New York, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Trauma Fixation Devices And Equipment Global Market Report 2023" - https://www.reportlinker.com/p06277136/?utm_source=GNW
, Depuy Synthes (J&J), and Medtronic PLC.
The global trauma fixation devices and equipment market will grow from $8.44 billion in 2022 to $8.99 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The trauma fixation devices and equipment market is expected to grow from $10.95 billion in 2027 at CAGR of 5.1%.
The trauma fixation devices and equipment market consist of sales of internal fixation devices (plates and screws, intramedullary nails, compression hip screws, and cannulated screws) and external fixation devices (unilateral fixation, circular fixation, and hybrid fixation devices) that are used for trauma fixation.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Trauma fixation devices and equipment are used for providing support for aligning, stabilising and immobilisation of fractured bones.
North America was the largest region in the trauma fixation devices and equipment market in 2022.Western Europe was the second largest region in the trauma fixation devices and equipment market.
The regions covered in the trauma fixation devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of trauma fixation devices and equipment are internal fixation devices, and external fixation devices.An internal fixation device is used for keeping fractured bones stabilized and in alignment.
The device is inserted surgically to ensure that the bones remain in an optimal position during and after the healing process.The product types are metal plates and screws, pins/wires, nails and rods, circular fixators, hybrid fixators, and unilateral fixators.
The various end-users involved are hospitals, trauma centres, and ambulatory surgical centres.
The trauma fixation devices and equipment market is driven by the increasing number of road accidents and sports injuries. According to WHO, approximately 1.35 million people die every year due to road traffic accidents. Also, around 20 to 50 million people suffer non-fatal injuries resulting in a disability. According to the National Safety Council (NSC), exercise and the use of exercise equipment led to the most injuries (526,000). Basketball players reported 500,000 injuries, whereas bicycling sports specialists accounted for 457,000 injuries and 341,000 injuries were recorded for football players. The rapid rise in road accidents and sports injuries is expected to drive the trauma fixation devices and equipment market during the forecast period.
Increasing product recalls is one of the restraints for the trauma fixation treatment devices and equipment market.Product recall is a process of retrieving all defective products that have been sold or are available in the market.
When a company recalls a product from the market, the company bears the cost of fixing the defective product and the cost of replacement.This replacement cost of a large number of products can go up to multi-million dollars, restraining the growth of the company and for the whole market as well.
For example, in July 2021, Medtronic recalled pipeline flex embolization devices for the reasons of risk of delivery system fractures during placement, retrieval, or movement of device.
The undertaking of strategic partnership and collaboration is the recent trend being followed by companies in trauma fixation devices.This is due to the presence of a large number of vendors in the market, to maintain the market share in the competitive market and to enter into new geographies, companies are making strategic partnerships with companies and Research Institutes.
For example, in July 2021, Zimmer Biomet, a US-based medical device company announced a partnership with OSSIS for an undisclosed amount. This partnership allows Zimmer Biomet to provide an extensive network of orthopaedic surgeons with the option of patient-specific implants which are crafted with a combination of clinical and engineering expertise.
The stringent regulations and validations coupled with lengthy approval time by the US-FDA are restricting the trauma fixation devices and equipment.The US 510(k) regulatory process mandates that the manufacturers should prove that a device is substantially equivalent to a standard/earlier approved device before approval.
The trauma fixation devices need a much longer time to prove safety and efficacy as these devices need to be checked for innovative areas such as materials research and biodegradation.The changes in validation testing have also made the device approval or QC process quite strenuous.
In October 2021, MDCG 2021-24, there is a classification of medical devices. The classification of medical devices in use by the EU medical device legislation is a risk-based system taking into account the vulnerability of the human body and the potential risks associated with the devices.
The countries covered in the trauma fixation devices and equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The trauma fixation devices and equipment market research report is one of a series of new reports that provides trauma fixation devices and equipment market statistics, including trauma fixation devices and equipment industry global market size, regional shares, competitors with a trauma fixation devices and equipment market share, detailed trauma fixation devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the trauma fixation devices and equipment industry. This trauma fixation devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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