Rib Fracture Repair Systems Market size was valued at USD 277.2 million in 2023 and is poised to cross USD 509.91 million by 2036, registering more than 4.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of rib fracture repair systems is estimated at USD 287.84 million. The growth of the market can be attributed to the rising developments in surgical technology, and increasing number of road accidents resulting in severe fatalities. According to the World Health Organization (WHO), as of June 2021, about 1.3 million people died every year as a result of road traffic crashes. These accidents had cost most countries 3% of their gross domestic product.
Along with these, emergence of home therapies for rib fracture management, such as fast relief ointments and sprays, is also expected to drive market growth in the forthcoming years. Furthermore, ongoing development of biodegradable rib fracture systems, and upsurge in geriatric population, being more prone to injuries, are projected to offer abundant growth opportunities to the market in the near future.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
4.8% |
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Base Year Market Size (2023) |
USD 277.2 million |
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Forecast Year Market Size (2036) |
USD 509.91 million |
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Regional Scope |
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The market is segmented by end user into hospitals, ambulatory surgical centers, and specialty clinics, out of which, the hospitals segment is anticipated to hold the largest share in the global rib fracture repair systems market. This can be accounted to the high availability of these systems in this healthcare facility, and preference of patients to get surgical operations performed in a hospital. Additionally, on the basis of product type, the u plate rib fracture repair systems segment is predicted to occupy the largest share during the forecast period owing to the fewer number of screws needed to provide anchor to the bone in this type of rib repair system. Apart from this, u-clip design reduces the degree of dissection needed on the rib, which is also assessed to boost the growth of the market segment in the coming years.
Our in-depth analysis of the global market includes the following segments:
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Product |
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End-User |
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Regionally, the global rib fracture repair systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific industry is set to hold largest revenue share by 2036, owing to rapidly growing population, which in turn is resulting in the increased number of rib casualties. As per the World Bank, the population of South Asia reached a value of 1.857 billion in 2020, up from 1.836 billion in 2019 and 1.814 billion in 2018 respectively.
Moreover, the market in North America is expected to acquire the largest share during the forecast period, which can be credited to the rising demand for rib fracture repair systems to treat sports related injuries and trauma cases. In addition, increasing number of casualties from motor accidents is also projected to fuel the market growth in the region in the coming years.
June 2021- Johnson & Johnson Medical Devices Companies announced that DePuy Synthes launched 2.7 mm variable angle locking compression plate clavicle system, which is designed for the treatment of lateral, shaft and medial fractures for small, medium and large clavicles.
March 2020- Acumed LLC announced that Acute Innovations, a manufacturer of thoracic products, would now be associated with the former and would contribute to its portfolio of orthopedic solutions.
Author Credits: Radhika Pawar
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