Trauma Fixation Devices Market size was valued at USD 8.93 billion in 2023 and is anticipated to reach USD 26.1 billion by the end of 2036, expanding at around 8.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of trauma fixation devices is assessed at USD 9.54 billion.
The increasing prevalence of orthopaedic diseases such as osteoporosis and rheumatoid arthritis, along with the rising geriatric population, are expected to fuel the market's progress. The growth of the market can also be attributed to factors such as increasing road accidents, sports-related injury, and contributing to the trauma fixation devices market. According to the data collected from International Osteoporosis Foundation, globally, osteoporosis causes more than 8.9 million fractures annually.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024–2036 |
|
CAGR |
8.6% |
|
Base Year Market Size (2023) |
USD 8.93 billion |
|
Forecast Year Market Size (2036) |
USD 26.1 billion |
|
Regional Scope |
|
The trauma fixation devices market is segmented on product into external fixators, internal fixators, and others, out of which the external fixator segment is anticipated to grab the most significant share by the end of 2021 on account of the rising incidence of bone-related injuries that needs alignment and support for appropriate fixation and increasing technological advancements in such devices. Moreover, internal fixators are widely used due to their cost-effectiveness and anatomical compatibility, thereby boosting product demand and overall industry growth.
Based on end-user, the hospital segment in the market is projected to grow with a significant CAGR over the forecast period. The growth of the component can be attributed to the growing incidence of injuries related to sports, a hike in the number of road accidents, and serving a more extensive customer base due to hospitals' expanded presence have augmented segmental growth.
Our in-depth analysis of the global market includes the following segments:
|
By Product |
|
|
By Application |
|
Geographically, the trauma fixation devices market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The Asia Pacific industry is expected to dominate majority revenue share by 2036, due to a rising geriatric population base prone to physical injury and other degenerative orthopaedic diseases, especially in countries like Japan. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to leading healthcare service providers in the region. Additionally, the rising prevalence of orthopaedic diseases, including osteoporosis and rheumatoid arthritis, also contributes to North America's growth. As per the National osteoporosis foundation, approximately 44 million Americans have low bone density, and around 10 million Americans have osteoporosis, thereby increasing regional growth.
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?