Market Dynamics
Global Internal Trauma Fixation Device Market Drivers
Orthopedic Problems are Becoming More Common, and Population is Getting Older
The demand for internal fixation devices is anticipated to increase due to the incidence rate of orthopedic illnesses and the global aging population. The number of Americans aged 65 and older was estimated to be around 524 million in 2010 by the National Institutes of Health, which published a report in 2018. By 2050, it is anticipated that this number will increase to 1.5 billion, or roughly 16% of the world's population. Furthermore, a research study estimates that by 2020, 27% of the Japanese people, 16% of the U.S. population, 24% of the U.K. population, 17% of the Russian population, and 14% of the Chinese population will be over 65. According to these projections, the people of seniors will increase soon.
As people age, the prevalence of orthopedic illnesses like osteoarthritis, fractures, and injuries brought on by aging will rise, raising the demand for internal fixation devices. This is driving the market for internal trauma fixation devices significantly forward. For instance, the Centers for Disease Control and Prevention predict that by 2040, there will be 78 million arthritis patients in the United States as the population ages at a correspondingly higher rate. A rise in the elderly population is therefore expected to drive increasing demand for orthopedic implants.
Global Internal Trauma Fixation Device Market Restraint
Lack of Qualified Personnel
Medical personnel with the necessary training and knowledge must employ internal fixation devices on injured patients. In Australia, the Netherlands, Norway, and Italy, a physician's primary area of expertise is specializing in sports medicine. Sports medicine doctors must complete a rigorous musculoskeletal medicine curriculum before specializing in therapy. SEM physicians also guide treating and avoiding injuries. Due to the extensive time commitment required for the specialization courses in sports medicine, most doctors pursue something other than this career path. Thus, more qualified personnel is needed to ensure market expansion.
Global Internal Trauma Fixation Device Market Opportunities
Enormous Market Prospects in Developing Nations
The major markets for internal trauma fixation devices are the United States and Europe. However, these regions only make up about 17% of the global population. Due to the rise in the geriatric population, the Asia-Pacific region, which made up almost 60% of the worldwide population in 2018, has enormous market potential. According to the WHO, the senior population is expected to grow by 250% in developing countries between 2010 and 2050, compared to 71% in wealthy nations. The patient population in these areas is predicted to rise as a result.
There is significant market potential in the developing nations of Asia-Pacific and LAMEA, where healthcare infrastructure, awareness, and affordability have all recently seen significant improvements. Most emerging countries have implemented healthcare insurance for their citizens. In addition, the number of qualified medical professionals has raised awareness of orthopedic implants. Orthopedic implants have also become more prevalent in certain areas due to technological developments.
Regional Analysis
The global internal trauma fixation device market is divided into four regions: North America, Europe, Asia-Pacific, and LAMEA.
North America Dominates the Global Market
North America is the most significant revenue contributor and is expected to grow at a CAGR of 4.80% during the forecast period. Due to favorable reimbursement policies in the healthcare system, a higher incidence of accidents, and easy access to cutting-edge devices, the North American market, which held 41.72% of the global internal trauma fixation devices market in 2019, is anticipated to expand steadily over the forecast period. Additionally, the market is expected to grow significantly due to the rise in the geriatric population, healthcare spending, healthcare infrastructure development, and R&D activities for internal trauma fixation devices. Demand for trauma fixation devices has increased due to numerous FDA approvals and countless primary companies' introduction of technologically sophisticated products.
Europe is expected to grow at a CAGR of 4.95% during the forecast period. A significant increase in R&D for trauma fixation devices and the introduction of continuous pain systems is anticipated to open up new potential for market advancement over the forecast period. Key businesses are using acquisitions as their primary developmental strategy in Europe to increase the market for orthopedic devices. The European Union's increased expenditure on healthcare-related R&D is another factor supporting the European trauma fixation devices market expansion. Additionally, because of ortho biologics' successful clinical outcomes, product failure rates have decreased, and new technologies are constantly emerging.
Asia-Pacific presents a lucrative potential for internal trauma fixation devices market participants due to its sizable senior population and high risk of injury from traffic accidents. Emerging markets in the Asia-Pacific are developing nations. Accident instances are rapidly increasing in China, Japan, and India. The market is growing due to advanced knowledge of cutting-edge internal trauma fixation technologies. Rising healthcare costs, a changing economy, and technological improvements will also be anticipated to boost market expansion during the projected period. Internal trauma fixation device treatment expenses are not entirely covered by reimbursement rules, restraining Asian-Pacific market expansion.
LAMEA is a developing market. It is predicted that healthcare spending will rise throughout the projection period, offering market participants lucrative chances for expansion. Additionally, the region's growing senior population and improved healthcare infrastructure are other variables anticipated to drive up demand for internal trauma fixation devices. By 2025, Latin America's aging population, which is now increasing, should total 100.5 million people. This demographic has a higher risk of developing numerous illnesses like osteonecrosis and orthopedic trauma, which raises the prevalence of chronic diseases and fuels the market for trauma fixation devices.
Segmental Analysis
The global internal trauma fixation device market is segmented by product, material, and end-user.
Based on the product, the global internal trauma fixation device market is bifurcated into closure devices and bone cement.
The closure devices segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.40% during the forecast period. Plates and screws, wires, clips and pins, rods and nails, and cables are the different types of closure devices. These devices are made of approved ISO- and ASTM-standard components. They are highly recommended because they include pure metals like titanium or alloys. These can be adjusted to fit different bone shapes and resist corrosion. In addition, these tools support the shattered bone during trauma fixation by strengthening it. The Waldemar LINK GmbH and Co. K.G. produce the LINK Ellis mini-fixator external, LINK Radius Head Component, and LINK Endo-Model Elbow prosthesis closure devices.
The use of osteogenic agents, such as morphogenic proteins and transforming growth factors, can improve bone cement's quality, mechanical performance, curing time, and biocompatibility. Bone cement is less frequently used for trauma fixation due to its unfavorable side effects, including transient blood pressure drops, prosthesis displacement or loosening, and trochanteric separation. Closure devices are more popular than bone cement in the market because of these negative consequences. Heraeus Medical LLC introduced the bone cement line in March 2018. The corporation widened its PALACOS product line through this product introduction.
Based on material, the global internal trauma fixation device market is bifurcated into stainless steel, nitinol, titanium, tritium, and polyether ether ketone.
The stainless-steel segment owns the highest market and is estimated to grow at a CAGR of 5.30% during the forecast period. Compared to titanium screws, stainless steel plates and screws display several exceptional qualities. Additionally, stainless screws are more straightforward to handle than titanium screws, encouraging more healthcare professionals to use stainless steel screws rather than titanium ones. Major market companies are also launching a variety of new goods and boosting stainless steel production to boost their demand in the industry, which supports the market's expansion. For instance, Siora Surgicals produces bone plates and screws using 316L stainless steel, which has a low carbon content and is implant quality.
Nitinol, also referred to as a "special class of metals," is an alloy of nickel and titanium that demonstrates extraordinary elasticity and aids in the metals' ability to remember their original shapes and hold them when heated. Nitinol has various features, including flexibility, biocompatibility, fatigue resistance, and kink resistance, making it a popular material for medical devices. Additionally, it produces numerous medical equipment like dental files, needles, catheter tubes, filters, and other trauma fixation tools, fueling the market's expansion. The demand for nitinol-based products is rising in the healthcare industry due to their many advantages, including good mechanical performance, high wear resistance and high specific strength, and corrosive resistance. This forces nitinol-based products to expand rapidly in the future.
Due to its numerous advantages, including durability, biocompatibility, a more excellent strength-to-weight ratio, and others, titanium is increasingly being used in various fixation devices in the medical industry, driving the market's expansion. The market is expected to grow substantially because of rising healthcare spending, demand for newly developed titanium instruments, and rising consumer awareness of these products. Additionally, several businesses are creating titanium-based trauma fixation devices to expand their consumer base and give the healthcare industry better clinical solutions.
The mechanical characteristics of polyether ether ketone are comparable to those of human bone. Due to its strength, PEEK is regarded as the best titanium substitute. It has several uses and can be applied to total joint arthroplasty, interbody fusion, dental implants, and cranioplasty. It is portable, allows for creative freedom, and seamlessly integrates functionality. Additionally, PEEK encourages stiffness, more rapid callus development, and 50 times more excellent fatigue resistance. PEEK is increasing less quickly in the internal trauma fixation devices market since it has more negative side effects than other materials, such as stiffness and fatigue resistance.
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 highest contributor to the market and is estimated to grow at a CAGR of 5.10% during the forecast period. The market's growth is driven by an increase in the number of multispecialty hospitals offering proper trauma treatment worldwide and an increase in injuries due to the rise in road accidents and other sports injuries. Additionally, both public and private institutions are making significant investments in developing nations to upgrade their healthcare infrastructure nationwide, driving the market's expansion. Further, many government hospitals in low-income countries that offer affordable treatments will contribute significantly to growth.
Orthopedic surgical centers use specialized medical devices to restore proper bone function and lessen pain from issues related to injury or defects in the musculoskeletal system. To provide the public with better medical facilities across the nation, governments are also heavily investing in opening new orthopedic surgical centers, fueling the market's expansion. Additionally, the prevalence of orthopedic diseases is increasing globally, and people are becoming more aware of orthopedic surgical centers, creating lucrative market opportunities.
The use of trauma care centers is growing due to an increase in the number of trauma care facilities around the world for managing and controlling traumatic injuries, as well as an increase in the number of traumatic injuries brought on by car accidents, gunfire, and other factors. The market for this industry is expanding as a result of the rising prevalence of injuries from falls, the aging population, the increasing survival rate for severe traumatic injuries, and other factors. Additionally, many developing nations like China, India, and other Middle Eastern countries are establishing specialty trauma care facilities to offer their populations better healthcare facilities, creating lucrative market opportunities.
Ambulatory surgery facilities are outpatient surgical facilities where surgery is done on the same day as hospital admission for the patient. Major trauma cases necessitate cutting-edge equipment and specialized medical personnel and ambulatory centers have a smaller market share. However, during bone fixation, a patient requires special supervision; however, a patient cannot remain in an ambulatory surgery center for an extended period of time. This restricts the market's growth for ambulatory centers. The demand for this industry is expanding due to various factors, including the aging population, an increase in the number of trauma surgeries, and an increase in the prevalence of chronic diseases. The adoption of cutting-edge medical technology for treating various conditions in ambulatory surgery centers and the rise in demand for minimally invasive procedures also contribute to the industry's global expansion.
