Orthopedic trauma devices have been playing a crucial role in the healthcare sector. Technological advancements in this field have contributed extensively towards the development of surgical treatments of traumatic orthopedic injuries in the last few years. In addition, the rising number of road accidents is one of the vital factors supplementing the growth of the global market. The rising focus of leading players on research and development activities is expected to encourage the growth of the overall market in the next few years.
Furthermore, the highly flexible trauma fixation devices are presently gaining immense popularity in the global market. The advent of screw systems and hybrid plate is predicted to hold a positive impact on the market growth in the next few years. Additionally, promising opportunities lie in emerging economies, which will encourage the development of effective product portfolio in the near future.
Increased Sports Injuries to Bolster Global Orthopedic Trauma Fixation Devices Market
According to a research study by Transparency Market Research, in 2014, the global orthopedic trauma fixation devices market was worth US$6.1 bn and is estimated to reach a value of US$9.3 bn by the end of 2020. The market is likely to register a 7.20% CAGR between 2014 and 2020.
A significant rise in sports injuries, the rising incidence of fractures, and increased healthcare expenditure are some of the primary factors expected to fuel the growth of the global orthopedic trauma fixation devices market throughout the forecast period. In addition, the introduction of new procedure techniques and the positive clinical outcome are estimated to encourage market growth. On the flip side, lack of awareness, the high cost of surgery, and the absence of health insurance in emerging economies are some of the key factors likely to curtail the growth of the global orthopedic trauma fixation devices market in the coming years. Nevertheless, lack of substitutes and favorable government policies are projected to offer promising growth opportunities in the near future.
Developing Healthcare Infrastructure to Fuel Market Growth in Asia Pacific
On the basis of geography, the global market for orthopedic trauma fixation devices can be classified into Europe, Asia Pacific, North America, and the Rest of the World. Among these, North America is projected to lead the global market throughout the forecast period, thanks to the significant contribution for the U.S. On the other hand, Asia Pacific is considered to grow at a fast pace in the next few years. The robust growth of this region can be attributed to the technological developments and healthcare development in Japan, China, Eastern Mediterranean, and South East Asia. The rising focus of governments on improving healthcare infrastructure is likely to encourage the growth of the market in Asia Pacific.
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The global market for orthopedic trauma fixation devices is highly concentrated in nature with a few number of players holding a massive share of the market. Some of the prominent players in the market are Smith & Nephew, Johnson & Johnson Company, Orthofix Holdings Inc., Zimmer Holding Inc., Stryker Corporation, and DePuy Synthes. Among these players, Johnson & Johnson and DePuy Synthes are anticipated to hold a dominant share of the market throughout the forecast period.