New York, USA, June 13, 2023 (GLOBE NEWSWIRE) -- Fracture Fixation Products Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Fracture Fixation Products Market Information By Product Type, Application, End User, Region and Forecast Till 2032,” the market size is projected to grow from USD 9.5 Billion in 2023 to USD 15.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.30% during the forecast period (2023 - 2032).
Drivers
Growing Demand for Minimally Invasive Surgeries to Boost Market Growth
The use of minimally invasive methods for fracture fixation has grown significantly in recent years. Smaller incisions, less tissue damage, lesser hospital stays, & quicker recovery times are just a few benefits of these operations. The need for fracture fixation goods, including specialized equipment and implants, is driven by the rising popularity of minimally invasive operations.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 15.4 Billion |
| CAGR | 6.30% |
| Base Year | 2021 |
| Forecast Period | 2023-2032 |
| Historical Data | 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing incidence of fractures associated with osteoporosis and arthritis |
| Rising number of product launches and approvals |
Fracture Fixation Products Market Competitive Outlook
Eminent industry players profiled in the global fracture fixation products market report include.
- Stryker Corporation
- Zimmer Biomet Holdings
- Sonoma Orthopedic Products, Inc.
- Néosteo SAS
- Smith & Nephew
- Johnson and Johnson Services Inc.
- Synthes Inc.
- Tronier Inc.
- Arthrex Inc.
- Biomet, Inc.
Opportunities
Developing Healthcare Infrastructure to offer Robust Opportunities
The market for fracture fixation solutions is expanding for the expanding healthcare infrastructure in the emerging economies & rising healthcare spending in both developing and developed nations. The need for fracture treatments is increased by increased patient access to healthcare facilities & infrastructural improvements.
Restraints and Challenges
High Surgery Cost to act as Market Restraint
The high surgery cost, inflammatory and immunological reaction, and lack of reimbursement may act as market restraints over the forecast period.
Fracture Fixation Products Market Segmentation
The global fracture fixation products market is bifurcated based on product type, application, and end user.
By product type, internal fixation product will lead the market over the forecast period. Internal fixation devices, like screws, bone plates, & rods, must be implanted by a surgeon to repair a shattered bone. They are used to treat and stabilize significant fractures by immobilizing the fracture site, sealing the gap between shattered bones, and accelerating the main bone healing process via callus growth.
By application, bio-absorbable fixators will domineer the market over the forecast period for frequent occurrence of fractures. Medical implants used to stabilize & fixate bone fractures/orthopedic injuries are referred to as bioabsorbable fixators, bioabsorbable implants, or bioabsorbable devices. Bioabsorbable fixators are intended to progressively deteriorate and be absorbed through the body over time, in contrast to conventional metallic implants, which are often constructed of stainless steel or titanium.
By end user, hospitals and clinics will spearhead the market in the assessment period for the increase in unintentional incidents across the globe. In hospitals and clinics, fracture fixation products are essential for the treatment of fractures. These items are made to stabilize broken bones, encourage healthy healing, and bring back the damaged limb or joint's functioning.
COVID-19 Analysis
Many hospitals & healthcare facilities were compelled to give COVID-19 patients priority when the pandemic first started which resulted in cancellation or postponement of elective operations, including treatments for fracture fixation. As a result, the market for fracture fixation devices drastically decreased. Due to travel restrictions, lockdowns and factory shutdowns, the pandemic created disruptions in worldwide supply networks. It was difficult for many fracture fixation device makers to find raw materials, parts, and packaging materials. These hiccups caused delays and shortages in the supplies, which further affected the market. Patient visits to the hospitals and clinics decreased as a result of limitations on non-essential travel and the fear of getting a virus. Many persons with non-severe fractures chose conservative therapies or put off getting treatment. The demand for the fracture fixation products was impacted by this drop in patient volume.
There was a change in surgical priority since the epidemic put a heavy pressure on healthcare systems. Orthopedic surgeons shifted their attention away from non-urgent fracture fixes and towards urgent situations and life-threatening disorders. The market for the fracture fixation products was influenced by this change. Due to limitations on non-essential research activities, several businesses interested in creating novel fracture repair devices had to postpone or stop their clinical studies. The potential for market expansion was hampered by the delay in the new product development & regulatory clearances. Healthcare systems began to resume elective operations and non-urgent procedures as the COVID-19 situation slowly improved in several places. Although the rate of recovery may fluctuate among nations and areas, the market for fracture fixation devices has started to improve.
Browse In-depth Market Research Report (128 Pages) on Fracture Fixation Products: https://www.marketresearchfuture.com/reports/fracture-fixation-products-market-11733
Fracture Fixation Products Market Regional Insights
North America to Remain Forerunner in the market of Fracture Fixation Products
Due to the availability of highly skilled professionals, the presence of a well-established & well-equipped healthcare infrastructure, & the accessibility of wide healthcare insurance coverage, the North American Fracture Fixation Products Market held a 45.80% share of the global market in 2022. The availability of universities and organizations that provide teaching programs on fractures & potential therapies is also helping the sector expand in North America. In addition, the North American region's Fracture Fixation Product market in the United States had the biggest market share, while the market in Canada had the quickest rate of expansion.
With a huge patient base, a high occurrence of fractures, an advanced healthcare system, and a strong emphasis on medical technology improvements, North America is one amid the prominent markets for the fracture fixation devices. Several well-known medical device businesses, as well as a large number of smaller manufacturers and suppliers, dominate the industry. Technology developments like the creation of biodegradable implants & enhanced imaging methods are also predicted to fuel market expansion.
APAC to Have Admirable Growth in Fracture Fixation Products Market
From 2023 to 2032, the market for fracture fixation products in Asia-Pacific is anticipated to grow at the quickest rate. The primary factors driving the fracture fixation products market's explosive growth in the area are increased healthcare expenditure, improved healthcare infrastructure, a large patient pool, & a surge in the prevalence of illnesses associated to lifestyle. Additionally, the Asia-Pacific region's Fracture Fixation Product market in China had the greatest market share while the market in India had the quickest rate of growth.
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