Segmentation by Product Type (U Plate, and Anterior Plate Rib Fracture Repair Systems); and by End User (Hospitals, Ambulatory Surgical Centers, and Specialty Clinics) – Global Demand Analysis & Opportunity Outlook 2031
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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 is estimated to witness noteworthy growth over the forecast period on the back of the 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.
The global rib fracture repair systems market is further classified on the basis of region as follows:
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Our in-depth analysis of the global rib fracture repair systems market includes the following segments:
By Product Type
By End User
Growth Drivers
Challenges
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major factors driving market growth are rising developments in surgical technology, and increasing number of road accidents resulting in severe fatalities.
Ans: The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022-2031.
Ans: The major players in the market are Acumed, LLC, Zimmer Biomet, Johnson & Johnson Services, Inc., Jeil Medical Corporation, Waston Medical Co., Ltd., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, end user, and by region.
Ans: The hospitals segment is anticipated to hold largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
Ans: Long surgical procedure associated with rib fracture repair is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the rapidly growing population, which in turn is resulting in the increased number of rib casualties.
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