The global trauma fixation devices market revenue is expected to increase 1.8 times during the forecast period
Persistence Market Research represents the historical global trauma fixation devices market grown from more than US$ 1,300 Mn in 2012 to more than US$ 1,700 Mn by 2016 end. This represents CAGR of 6.8% over the period of 2012-2016. In 2017, this market is expected to be valued for more than US$ 1,800 Mn, while in 2025 the market is likely to be valued more than US$ 3,300 Mn. An absolute $ opportunity represented by the global market for trauma fixation devices represents more than US$ 130 Mn in 2018 over 2017 and incremental opportunity of more than US$ 1,450 Mn throughout the projected period.
Metal plates & screws is the largest segment in global trauma fixation devices market, which is estimated to hold more than 40% share of the total market in 2017
Metal plates & screws is the largest segment in global trauma fixation devices market, which is estimated to represent more than US$ 800 Mn with more than 40% share of the total market in 2017 and US$ 1,472.7 Mn and close to 45% revenue share by 2025 end, expanding at CAGR of 7.8% over the forecast period of 2017–2025. While, pins/wires is the segment in global trauma fixation devices market is estimated to represent more than US$ 450 Mn of the total market in 2017 and is estimated to reach little more than US$ 800 Mn by 2025 end, expanding at CAGR of 7.5% over the forecast period of 2017–2025.
Lack of awareness, several import duties on healthcare products and high cost are some of the factors hampering the growth of the global trauma fixation devices market
Most people are aware that hip or knee replacement surgery is an option for patients with disabling or painful joints. Like the hip and knee, the shoulder joint may become arthritic and painful with the increasing age. While patients are becoming more knowledgeable about shoulder replacements, awareness still lags behind that of hip and knee replacements. Many patients who could potentially benefit are not aware that a trauma fixation devices is an option that can relieve pain and significantly improve function. This lack of awareness can hampers the growth of the global trauma fixation devices market.
In some countries such as Brazil, Import duties for healthcare products range from 0% to 16%, depending on the existence of domestic competitors. On top of that, importers may need to pay tax on industrial products, PIS and COFINS (social contributions), as well as tax on the Circulation of Goods and Services levied by the states. This might act as a hindrance for many international trauma fixation devices companies to bring in their products.
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Trauma fixation devices surgery in Germany can cost around US$ 10,000. That’s the reason patients in Germany prefer to go overseas to countries like India, Mexico, and Costa Rica for trauma fixation devices surgery because of the incredible cost savings and the great quality of medical care available in private hospitals in Belgium, India, Mexico, and Costa Rica. Orthopedic surgeons here board-certified and have rich experience. This factor is affecting negatively on the growth of Europe trauma fixation devices market.
Medical device purchasing decisions in China, are largely dictated by tenders and reimbursement. Although the Chinese government has been attempting to refine the tendering and reimbursement processes, those processes take place largely at the provincial level and are oftentimes nontransparent, so changes take place at slow pace. This delayed tendering and reimbursement streamlining has been a significant limiting factor in the growth of China’s trauma fixation devices market, especially for emerging products or technology.
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Sub-Saharan Africa ranks the least attractive region to commercialize trauma fixation devices because of the region’s poor operational environment and barriers to access healthcare. Due to economic and political risks which are ranging from security threats in Nigeria and Kenya, to lower commodity prices, pressurized aid flows and corruption, sub-Saharan Africa continues to have the lowest regional average in case of trauma fixation devices market.