Trauma Products Market Recent Scope, Growing Popularity, Several Health Benefits and Emerging Trends in the Market
Trauma Products Market Overview:
The Trauma Products Market is expected to reach USD 7.6 billion by 2025 from USD 5.0 billion in 2020, at a CAGR of 8.3% during the forecast period of 2020 to 2025. The growth in this market is driven by the rising prevalence of degenerative bone diseases, increasing incidence of sports injuries, and the growing number of road accidents and falls. However, Metal sensitivity in patients with trauma implants has hampered market growth to an extent.
In this report, the trauma products market is segmented on the basis of type, surgical site, end user, and region.
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COVID-19 Impact on the Global Trauma products Market
The COVID-19 outbreak in Wuhan, China, led to the rapid establishment of several hospitals for treating the increasing number of patients. This has been mirrored in other countries as well—Italy and the US. The COVID-19 outbreak will have a negative impact on the trauma products market from 2020 to 2021. Wound care and planned surgeries are being denied to a number of patients, as medical providers are restricted from performing elective or non-essential surgeries in an attempt to preserve resources for treating COVID-19 patients, causing a drop in demand for trauma products such as internal fixators. However, after this pandemic, these denied cases will be addressed, thereby increasing the demand for trauma products.
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North America was the largest regional market for bioanalytical testing services in 2019
The global trauma products market is segmented into four major regions, namely, North America, Europe, the Asia and RoW. In 2019, North America accounted for the largest share of the market. The large share of North America region is mainly attributed to the strong presence of a large number of major manufacturers and large number of trauma procedures performed in North.
Segmentation:
Asia market to witness the highest growth during the forecast period The trauma products market is divided into four regions—North America, Europe, the Asia and RoW. These regions are further analyzed at the country levels. North America held the largest share of the trauma products market in 2019, followed by Europe and the Asia. The Asia market is projected to grow at the highest CAGR during the forecast period. The growth in the Asian market is primarily attributed to the increasing incidence of trauma injuries, rising geriatric population, increasing government investments, and the growing focus of major players on the Asian region.
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Key Players:
The trauma products market is dominated by a few globally established players such as DePuy Synthes (US), Integra LifeSciences Corporation (US), Smith & Nephew (UK), Stryker (US), and Zimmer Biomet (US).
DePuy Synthes (US) leading position in this market can largely be attributed to its wide range of trauma products. A majority of the company’s sales are generated from the US, and only 40% of its sales are generated outside of the US. The company could focus on expanding its presence and generating revenue from other geographical regions.
Stryker Corporation (US) leading player of the trauma products market in 2019. Its strong brand recognition, extensive product portfolio, and strong geographical presence provide it an edge over its competitors in the trauma products market. In order to maintain its leading position, the company focuses on research and development activities. In 2019, the company invested USD 0.97 billion on R&D activities. The company also focuses on inorganic growth strategies like acquisitions.
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