The global orthopedic trauma market has a huge opportunity for growth, with the biggest being among external fixator devices, according to a Persistence Market Research report.
Here are 10 key concepts from the report:
1. The orthopedic trauma fixation devices market was $5.7 billion in 2013 and is expected to grow at a compound annual growth rate of 7.2 percent this year through 2020, according to the report. In 2020, the market is estimated to reach $9.4 billion.
2. Significant growth in the trauma fixation devices market is due to increased fracture cases and the demand for better orthopedic trauma surgery facilities, which sets up a positive growth rate.
3. The increased number of people participating in sports and the aging population are additional factors in the higher demand for orthopedic trauma fixation devices.
4. Government and multinational companies around the world are increasing investments in the orthopedic trauma fixation industry, expecting significant growth to continue in the future.
5. But, the outlook isn't completely rosy. Factors like double surgery and lack of health insurance in developing countries could put a damper on market growth. High costs associated with orthopedic trauma surgery and lack of awareness also hamper the market.
6. North America has the largest market for orthopedic trauma fixation devices while Asia has the fastest growth potential. Countries such as China, Japan and India lead the way in growth potential.
7. The internal fixator has the largest market in the orthopedic trauma fixation device market and will likely grow at a CAGR of 6.8 percent through 2020.
8. Plate and screw systems also show high growth; they are the most-used internal fixators for fixing a traumatized fracture. The plate and screw systems market is expected to grow at a CAGR of around 7.1 percent through 2020.
9. The bioabsorbable fixation devices market is currently undergoing growth of around 8.4 percent, expected through 2020.
10. DePuy Synthes is the leading player in the global orthopedic trauma fixation devices market with around 47.2 percent market share last year. Other large companies in the orthopedic trauma fixation device market include Stryker, Zimmer, Smith & Nephew and Orthofix.