The global orthopedic trauma market is poised for rapid growth in the near future, according to a report by Persistence Market Research.
Here are 10 trends in the market:
1. The market was valued at $5.7 billion in 2013.
2. It is expected to grow at a compound annual growth rate of 7.2 percent from 2014 to 2020.
3. It is expected to reach an estimated value of $9.4 billion in 2020.
4. The market is seeing significant growth due to an increase in incidences of fracture cases and the raising number of participants in sports.
5. However, factors such as double surgery and absence of health insurance in developing countries are some of the major restrains faced by the market.
6. North America holds the largest share of the market, but the Asia region is witnessing the fastest growth.
7. Internal fixators are the largest market segment and it is expected to grow at a compound annual growth rate of about 6.8 percent from 2014 to 2020.
8. The bioabsorbable fixation devices market is also witnessing significant growth.
9. DePuy Synthes is a leading player in the global market for orthopedic trauma fixation devices, with a market share of about 47.3 percent in 2013.
10. Some other key players in the market are Stryker, Zimmer and Smith & Nephew.