Trauma Fixation Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The Trauma Fixation Devices Market is expected to register a CAGR of nearly 6.5% during the forecast period.
Due to the outbreak of COVID-19, the overall trauma fixation devices market experienced a significant impact in terms of demand. As per the study titled, ''Fracture management during COVID-19 pandemic: A systematic review'', published in July 2020, the COVID-19 has drastically reduced the burden of fracture patients worldwide. Thus, a negative impact is expected on the market studied due to the outbreak of COVID-19.
The trauma fixation devices market is expected to be primarily driven by increasing demand for trauma fixation devices in hospital departments, as well as outpatient surgery. According to the World Health Organization, 2020, more than 1.35 million people die every year due to road traffic crashes and accidents. Road traffic injuries are one of the leading causes of mortality, especially among people aged between 15 and 29 years.
Furthermore, as per the data of the Organization for Economic Co-operation and Development, in 2019, about 51.9 per 100,000 individuals met with an road traffic accidents in Canada and around 52.6 per 100,000 individuals met with an road traffic accidents in Italy. Hence, these above-stated statistics show that the increasing number of road injuries and accidents is affecting the global population, which is ultimately increasing the demand for trauma fixation devices in healthcare facilities.
In addition. the demand for trauma fixation devices is also growing due to the presence of technologically advanced products such as bioresorbable implants and nano-coated devices. In June 2020, Depuy Synthes, a subsidiary of Johnson & Johnson, launched Dynacord Suture in several European markets. The product is intended to be used in procedures, such as soft tissue approximation, in rotator cuff repairs.
Some of the other factors that are contributing in the market growth are rising geriatric population, growing burden of bone degenerative diseases, and increasing incidences of sports injuries worldwide.
Circular Fixators Segment is Expected to Hold a Major Share in the Trauma Fixation Devices Market
The circular fixator segment is expected to hold a major share in the Trauma Fixation Devices market. As per a 2020 study by Umut Oguzoglu, from IZA Institute of Labor Economics, in Turkey, in March and April 2020, traffic accidents with death or injury declined approximately by 20% and 60% respectively, compared to the same months last year. The decline in accidents with material loss is 13% and 46%. This resulted in a decline in reported injuries by 13% and 75%. Hence, this decline in traffic crashes will ultimately decline the demand for circular fixators as well.
The classic circular frame is an Ilizarov external fixator that has now been integrated with the newer Taylor Spatial Frame. The basic components of this frame are rings, connecting rods, and struts. There are different types of Ilizarov rings that include full (closed) rings, partial (open) rings, and arches. A recent study by Koji Nozaka et al., published in BMC Musculoskeletal Disorders 2020, showed that circular external fixation is a safe and reliable method for periprosthetic fractures around the knee in elderly patients.
Furthermore, the introduction of new products by the companies in order to putforth it's strong presence in the market is expected to accelerate the market growth. For instance, in February 2020, AMDT Holdings Inc. announced to launch SixFix Circular Fixation System. It is a platform that addresses extremity applications in case of trauma, foot and ankle, and deformity correction for both adults and pediatrics. Such advancements are further expected boost the market studied in this segment.
North America is expected to Dominate the Trauma Fixation Devices Market, Over the Forecast Period
North America Trauma Fixation Devices is expected to witness a surge in the future. With the emergence of COVID-19, the demand for trauma fixation devices experienced a decline in the year 2020. This is mainly due to the decline in a load of fracture cases and delayed orthopedic surgeries. But with the activities resumed now, the market is expected to boost in the coming years. In May 2020, Syosset Hospital, United States resumed performing elective surgeries including that related to orthopedic and trauma.
The primary factors responsible for the market growth are the increasing number of geriatric patients, the rising burden of osteoporosis and other bone diseases, increasing incidents of burn cases. According to JAMA (The Journal of the American Medical Association), by 2020, approximately 12.3 million individuals in the United States older than 50 years are expected to have osteoporosis, which is expected to drive the market growth, over the forecast period.
Furthermore, according to the Centers for Disease Control and Prevention in May 2020, unintentional injury accounted for 169,936 deaths each year and unintentional injuries accounted for 39.5 million physician visits and 29.4 million emergency department visits in the United States. Thus, the aforementioned factors are expected to thrive the market growth in this region.
However, as per a study published in Journal of Orthopaedic Trauma, 2020, there has been a steady decrease in the Medicare reimburses for orthopedic trauma surgery from 2000 to 2020. Such instances are expected to obstruct the market growth.
The Trauma Fixation Devices Market is moderately fragmented. Some of the major players in the Trauma Fixation Devices Market includes - Medtronic PLC, Cardinal Health Inc., Stryker Corporation, Smith & Nephew, Johnson & Johnson, Zimmer Biomet, Integra Lifesciences Holdings Corporation, Conmed Corporation, B. Braun Melsungen AG, and Arthrex, Inc., among others.