The global orthopedic trauma devices market is anticipated to grow at a strong CAGR of 7.2% between 2014 and 2020, according to a new research report published by Persistence Market Research. The main growth factors responsible for this robust growth rate are increasing incidents of orthopedic trauma, easier access to healthcare facilities, more consumer affluence to be able to spend more on orthopedic treatments, and the rising global geriatric population.
By composition of equipment, the two categories of metallic and bioabsorbable fixators are formed. The orthopedic trauma devices market is divided into two types of fixators: internal and external. Within the former category, the subcategories of intramedullary nails, intramedullary screws, and plate and screw systems are formed. Internal fixators are the more popular category of orthopedic trauma devices and are estimated to grow at a CAGR of 6.8% between 2014 and 2020. Within internal fixators, plate and screw systems are projected to grow at a strong CAGR of 7.1% in the same period.
By geographic distribution, the global orthopedic trauma devices market is segmented into North America, Europe, Asia, and Rest of the World. North America held the dominant share in the global orthopedic trauma devices market but Asia Pacific is expected to grow at the fastest growth rate. Both these regions owe their present and expected strong positions in the global orthopedic trauma device to:
Increasing Road Accidents: Thanks to the increasing global population and congestion of space particularly in urban areas is resulting in more frequent road accidents. In North America and Asia Pacific, containing large and populous countries such as the U.S., China, and India, road accidents are a common occurrence and are expected to stay on the up thanks to increasing vehicle sales in Asia Pacific.
High Healthcare Expenditure: The U.S. has one of the most widespread and advanced healthcare facilities networks in the world, and many countries in Asia Pacific such as China, Japan, and South Korea, are following suit. This will help the orthopedic trauma devices market thanks to the consumer being able to access a healthcare facility more easily than in other regions.
Affluence of Consumers: A complement to increasing healthcare infrastructure is the increasing spending power of the average consumer in many Asia Pacific countries. The U.S., one of the most affluent countries in the world, tops the charts due to its citizens being able to pay for advanced orthopedic treatments.
On the other hand, factors expected to restrain the growth of the orthopedic trauma devices market in Asia Pacific are:
Lack of Awareness: Since healthcare advances in the Asia Pacific region have occurred relatively recently, consumers lack sufficient knowledge to pursue orthopedic treatments. Growing healthcare infrastructure and technological advancement is expected to change this.
High Cost of Treatment: Despite their booming economies, many consumers in Asia Pacific countries such as China, India, and Indonesia can’t afford to carry advanced orthopedic trauma devices. Effects of continuing development of Asia Pacific economies will have to be sufficiently distributed among the masses for them to benefit from advanced orthopedic trauma devices.
Lack of Adequate Health Insurance Networks: Unlike the Western World, where government as well as private health insurance networks are strong and widespread, most consumers in Asia Pacific lack sufficient health insurance at present. This too is expected to be remedied over time.
Most major companies in the global orthopedic trauma devices market such as Johnson and Johnson Services, Inc., Wright Medical Technology, Inc., CONMED, and Medtronic, Inc., are increasingly aiming to expand their networks in Asia Pacific. This will aid the orthopedic trauma devices market in Asia Pacific to grow at a sturdy rate.