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Technical innovations in the field of genetic engineering, innovations of various materials for implants manufacturing, and trauma injuries are as a result of fall or accidents are key factors contributing to high CAGR of Trauma Devices market during forecast period
Market Size – USD 7.12 billion in 2018, Market Growth – CAGR of 6.2%, Market Trends– Strategic initiatives such as mergers and acquisitions among many healthcare companies have lead the market towards innovative products.
According to the current analysis of Reports and Data, the Trauma Devices Market was valued at USD 7.12 billion in 2018 and is expected to reach USD 11.58 billion by the year 2026, at a CAGR of 6.2%. Trauma is referred to as any extreme injury caused due to severe accidents. The injuries caused by trauma include bone fractures or bone breakage and tissue injuries. These injuries are corrected using trauma devices, which serve as a replacement for the damaged part of the body. The trauma injuries are caused at an immense level in motor accidents on the road. The increased number of accidents in developing countries has widely driven the market. According to the World Health Organization, 20 to 50 million suffer trauma injuries on roadside accidents, which is a driving factor for the market. Many such injuries require trauma devices for treatment and recovery of the body.
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The geriatric population loses bone density with increasing age, and hence this population is more prone to hip and knee fractures even by a minor accident. According to the George Institute for global health, it is estimated that by 2020, almost 20% of the Indian population will be older than 60 years, and the annual incidence of hip fractures will reach 600,000. Such instances are a crucial primary driver for the market. Various new innovative tools are coming up in the market through the research and development sector, which used technology from genetic engineering to create products that are expected to drive the market widely. Though the use of trauma devices is highly anticipated, the cost of the devices could be a restraint for the market. Also, the materials used to make the trauma devices are not quickly approved by the government organizations owing to the compatibility and allergy issues of the patients. The material used to make these implants are expected to be highly inert and compatible with the body. Therefore, companies find it difficult to obtain approval for these devices. These factors are expected to be a significant restraint for the market.
Further key findings from the report suggest
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For the purpose of this report, Reports and Data has segmented the trauma devices market on the basis of type, surgical site, composition, end-use and region:
Type Outlook (Revenue in Million USD; 2016–2026)
Surgical site Outlook (Revenue in Million USD; 2016–2026)
Composition Outlook (Revenue in Million USD; 2016–2026)
End-User Outlook (Revenue in Million USD; 2016–2026)
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Regional Outlook (Revenue in Million USD; 2016–2026)
Some Highlights of the Report:
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