Global Statistics Representing Trauma Fixation Devices Market Scenario
Global trauma fixation devices market was valued at USD 1,870.5 million in 2018 and is projected to grow at a CAGR of 8.7% during the forecast period of 2019–2026. This can be attributed to innovative products and adoption of polymeric material. Road accidents are the major cause of fatalities worldwide, it kills over 1.20 million people and injures or disables more than 40 million people every year, Association for Safe International Road Travel. Apart from this, it has been found that in a severe car crash, more than 20% of people suffer from head injuries and chest injuries, Roads and Maritime Services Organization. Road accidents put a major economic burden on the country’s health care system, which is why governments have collaborated with research institutes to solve this problem. Recently, the government of Australia has collaborated with researchers at Monash University’s Accident Research Centre to collect information regarding road accidents to develop better policies for road safety.
In this study, we have segmented the trauma fixation devices market by type, surgical site, and end-user.
By type, the global trauma fixation devices market is segmented into internal fixators and external fixators. Internal fixators segment is accounting for the largest share during the forecast period. Currently, advancements in the internal fixators are having the edge over external fixators as they are more durable, heal faster, and provide better support to the bones. Materials used for these also have an extensive range from stainless steel to titanium. Moreover, advanced materials like biopolymers are offering turnkey platform to manufacturers. For instance, Invibio designs and manufactures high trauma implants.
End-user segment comprises of hospitals and ambulatory surgical centers. Ambulatory surgical centers are growing at a significant CAGR in the forecast period as they provide low-cost surgical procedures and same-day discharge for minor surgery. The popularity of ambulatory surgical centers is increasing in the healthcare facilities, and significant growth can be seen in this segment. For instance, number of ASCs has doubled since 2000 in the U.S.
Global trauma fixation devices market is segmented by the Americas, Asia Pacific, Europe, and the Middle East and Africa.
North America is dominating the global trauma fixation devices market as a result of increasing road accidents. Around 37,000 people die, and 2.35 million are injured or disabled in the U.S. every year, Association for Safe International Road Travel. Moreover, road accidents cost around USD 230.6 billion to the country annually. In view of these incidents, Canada has implemented better road safety measures, which has led to a 60% reduction in fatalities, Government of Canada. On the other hand, South America needs an upgrade in infrastructure. Over 60% of regions roads are underdeveloped, leading to increase road accidents. As per the WHO data 2017, in Brazil road traffic accidents deaths accounted for 4.45% of total deaths.
Asia Pacific is the emerging trauma fixation devices market and is likely to witness significant growth during the forecast period 2019 to 2026. Moreover, this region has a huge poor infrastructural development, which is further leading to increased casualties. For instance, over 80% of road fatalities happen in developing countries and cost around USD 65 billion annually, Association for Safe International Road Travel. increasing number of cars and drivers combined with narrow roads and heavy traffic are leading to big casualties. India and china are known for their deadly heavy traffics. China and southeast Asia had 104 and 101 traffic related deaths for every 100,000 motor vehicles, the WHO. Increasing investment in building national highways is paving the way for better fatality management in developing countries.
Middle east and Africa are on the verge of economic development, leading to a lucrative growth opportunity in the region. In middle east, growing urbanization require improve road safety measures, lacking at this moment. In last few years, Africa and middle east have been at topmost position for the highest number of road fatalities. As per the WHO, low income countries have an average of 27.5 deaths per 100,000, thrice than developed countries.
Some of the prominent players in the market are Arthrex, Inc. (U.S.), B. Braun Melsungen AG (Germany), CONMED Corporation (U.S.), Integra Lifesciences Corporation (U.S.), Zimmer Biomet (U.S.), DePuy Synthes (U.S.), Smith & Nephew (U.K.), Stryker (U.S.), Cardinal Health (U.S.), and Medtronic (Ireland).
Our Report Covers
Trauma Fixation Devices Market Segmentation
By Surgical Site