Global Internal Trauma Fixation Device Market Grows Steadily at a CAGR of 5.20%

Introduction

Internal trauma fixation devices treat and stabilize severe bone fractures and dislocations. External and internal fixation devices are the other two forms of fixation devices. Internal fixation devices are implanted inside the patient's body to keep the patient's bearing load constant during the healing process and to give the patient's broken bone the proper shape. External fixation devices stabilize the underlying bone with other hardware components like bolts and wires. Bones that include internal trauma-fixing mechanisms also mend more quickly and repair incorrectly.

Market Dynamics

Increasing Orthopedic Problems as the Population is Getting Older Drives the Global Market

As the world's population ages and orthopedic diseases become more prevalent, there will likely be greater demand for internal fixation devices. The National Institutes of Health, which released a report in 2018, calculated that there were around 524 million Americans aged 65 and over in 2010. This figure is expected to rise to 1.5 billion by 2050, or nearly 16% of the world's population. According to a research study, by 2020, 27% of the Japanese, 16% of the Americans, 24% of the British, 17% of the Russians, and 14% of the Chinese population will be over 65. These forecasts indicate that the number of seniors will rise soon.

Internal fixation devices will be more in demand as individuals age due to increased orthopedic conditions like osteoarthritis, fractures, and injuries brought on by aging. This is considerably advancing the market for internal trauma fixation devices. For example, the Centers for Disease Control and Prevention estimate that 78 million Americans will have arthritis by 2040 due to the country's aging population. Therefore, it is anticipated that there will be a growth in the demand for orthopedic implants as the older population grows.

Enormous Market Prospects in Developing Nations Creates Tremendous Opportunities

The United States and Europe are the two most prominent internal trauma fixation device markets. However, only roughly 17% of the world's population resides in these areas. The Asia-Pacific area, which in 2018 accounted for about 60% of the global population, offers huge market potential due to the rise in the geriatric population. The WHO predicts that between 2010 and 2050, the senior population will increase by 250% in developing countries, compared to 71% in wealthier ones. As a result, it is anticipated that the patient population in these locations will increase.

There is significant market potential in the developing countries of Asia-Pacific and LAMEA. Healthcare infrastructure, awareness, and affordability have all increased in these regions. The majority of developing countries have made healthcare insurance available to their citizens. Orthopedic implants have also become more widely known as the number of skilled medical practitioners has increased. Due to technical advancements, orthopedic implants are also more common in some regions.

Regional Analysis 

North America is the most significant revenue contributor and is anticipated to exhibit a CAGR of 4.80% over the projection period. The North American market, which accounted for 41.72% of the global internal trauma fixation devices ends in 2019, is anticipated to grow steadily over the forecast period due to favorable reimbursement policies in the healthcare system, a higher incidence of accidents, and easy access to cutting-edge technology. The market is also predicted to expand rapidly due to the aging population, rising healthcare spending, expanding healthcare infrastructure, and increasing internal trauma fixation device R&D activities. Due to multiple FDA approvals and the development of technologically advanced products by numerous significant businesses, the need for trauma fixation devices has skyrocketed.

Europe is anticipated to exhibit a CAGR of 4.95% during the forecast period. The introduction of continuous pain systems and a significant rise in R&D for trauma fixation devices are expected to create new opportunities for market expansion throughout the forecast period. Essential companies are increasing the European orthopedic products market by using acquisitions as their primary developmental strategy. Another factor promoting the growth of the European market for trauma fixation devices is the rise in R&D spending by the European Union in the healthcare sector. In addition, product failure rates have declined due to ortho biologics' positive clinical results, and new technologies are continuously being developed.

Key Highlights

• The global internal trauma fixation device industry was valued at USD 10,059.10 million in 2022. It is projected to reach USD 15,874.53 million by 2031, growing at a CAGR of 5.20% during the forecast period (2023-2031).
• Based on the product, the internal trauma fixation device industry is bifurcated into closure devices and bone cement. The closure devices segment is the major contributor to the market and is estimated to grow at a CAGR of 5.40% during the forecast period.
• Based on material, the internal trauma fixation device market is bifurcated into stainless steel, titanium, tritium, and polyether ether ketone. The stainless-steel segment is the major contributor to the market and is estimated to grow at a CAGR of 5.30% during the forecast period.
• Based on end-user, the global internal trauma fixation device market is bifurcated into hospitals, orthopedic surgical centers, trauma centers, and ambulatory centers. The hospital segment is the major contributor to the market and is estimated to grow at a CAGR of 5.10% during the forecast period.
• North America is the major revenue contributor and is expected to exhibit a CAGR of 4.80% during the forecast period.

Competitive Players

Competitive Players

The global internal trauma fixation device market's major key players are B. Braun Melsungen AG, Wright Medical Inc., Globus Medical Inc., Johnson and Johnson, Medartis Holding AG Company (DePuy Synthes), Orthopaedic Implant Company, Osteomed, Stryker Corporation, Smith and Nephew plc., and Zimmer Biomet Inc.

Recent Developments

Market News

• In June 2022, Paragon 28, Inc., a leading medical device company exclusively focused on the foot and ankle orthopedic market, announced the launch of its Monkey Rings™ Circular External Fixation System for trauma, deformity correction, and limb salvage.

Segmentation

Global Internal Trauma Fixation Device Market: Segmentation

By Product

• Closure Device
• Bone Cement

By Material

• Stainless Steel
• Nitinol
• Titanium
• Tritium
• Polyether Ether Ketone (PEEK)

By End-User

• Hospitals
• Orthopedic Surgical Centers
• Trauma Centers
• Ambulatory Centers

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA