PUBLISHER: Orion Market Research | PRODUCT CODE: 1123096
PUBLISHER: Orion Market Research | PRODUCT CODE: 1123096
Global Trauma Product Market Size, Share & Trends Analysis Report by Product (Internal Application and External Application) By Surgical Site (Lower Extremities and Upper Extremities), and By End-User (Hospitals, Trauma Centers, and Others) Forecast, 2021-2027
The global market for trauma products is projected to have a considerable CAGR of around 5.8% during the forecast period. Trauma products are the innovative instruments and technology that are used for physical injuries and wounds caused due to external sources. The rising prevalence of orthopedic diseases including rheumatoid arthritis, and osteoarthritis among the growing geriatric population is one of the major factors driving the growth of the market. Moreover, the increasing prevalence of degenerative bone diseases such as Paget's disease, osteoporosis resulting in extreme pain and stiffness in joints is also contributing to the growth of trauma products. Additionally, the rising awareness among people regarding trauma devices, increasing investment and advancements in trauma products, and the rising prevalence of diabetes and obesity in various countries are the factors propelling the growth of the market. However, the trauma products are made up of metal or metal alloys which may cause infections and allergies to patients once implanted are the factor restraining the growth of the trauma products market.
Impact of COVID-19 on Trauma Product Market
The outbreak of COVID-19 had a significant impact on the overall trauma fixation devices market in terms of demand. According to National Center for Biotechnology Information, a systematic review published in July 2020, The COVID-19 pandemic has drastically reduced the burden of fracture patients globally. Although motor vehicle accidents (MVA) have been drastically reduced as a result of the extensive lockdown, patients with low energy and fragility fractures are still seeking treatment in urgent care. Due to a lack of resources, experience treating such patients, limited access to negative pressure operation theatres, and COVID-related anxiety, surgeons in many countries have not begun performing surgeries for various fractures despite various available guidelines. As a result of the COVID-19 outbreak, a negative impact on the market is been predicted.
Segmental Outlook
The global trauma product market is segmented based on product, surgical site and end-user. Based on the product type, the market is further classified into internal applications where is it is sub-segmented into plates, wires, screws, and in the external application, the market is sub-segmented into unilateral fixator, circular fixator, hybrid fixator. Further, based on of surgical site, the market is segregated into lower extremities and upper extremities, wherein lower extremities are further categorized into hip, and pelvic, lower leg and upper extremities are categorized into hand and wrist, shoulders, others (arms, elbow. Additionally, based on end-user the market is classified into hospitals, trauma centers, others.
Global Trauma Product Market Share by Surgical site, 2020 (%)
Global Trauma Product Market Share by Surgical site
The Lower Extremities segment is estimated to have a significant share in the global Trauma Product market
Among surgical sites, the lower extremities held a considerable share in the market owing to the increasing prevenances of bone-related disorders among the geriatric population is fueling the growth of the segment. Further, the increase in technological advancements in orthopedic devices supplements also driving the growth of the segment. The lower extremity does a basic functioning of movements and coordination such as standing, running, kicking, and others. Stiffness in joints, arthritis, inflammation is certain diseases that affect the lower extremities. Moreover, the rising rate of sports injuries, prevailing obesity, and bone-related disorders such as osteoporosis and osteoarthritis are affecting the lower extremity resulting in the growth of this segment. On the contrary, the preference for preventive measures such as gene therapy and tissue engineering rather than curative measures in lower extremity devices is the factor restraining the growth of the segment.
Regional Outlook
Geographically, the global trauma product Market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). North America is estimated to dominate the trauma products markets attributing to factors such as the increasing number of trauma cases in the region and increasing supportive government policies regarding trauma procedures. Also, many trauma centers have been established by governments in the region for handling the emergency are making a well-defined market of trauma products in the region.
Global Trauma Product Market Growth, by Region 2021-2027
Global Trauma Product Market Growth, by Region
Asia-Pacific is the fastest-growing region in the global Trauma Product Market
Geographically, during the forecast period, Asia-Pacific is expected to be the most profitable and the fastest-growing region, with India moving ahead. The rising population in countries such as China and Japan, an alarming increase in road accidents, and rapid development economies are expected to drive the Asia Pacific market for trauma products. The growing focus of major players in the Asian region dealing in trauma products such as Bioretec Inc, Integra Lifesciences corps, smith & nephew, Stryker corps, and others are also fueling the growth of the market in the following region. Furthermore, the increase in disposable incomes, favorable government policies, rising healthcare expenditure, advancements in medical facilities together contributing to the growth of the Asia-Pacific trauma product market.
Market Players Outlook
The key players in the trauma product market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include Integra Lifesciences Corp., Smith & Nephew Plc, Medtronic Plc, Stryker Corp.., among others. These market players adopt various strategies such as product launches, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. In March 2020, Orthofix Medical completed the acquisition of assets related to the FITBONE intramedullary lengthening system for limb lengthening of the femur and tibia bones. As a result of this acquisition, Orthofix now has a comprehensive portfolio of internal and external fixation solutions for limb reconstruction.
The Report Covers
Market value data analysis of 2021 and forecast to 2027.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global Trauma Product market
Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where in the market.