June 23, 2020
According to the research report titled ‘Global Trauma Devices Market Size study, by Type (Internal Fixators, External Fixators), by Surgical Site (Upper Extremities, Lower Extremities), by End-User (Hospitals, Ambulatory Surgical Centers) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global trauma devices market generated revenues worth USD 7.8 billion in the year 2019 and is expected to record a 6.3% growth rate during 2020-2026.
As per the Centre of Disease Control & Prevention, trauma is defined as an injury or a wound to a living body which is caused by violence or external force. Trauma devices are components used in clinical procedures for treating injuries as per the severity. These devices are applied in treatment of fractures in long bones as well as in lower and upper extremities including spine, leg, joints, knees and others.
Increased pervasiveness of osteoporosis coupled with high occurrence of road accidents are major factors driving the growth of trauma devices market. Technological advancements such as use of biodegradable materials and orthobiologics is also fueling the market expansion. According to 2017 report by International Osteoporosis Foundation, around 8.9 million fractures are caused by osteoporosis annually. The Swiss-based foundation further stated that osteoporotic fractures occur in almost 1 in 5 men and 1 in 3 women by the age of 50 years. Also, the number of patients with hip fractures totaled to 1.6 million in 2020 and is expected to reach 4.5 million by the year 2050. All these stats and rising cases of osteoporotic fractures is fostering the demand for trauma devices.
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The emergence of COVID-19 disease has resulted in scarcity of electronic components and raw materials which are used in manufacturing of trauma devices. In addition to this, side effects of internal fixation devices may act as restraining factor to the growth of trauma devices market.
As per type, the market is split into external fixators and internal fixators. In terms of surgical site, the industry is divided into lower extremities and upper extremities. While, the end-use landscape of trauma devices market includes ambulatory surgical centers and hospitals.
Considering the geographical landscape, North America trauma devices industry is reckoned to witness a robust CAGR during the forecast period, primarily due to high concentration of trauma centers and rising prevalence of accidental injuries across the region.
On the other hand, Asia-Pacific market is poised to accumulate significant revenues in the ensuing years. Factors such as growing elderly population in India and China in tandem with rising number of road fatalities are swaying the business dynamics in the region.
Cardinal Health, Acumed LLC, Bioretec Ltd., Integra LifeSciences, Advanced Orthopaedic Solutions, Wright Medical Group N.V., Smith & Nephew, Zimmer Biomet, Stryker and DePuy Synthes are the major contenders in global trauma devices market.