Orthopedic Trauma Devices Market: Internal Fixators to Retain Top Position by Product Type Upcoming Decade to Present Multiple Growth Opportunities: Global Industry Analysis 2013 - 2017 and Opportunity Assessment 2018 - 2028
LONDON, Sept. 13, 2018 /PRNewswire/ -- A surging number of road accidents, fractures and sports injuries is expected to predominantly fuel the demand for orthopedic trauma devices in next few years. According to a recently put forth research on the global market for orthopedic trauma devices, the market is witnessing a primary push from a growing base of geriatric population, in addition to a swelling number of orthopedic disease instances. Another significant driver to growth of the global orthopedic trauma devices market is the strong presence of leading local players in their respective regional markets.
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With advances in 3D printing, the industry is discovering new applications in orthopedics and the resultant 3D printed implants are trending rapidly worldwide. A more successful reverse shoulder arthroplasty is also trending in the market since recent past. Attributed to these and more such factors, the global orthopedic trauma devices market is apprehended to attain the revenues in excess of US$ 14 Bn by the end of 2028. Over a 10 year forecast period, the global market for orthopedic trauma devices will possibly expand at a promising CAGR of 6.8%, as per the research.
Internal Fixators Continue to Win over External Fixators, on the Basis of Product Type
By the product type, internal fixators currently hold a massive revenue share of more than 82%, which is expected to witness a slight decline over the next few years. This fall in the revenue share is attributed to growing demand for another product type, i.e. external fixators. However, internal fixators segment is foreseen to maintain dominance through to 2028, according to the research. In contrast, the external fixators segment will experience relatively higher growth at a CAGR of over 17% during 2018-2028. Escalating unit sales of plates and screws majorly contribute to an enlarged revenue share of internal fixators. Whereas, favourable reimbursement policies will continue to play a crucial role in strengthening the market for internal fixators, eventually resulting in augmented adoption for use during orthopedic surgeries.
The internal fixators segment is further classified as screws, plates, intramedullary nails, and others, including wires and staples. While plates and screws are presumed to continue presenting dominant revenue shares, the market will experience relatively higher sales of staples and wires. External fixators include unilateral fixators, circular fixators, and hybrid fixators, among which circular and hybrid fixators are expected represent the key sub-segments responsible for positive growth prospects for the parent segment.
North America's Dominance Prevails, Market to See Remarkable Growth in Emerging Economies
By geographical region, North America currently occupies a dominant revenue share of over 48%. Western Europe will be the second largest regional market generating decent demand for orthopedic trauma devices. China and Japan are identified to emerge at the fastest pace over the forecast period. Soaring use of bioresorbable plates and screws is prominently driving the orthopedic trauma devices market in North America. This region is currently witnessing the much expected robust sales of hybrid plates and screws, which is anticipated to continue throughout the next decade. Intramedullary nails are lately gaining rapid traction among majority orthopedic surgeons in the North American industry, owing to their growing popularity as an ideal orthopedic trauma device for various anatomies.
On the backdrop of an expanding market in developing Asian economies, flourishing medical tourism will continue to fuel the market for orthopedic trauma devices in India, which currently leads the APECJ market. Increasing preference for minimally invasive fixation is expected to provide a thrust to the market in China, whereas trending incorporation of robotics technology during orthopedic surgeries is anticipated to push the MEA market in upcoming years. Favourable efforts taken by the Japan Medical Devices Manufacturers Association in promoting the development and dissemination of a range of medical devices has been a major booster in the growth of Japan's orthopedic trauma devices market.
Global Orthopedic Trauma Devices Market Holds Optimistic Growth Prospects by 2028 End
Leading companies active in the global orthopedic trauma devices marketplace are likely to encounter with various attractive opportunities in near future, such as bolstering demand for outpatient surgical procedures, increasing funds for delivering state-of-the-art trauma care, and ongoing development of innovative, efficient, and effective orthopedic trauma care products. The dawn of digital orthopedics is foreseen to hold an immensely positive influence on the overall scenario of the global orthopedic trauma devices market.
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