Orthopedic Trauma Devices Market Expected to Account for $14 Billion by 2028
Market predicted to expand 6.8 percent annually over the next decade.
Primarily driven by increasing instances of fractures due to road accidents and sports related injuries, the global market for orthopedic trauma devices is anticipated to expand 6.8 percent annually over the next decade. By the end of 2028, the orthopedic trauma devices market is estimated to attain the global revenues beyond $14 billion. As per the research presented in a recently published report by Future Market Insights, titled “Orthopedic Trauma Devices Market: Global Industry Analysis 2013–2017 and Opportunity Assessment, 2018–2028,” the market will also continue to be driven by impactful presence of some of the local players within respective regional markets.
“While the advent of 3D printing technology is likely to present the market a heap of new growth opportunities in 3D printed orthopedic implants, another significant opportunities lies in the popularly trending reverse shoulder arthroplasty. The rise of digital orthopedics will continue to fuel market growth through to 2028,” states a research analyst at Future Market Insights.
Based on the regional analysis, the global orthopedic trauma devices market will continue to witness dominance of North America, which currently accounts for a major portion of the total revenues. With around 48percent value share observed in 2017, North America’s orthopedic trauma devices market is estimated to attain a value in excess of $6 billion by the end of 2028. Western Europe is also identified to be a key market, holding the second largest position in terms of value. Manufacturers will however discover attractive opportunities in developing economies, including Asia Pacific, Latin America, and Middle East and Africa (MEA). Among the emerging regional markets, Asia Pacific excluding China and Japan (APECJ) is likely to emerge at a relatively higher pace, followed by MEA. China is expected to be the most lucrative market owing to the highest estimated annual value over 2018-2028. Strong presence of key companies will reportedly uplift the markets in North America and China.
A majority of the key companies operating in the global orthopedic trauma market are opting for strategic mergers and acquisitions, in addition to new product launches. According to the report, most of the revenue is contributed by the tier 1 companies, followed by the tier 3 players. The tier 1 includes DePuy Synthes Inc., Stryker Corporation, Zimmer Biomet Holdings Inc., and Smith & Nephew plc., which collectively represent nearly 70 percent share of the total market revenues. Among these, DePuy and Stryker will continue to remain the top players worldwide over the next decade. Tier 3 accounts for a relatively decent revenue share and includes brands such as Arthrex Inc., RTISurgical, Medartis, Integra LifeSciences Corporation, Japan MDM, S. H. Pitkar Orthotools Pvt. Ltd., Weigao Group Co Ltd., and Invibio Ltd.
Others operating in the global orthopedic trauma devices market include Johnson & Johnson Services Inc., Wright Medical Group N.V., B. Braun Melsungen AG, Orthofix International, and OsteoMed. Growing outpatient surgical procedure demand and boosting funds for delivery of the top-notch trauma care are foreseen to collectively create a lucrative pool of opportunities for the leading bunch of companies in the global marketplace. The market is also witnessing the development of novel and effective products for use in trauma care, which stands to be another important opportunity.
Future Market Insights (FMI) is a market intelligence and consulting firm. The company delivers syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
Source: Orthopedic Design & Technology