drive the market growth in this region.
However, Asia Pacific is set to be the fastest growing region owing to the growing population, rising demand for a better healthcare structure and higher investment and funding by government in this region is further predicted to drive the market growth during the forecast period 2021-2026.
Internal Trauma Fixation Devices Market Drivers
Increasing incidence of Accidents
The demand for trauma fixation devices is predicted to grow due to an increase in the number of road accidents, especially in developing countries. According to World health organization (WHO) every year, approximately 1.35 million people die in car accidents, on average, 3,700 people die on the roads every day. While the non-fatal accidents affect another 20-50 million people, with many of them resulting in long-term disabilities. The increasing use of Internal Trauma Fixation Devices to rehabilitate accident patients is set to fuel development during the forecast period 2021-2026. In addition, the market is poised to be fueled by the development in advanced Internal Trauma Fixation Devices, expansion of healthcare infrastructure and improved health care facilities around the world.
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Internal Trauma Fixation Devices Market Challenge
High Cost of the Product
Despite the increased prevalence of degenerative bone diseases and accidents, there are some factors that are preventing product acceptance. The high cost of the products and orthopedic surgeries is a major constraint to the market. Additionally, the allergic reactions and diseases, such as eczematous dermatitis, urticaria, and vasculitis, caused by internal trauma fixation devices containing or made of these metal are also limiting the adoption of these devices.
Internal Trauma Fixation Devices Market Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Internal Trauma Fixation Devices Market. Key companies of this market are Stryker, DePuy Synthes, Zimmer Biomet, Smith & Nephew plc, Wright Medical Group, Medartis Holding AG, B. Braun Melsungen AG, and Globus Medical, Inc.
Developments:
In March 2020, Orthofix Medical completed the acquisition of assets associated with the FITBONE intramedullary lengthening system.
In September 2019, Smith & Nephew (UK) launched a new product TRIGEN INTERTAN Intertrochanteric Hip Fracture Nail.
Key Takeaways
Geographically, The North America region held 37.4% of the total market share in 2020 owing to the rising geriatric population, favorable reimbursement policies and increasing health concerns.
Increasing prevalence of degenerative bone diseases such as Osteoporosis, Osteoarthritis and Paget’s disease are the major driving force for the Internal Trauma Fixation Devices Market during the forecast period 2021-2026.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the Internal Trauma Fixation Devices Market will be provided in the research report.
Related Reports:
A. Trauma Devices Market
https://www.industryarc.com/Research/Trauma-Devices-Market-Research-502248
B. Orthopedic Devices Market
https://www.industryarc.com/Report/18337/orthopedic-devices-market.html
For more Lifesciences and Healthcare related reports, please click here
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