Global trauma market set for expansion, report claims.
The global orthopedic trauma devices market was valued at $5.7 billion in 2013 and is expected to grow at a compound annual growth rate (CAGR) of 7.2 percent from 2014 to 2020 to reach an estimated value of $9.4 billion in 2020.
According to a recent report, the worldwide orthopedic trauma fixation devices market is witnessing a significant growth due to an increase in fractures cases and increasing demand for better facilities in orthopedic trauma surgeries, claim analysts with Persistence Market Research, a New York, N.Y. and India-based market research firm. As a result, the market is expected to grow at a CAGR of about 7.2 percent over the next five years.
Some of the major driving factors for orthopedic trauma fixation devices market are rising numbers of participation in sports and growing aging populations. In addition, government and multinational companies are increasing their investments in the sector, analysts noted. Increased demand for better facilities in trauma surgeries also has set a positive growth rate for the orthopedic trauma fixation devices market. However, various factors such as revision surgeries and absence of health insurance in developing countries, high cost of surgeries involved and reduced awareness of trauma options compared to other orthopedic sectors are some of the major headwinds faced by the orthopedic trauma fixation device market.
North America is the largest market for orthopedic trauma fixation devices, while the Asia-Pacific region is witnessing the fastest growth of orthopedic trauma fixation. Some of the fastest growing markets for orthopedic trauma include China, Japan, India and Southeast Asia. The Eastern Mediterranean also is experiencing growth, analysts said.
Internal fixators comprise the largest market in orthopedic trauma fixation and are expected to grow at a CAGR of about 6.8 percent during 2014-2020. Plate-and-screw systems are the most commonly used internal fixators for fixing a traumatized fracture. The plate-and-screw system market is expected to grow at a CAGR of about 7.1 percent during the forecast period.
Various companies dealing in orthopedic trauma fixation devices market are increasing their investment in bioabsorbable fixation devices. The bioabsorbable fixation devices market also is experiencing growth, Persistence analysts said, and it is expected to grow at a CAGR of about 8.4 percent during 2014-2020, analysts predicted.
DePuy Synthes, a Johnson & Johnson company, is a leading player in the global market for orthopedic trauma fixation devices, which had a market share of about 47.3 percent in 2013. Some of the other companies dealing in orthopedic trauma fixation devices market are Stryker Corp., Zimmer Biomet, Smith & Nephew pic, Orthofix Holding Inc., and others.
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|Publication:||Medical Product Outsourcing|
|Date:||Sep 1, 2015|
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