Orthopedic Trauma Device Market Forecast: Key Drivers and Challenges (2024-2034)
The Global Orthopedic Trauma Device Industry is on a remarkable growth trajectory, with a projected Compound Annual Growth Rate (CAGR) of 7.1% from 2023 to 2033. According to the latest report by Future Market Insights titled “Orthopedic Trauma Devices Market: Global Industry Analysis 2013 – 2021 and Opportunity Assessment, 2022 – 2028,” the market value is set to surge from $10.7 billion in 2023 to $21.2 billion or more by 2033.
This substantial expansion in the orthopedic trauma device market is primarily attributed to the rising incidence of fractures resulting from road accidents and sports-related injuries. The market is expected to achieve a promising CAGR of 6.8% over the next decade. By the close of 2028, the orthopedic trauma devices market is estimated to surpass global revenues exceeding $14 billion.
Local players within regional markets continue to wield significant influence, as highlighted by the report. The orthopedic trauma device market’s growth is fueled by advancements in medical technology, an aging population, and increasing awareness regarding orthopedic healthcare.
A bright future for the market is foreseen, with the advent of 3D printing technology offering a multitude of growth opportunities, particularly in the realm of 3D-printed orthopedic implants. Furthermore, the rising trend of reverse shoulder arthroplasty is set to create significant prospects. The emergence of digital orthopedics will continue to be a driving force behind market growth up to 2028, as stated by a research analyst at Future Market Insights.
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Based on the regional analysis, the global orthopedic trauma devices industry will continue to witness dominance in North America, which currently accounts for a major portion of the total revenues. With around 48% value share observed in 2021, North America’s orthopedic trauma devices industry is estimated to attain a value of over US$ 6 Bn 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. 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 CAGR value over 2022-2028. The 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, the tier 1 companies, followed by the tier 3 players, contribute most of the revenue. Tier 1 includes DePuy Synthes Inc., Stryker Corporation, Zimmer Biomet Holdings Inc., and Smith & Nephew Plc., which collectively represent nearly 70% 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 industry include Johnson & Johnson Services, Inc., Wright Medical Group NV, 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.
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Key Companies Profiled:
Medtronic, Inc.
Invibio Ltd.
OsteoMed
Weigao Group Co Ltd.
Arthrex, Inc.
Johnson & Johnson Company
CONMED, Tornier, Inc.
Stryker Corporation
Zimmer Holding Inc.
NuVasive
Medartis
Olympus Corporation
Key Segments Covered in Orthopedic Trauma Devices Industry Research
Orthopedic Trauma Devices Market by Product Type:
Internal Fixators
Screws
Intramedullary Nails
Plates
Others (Wires, Pins, Staples)
External Fixators
Unilateral Fixators
Circular Fixators
Hybrid Fixators
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Orthopedic Trauma Devices Market by Product Type by End User:
Hospitals
Orthopedic and Trauma Centers
Ambulatory Surgical Centers
Orthopedic Trauma Devices Market by Region:
North America Orthopedic Trauma Devices Market
Latin America Orthopedic Trauma Devices Market
Europe Orthopedic Trauma Devices Market
East Asia Orthopedic Trauma Devices Market
South Asia & Pacific Orthopedic Trauma Devices Market
Middle East & Africa (MEA) Orthopedic Trauma Devices Market
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