Global Trauma Products Market Gaining Impetus: Flourishing at a CAGR of 9.1% by 2027
Published | 30 June 2021
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global trauma products market was worth USD 5.3 billion in the year 2020 and it is estimated to grow at the CAGR of 9.1%, earning revenue of around USD 9.6 billion by the end of 2027. Several factors like the rising prevalence of orthopedic diseases or injuries, along with the rising geriatric population are contributing significantly to the growth of the trauma products market.
Rising Geriatric Population Driving the Market Growth
The average life expectancy of people all around the world is increasing as the medical industry progresses. This means the number of people in the geriatric population is increasing worldwide. The geriatric population is defined as those above the age of 65. The rising geriatric population is one of the leading factors propelling the demand for trauma products. Orthopedic diseases like degenerative disc and bone diseases, such as osteoporosis, etc. are very common in this demographic, due to which the trauma product market is thriving.
Alarming Surge in Road Accidents Drives the Demand for Trauma Products
Despite the fact that many countries throughout the world have strict traffic laws, the number of road accidents is relatively high and increasing at a surprisingly alarming rate across the globe. As a result, the demand for trauma products for the treatment of injuries and wounds incurred through road accidents is growing by leaps and bounds. In addition, the expanding product ranges that companies are offering for a variety of therapeutic needs is driving the market growth of trauma products.
Upper Extremities Segment will lead the Market in the Forecast Period
Based on the surgical site, the market is segmented into upper extremities and lower extremities. The lower extremities segment held the largest market share in 2020. However, it is estimated that the upper extremities segment will witness a sharp rise during the forecast period. The upper extremities cover the upper parts of the body like the hand, wrist, shoulder, arms, and elbow. This is mainly due to the rising physical and sports activities as people are getting more aware of maintaining their physical as well as mental health.
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Global Trauma Products Market - Regional Insights
Geographically, the global trauma products market is segmented into North America, Europe, Asia-Pacific, Latin America (LATAM), and Middle-East & Africa (MEA). Among all the regions, North America dominates the global trauma products market. The Asia-Pacific region, on the other hand, is expected to grow at a faster rate throughout the forecast period, with nations such as India and China dominating the market for developing economies. The booming healthcare infrastructure, combined with an alarming increase in traffic accident cases, has been a significant factor in the growth of trauma products in this region.
Impact of Covid-19 on the Global Trauma Products Market
The Covid-19 pandemic situation has had a negative impact on the global trauma products market. The major causes for the use of these trauma products are road accidents and sports activities. However, because the countries imposed a lockdown, all athletic activities were halted and individuals were compelled to stay at home, thereby significantly reducing the number of traffic accidents. As a result, the demand for trauma products also reduced. Furthermore, all the elective and non-elective surgeries were postponed as the entire healthcare system was focused on treating the Covid-19 affected patients, which also affected the trauma products market globally.
The leading market players in the global trauma products market are Smith & Nephew, Stryker, Depuy Synthes, Cardinal Health, Acumed, Advanced Orthopaedic Solutions, Wright Medical Group N.V., Bioretec Ltd., Integra Lifesciences, Zimmer Biomet, Traumédica, Citieffe S.R.L., Arthrex, Inc., Osteomed, Response Ortho, Conmed Corporation, B. Braun Melsungen Ag, Double Medical Technology Inc., Ortosintese, and other prominent players. To extend their product portfolio, the companies are investing massive sums of money in research and development. Furthermore, in this industry, competitive techniques such as mergers, collaborations, and acquisitions are highly popular.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global trauma products market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global trauma products market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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