Intramedullary nailing is preferred surgical technique for fractures of long bones in the human body including tibias, femurs, and humeri. It involves the insertion of intramedullary nails or rods internally to align and support bone fragments that are produced due to traumatic events like road accidents and fall from heights. Advantages of intramedullary nailing over other fixation methods include preservation of fracture hematoma, less soft tissue dissection resulting in improved fracture biology, and earlier mobilization. The global intramedullary nail market is estimated to be valued at US$ 1.95 billion in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The trauma segment in the intramedullary nail market presents a significant growth opportunity. Road traffic accidents pose a serious threat to public health globally. According to the World Health Organization, around 1.35 million people die each year as a result of road traffic crashes. Growing cases of trauma injuries resulting from such accidents has increased demand for advanced trauma care solutions which is benefiting the intramedullary nail market. Intramedullary nailing has become the standard of care for long bone fractures like femur and tibia fractures often caused by high velocity injury. Development of intramedullary nail systems specifically addressing trauma cases can further boost market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The Intramedullary Nail market has moderate threat from new entrants. Investment required for setting up manufacturing and R&D for medical devices is high creating entry barriers.
Bargaining power of buyers: There exist many established players in the market increasing competition and providing buyers with greater choice and price leverage.
Bargaining power of suppliers: Key suppliers for raw materials like metals have moderate to high bargaining power given the specialized skills required in manufacturing medical grade materials.
Threat of new substitutes: The threat is low as currently there are limited substitutes for Intramedullary Nail in fracture fixation.
Competitive rivalry: The market has high competition with major players differentiating through continuous innovation in products, service and acquisition strategies.
SWOT Analysis
Strength: Intramedullary nails are established minimally invasive method for long bone fractures with proven efficacy. Technological advances allow for improved precision in implantation.
Weakness: Surgical risks of infection, blood loss, nerve damage exist. Leaner healthcare budgets can reduce spend on elective procedures.
Opportunity: Geriatric population growth drives demand. Untapped developing regions offer scope for expansion. Adoption of 3D printing and robotics may lower costs.
Threats: Stringent regulatory approvals and product recalls affect revenues. Economic slowdowns can delay elective surgeries.
Key Takeaways
The Global Intramedullary Nail Market Size is expected to witness high growth at a CAGR of 8.5% during the forecast period of 2023 to 2030. Driven by rising trauma injuries, ongoing technlogical innovations and growing geriatric populaiton the market size is projected to reach US$ 3.25 Bn by 2030 from US$ 1.95 Bn in 2023.
Regional analysis – North America dominates the market currently owing to large patient pool, highly developed healthcare system and focus on trauma care by major players. However, Asia Pacific is likely to witness fastest growth during the forecast period supported by expanding medical tourism industry, improving access and increasing spend on healthcare in China and India.
Key players - Key players operating in the Intramedullary Nail market are Zimmer Biomet, Smith & Nephew, Stryker, DePuy Synthes, Orthofix, Bioventus LLC, DJO Global, Braun, Medtronic, Globus Medical. These established brands are engaged in new product launches and acquisitions to strengthen their market share.
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