The internal trauma fixation device market is set to grow to $12.7 billion by 2027, with Asia-Pacific showing the highest CAGR of 5.7%.
Increase in incidence of orthopedic diseases, rise in number of road accidents and injuries, and enhanced healthcare facilities in developing countries fuel the growth of the global internal trauma fixation device market. However, scarcity of skilled professionals and high costs related to implants hinder the market growth. On the other hand, untapped potential from the developing countries presents new opportunities in the coming years.
The global internal trauma fixation device market size was valued at $8,800.00 million in 2019, and is projected to reach $12,727.54 million by 2027, growing at a CAGR of 4.9% from 2020 to 2027.
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Demand for self-monitoring blood glucose devices is on the rise, owing to increase in geriatric population and rise in orthopedic diseases associated with aging. Furthermore, improving healthcare facilities in emerging countries is another factor that fuels growth of the market.
Based on end user, the hospitals segment accounted for the highest share in 2019, contributing to nearly half of the global internal trauma fixation device market, and is expected to maintain its dominance in terms of revenue during the forecast period. However, the orthopedic surgical centers segment is expected to grow at the fastest CAGR of 5.6% from 2020 to 2027.
North America to maintain its lead in terms of revenue by 2027
Based on region, North America held the highest market share of the global internal trauma fixation device market in 2019, contributing to more than two-fifths of the total share, and will maintain its lead in terms of revenue by 2027. This is due to favorable reimbursement policies in the healthcare system, rise in number of accident cases, and ease in accessibility to advanced devices in the region. However, Asia-Pacific is estimated to witness the largest CAGR of 5.7% during the forecast period, owing to rise in awareness regarding advanced internal trauma fixation devices, increase in healthcare expenditure, and technological advancements.
The closure devices segment to continue its lead position throughout the forecast period
Based on product, the closure devices segment accounted for the highest share in 2019, holding nearly three-fourth of the total share of the global internal trauma fixation device market, and will maintain its lead position throughout the forecast period. Moreover, this segment is expected to grow at the highest CAGR of 5.2% from 2020 to 2027. This is due to focus of major industry players on development of innovative devices and implementing new strategies. The report provides a detailed analysis of the bone cement segment.
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The article discusses the growth of the internal trauma fixation device market from 2020 to 2027.
Increase in orthopedic diseases, road accidents, and improved healthcare facilities are key drivers.
Asia-Pacific is expected to exhibit the highest CAGR of 5.7% during the forecast period.
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