Several key factors are propelling this market's growth, including the increasing incidence of road accidents and a rise in bone degenerative disorders among the aging population. Conversely, the presence of alternative treatment options and the high costs associated with trauma extremity devices pose challenges to market expansion. Additionally, the growing adoption of non-metallic and bioabsorbable fixators is expected to introduce new trends in the trauma and extremities devices market in the near future.
Market Drivers and Opportunities in the Trauma and Extremities Devices Sector
The World Health Organization (WHO) reports that road traffic accidents claim approximately 1.19 million lives annually, with between 20 and 50 million individuals suffering from non-fatal injuries that disrupt their daily activities. In India, the Ministry of Road Transport and Highways (MORTH) and the National Crime Records Bureau (NCRB) provide statistics on road accidents based on police reports. In 2021, around 371,884 non-fatal road traffic injuries were documented, although this number may be understated. Consequently, the rising frequency of road traffic accidents leading to bone injuries significantly boosts the demand for trauma and extremities devices.
However, the market's growth is tempered by the availability of alternative treatment methods and the high price of trauma extremity devices.
Increasing Incidence of Bone Degenerative Disorders Among the Elderly
Older adults are particularly vulnerable to falls, and even minor accidents can result in fractures or broken bones due to the natural deterioration of muscles and bones with age. Conditions such as osteoporosis further heighten the risk of bone fractures in this demographic. Therefore, the increasing elderly population correlates with a rise in orthopedic injuries and disorders, driving the demand for trauma and extremities devices. According to the Osteoarthritis (OA) Action Alliance, 88% of individuals with OA are aged 45 or older, with 43% being 65 or older in the United States. This trend underscores the growing need for trauma and extremities devices as road traffic accidents continue to rise.
Funding for Trauma Treatment as a Market Opportunity
In July 2021, the Substance Abuse and Mental Health Services Administration allocated US$ 62.4 million in grant funding aimed at enhancing access to effective treatment and service systems across the United States. This funding is intended to assist children, adolescents, and families affected by traumatic events. Additionally, the White House announced further support through US$ 800,000 in funding from the American Rescue Plan (ARP). This increase in funding for trauma treatment is likely to create substantial opportunities within the trauma and extremities devices market.
Segmental Analysis of the Trauma and Extremities Devices Market
The trauma and extremities devices market analysis is segmented based on device type and end user:
- The market is categorized by device type into internal fixation devices, external fixation devices, craniofacial devices, long bone stimulation devices, and others. The internal fixation devices segment accounted for the largest market share in 2023.
- By end user, the market is divided into hospitals, clinics, and other facilities. The hospitals segment also held the largest market share in 2023.
Geographical Insights into the Trauma and Extremities Devices Market
The global trauma and extremities devices market report encompasses various regions, including North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). In 2023, North America held a significant share of the trauma and extremities devices market, followed by Europe, while the Asia Pacific region is projected to experience the highest CAGR during the forecast period. The growth in this region is attributed to the increasing incidence of aortic aneurysms and associated risk factors.
North America leads the trauma and extremities devices market. According to estimates from the Centers for Disease Control and Prevention, 21.2% of adults in the US, or approximately 53.2 million individuals, were diagnosed with arthritis between 2019 and 2021. The rising prevalence of bone degenerative disorders in this region has solidified North America's position as the market leader in 2022. The focus on developing advanced technological products and the presence of major global players further contribute to North America's dominance in the trauma and extremities devices market.
Recent Developments in the Trauma and Extremities Devices Market
The trauma and extremities devices market is assessed through a combination of qualitative and quantitative research, including significant corporate publications, association data, and databases. Here are some notable developments and strategies in the trauma and extremities devices market:
- Stryker introduced its Gamma4 Hip Fracture Nailing System across various European markets. This latest Gamma system is designed to provide surgeons with an advanced intramedullary nailing solution specifically for treating hip and femur fractures, aiming to enhance procedural workflows. The system received CE certification in Europe in September 2023.
- DePuy Synthes, the Orthopaedics division of Johnson & Johnson, launched the UNIUM System, the latest addition to its Power Tools portfolio. This system emphasizes ergonomics, reliability, and efficiency in trauma settings and is applicable across small bone, sports medicine, spine, and thorax procedures.
This comprehensive overview highlights the growth potential and evolving landscape of the trauma and extremities devices market.