Global Rib Fracture Repair Systems Market Highlights Over 2022 - 2031
The global rib fracture repair systems market is estimated to garner a substantial revenue by growing at a notable CAGR over the forecast period, i.e., 2022 – 2031. 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.
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. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Rib Fracture Repair Systems Market Regional Synopsis
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:
Our in-depth analysis of the global rib fracture repair systems market includes the following segments:
By Product Type
By End User
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are rising developments in surgical technology, and increasing number of road accidents resulting in severe fatalities.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022-2031.
The major players in the market are Acumed, LLC, Zimmer Biomet, Johnson & Johnson Services, Inc., Jeil Medical Corporation, Waston Medical Co., Ltd., and others.
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.
The market is segmented by product type, end user, and by region.
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.
Long surgical procedure associated with rib fracture repair is estimated to hamper the market growth.
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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