WHO’s recent report depicts that traumatic injuries are the cause of around 10% of mortality each year. Orthopedic traumas are specifically related to severe damage to the musculoskeletal system of a body, causing loss of function. It involves serious bone or ligament injuries, which require immediate expert assistance from a specialist in orthopedic surgery or trauma.
Orthopedic trauma devices play a key role in the surgical treatment of traumatic orthopedic injuries. Owing to staggering increase in road accidents and severe fracture incidences worldwide, the global orthopedic trauma fixation devices market has been witnessing significant growth since the past few years. The market is estimated to expand at a healthy CAGR of 7.2% during the forecast period, 2014-2020. The market value attained US$ 5.7 Bn in 2013, which is expected to reach US$ 9.4 Bn by 2020 end.
Key Market Dynamics
Prevalence of rheumatoid arthritis and osteoarthritis are the most likely to positively impact the demand for orthopedic trauma fixation devices. In addition to a growing number of traumatic orthopedic injury cases, rising demand for advanced facility in orthopedic trauma and surgery centers is a key factor providing a strong impetus to the market for orthopedic trauma devices. Increased participation of people in sports and related activities is likely to fuel the market growth during the forecast period. Growing geriatric population is also a major factor expected to push the demand for orthopedic trauma fixation devices. Several governments as well as MNCs are increasingly investing in the orthopedic trauma and surgery industry, which is anticipated to fuel the demand for orthopedic trauma devices.
Relatively lower awareness about the availability of orthopedic trauma devices, coupled with higher costs of these devices, is likely to restrain the market growth, especially in developing nations. Double surgery cases and lack of health insurance of patients may also negatively impact the demand for orthopedic trauma devices over 2014-2020.
Technological advancements are constantly innovating the conventional orthopedic trauma device. Highly specific and flexible trauma fixation devices are currently trending in the global market. In addition, growing popularity of hybrid plate and screw systems is expected to hold a positive influence on the market growth. Lucrative opportunities lie in developing markets, which have been witnessing higher healthcare investments since the recent past.
The global orthopedic trauma fixation devices market is segmented on the basis of type of fixator into internal fixator and external fixator, and on the basis of material into metallic fixators and bio-absorbable fixators. By fixator type, internal fixator type segment will maintain a dominant market share with a healthy CAGR of 6.8% during the forecast period. The plate and screw systems sub-segments are likely to continue growing popularity and register a higher CAGR of 7.1%. This growth is attributed to increased adoption rate of hybrid plate and screw systems. The external fixator segment is projected for significant growth by 2020 end. Based on material, metallic fixators are expected to continue witnessing higher revenues, as bio-absorbable fixators are relatively new and currently witness a nascent market.
On the basis of region, the global market for orthopedic trauma devices is segmented into North America, Europe, Asia Pacific, and rest of the world. In terms of volume and value, North America is estimated to be remain the dominant market over 2014-2020. This growth is attributed to increased accident rate and availability of sophisticated reimbursement framework. The U.S. is a key market that will attract the maximum revenues through the highest consumption rate. Owing to a number of third party payers, such as governments, local dealers, and private health insurers, the market in the U.S. and Canada is expected to observe a steady growth rate. Following higher penetration of orthopedic trauma devices in developing markets, the market in Asia Pacific is likely to witness the fastest growth throughout the forecast period. The market will especially witness higher growth in China, India, Japan, and some of the countries in the Eastern Mediterranean and Southeast Asia.
Key Market Players
The most prominent market player is DePuy Synthes, a Johnson & Johnson company. Other notable companies with significant market value shares, include Stryker Corporation, Zimmer Holding Inc., Smith & Nephew, Orthofix International, Biomet, Medtronic, and NuVasive. Consistent innovation and launching of new products will continue to influence the competitive landscape in the global orthopedic trauma fixation devices market.
A recently published report by Persistence Market Research assesses the global orthopedic trauma devices market over the six-year period, 2014-2020. The report analyzes the key drivers responsible for the market growth and major restraints that are likely to adversely impact the market during the six-year forecast period. The reports also highlights a few market trends and provides valuable insights into various segments of the global orthopedic trauma devices market.
Trauma is generally referred to as severe injury to any of the body parts that leads to serious functional loss. Traumatic orthopedic injuries specifically affect the musculoskeletal system and often require surgical intervention. Orthopedic trauma fixation devices hold a significant place in the treatment of traumatic orthopedic injuries. These devices can be based on internal or external fixators, can be made from metallic or non-metallic materials as their base. Orthopedic trauma devices are continuously being innovated, and key companies are increasingly launching several new devices.
The report begins with an overview of the market along with the definition of the global orthopedic trauma devices market. The following section covers the critically important drivers, which are primarily responsible for bolstering and sustaining the demand for devices. The next part of the report includes an extensive analysis of a few restraining factors, which are expected to negatively influence the market growth. The report also analyzes key trends driving the market and opportunities that lie for better penetration during the forecast period.
To understand the exact consumption pattern, the report presents detailed assessment of various market segments on the basis of the type of fixator and material. Following sufficient examination of key segments and sub-segments, the report further provides a comprehensive analysis of regional markets. Based on several factors and penetration rate, the report will offer growth prospects for the market in regional segments. The last section of the report profiles the key players competing in the global orthopedic trauma devices market, along with their respective market shares, key strategies, and growth pattern. Some of the key companies in this market include DePuy Synthes, Stryker Corporation, Zimmer Holding Inc., Smith & Nephew, Orthofix International, Biomet, Medtronic, and NuVasive.
To deduce the global orthopedic trauma devices market size, the report considers various aspects based on secondary research. Furthermore, key data points such as region-wise split and market split by product type, vehicle type, and distribution channel; and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated and expected revenue contribution in the global orthopedic trauma devices market.
The report begins with sizing the market in terms of value and volume for the base year, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, gathered data is triangulated via different analysis based on supply side and demand side drivers and other key dynamics of the global orthopedic trauma devices market. To develop the market forecast, Persistence Market Research has also conducted a factor analysis to understand the impact of various forces/factors on the target market. The report provides forecasts not only in terms of CAGR but also presents a detailed analysis based on key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities.
Another key feature of this report is an analysis of the global orthopedic trauma devices market and the corresponding revenue forecast in terms of absolute dollar opportunity, usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global orthopedic trauma devices market. Further, to understand key segments in terms of their growth and overall global orthopedic trauma devices market performance, Persistence Market Research has developed a market attractiveness index to help providers identify existing market opportunities in the global orthopedic trauma devices market.
Some of the major players operating in the orthopedic trauma fixation devices market:
Others major companies operating in the market: