Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
The market of trauma fixation devices and equipment is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. 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 market. According to the data collected from International Osteoporosis Foundation, globally, osteoporosis causes more than 8.9 million fractures annually.
The 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 global trauma fixation devices and equipment 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.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The Asia Pacific market is predicted to grow at the highest CAGR over the forecast period 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.
The global trauma fixation devices and equipment market is further classified on the basis of region as follows:
Our in-depth analysis of the global trauma fixation devices and equipment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing burden of bone degenerative diseases and increasing number of road accidents are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Lack of trained professionals are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing geriatric population and increasing prevalence of orthopaedic diseases and injuries.
The major players dominating the trauma fixation devices and equipment market are Smith & Nephew, Stryker Corporation, Zimmer Biomet Holdings Inc., Acumed LLC, Bioretec Ltd. among others.
The company profiles are selected on the basis of 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, end-user and region.
With respect to application, the hospitals segment is anticipated to hold the largest market share owing to the growing preference among individuals for treatment of trauma fixation related to road accidents, sport-related injury and others.
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