The intramedullary nail market has witnessed significant growth over the recent past owing to rising incidence of bone fractures caused due to road accidents and sports injuries. An intramedullary nail is a longitudinal metal rod that is inserted into the medullary canal of fractured long bones such as tibia, femur, and humerus. It aids in fracture healing by providing stabilization and resisting both axial and torsional loads. Growing usage of advanced biomaterials like titanium and its alloys in implants manufacturing has significantly improved implant integration, enhanced biocompatibility and reduced risk of implant infections.
The Global intramedullary nail market is estimated to be valued at US$ 2.25 Bn in 2024 and is expected to exhibit a CAGR of 18.% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the intramedullary nail market are SunPower Corporation, Enphase Energy Inc., iEnergy Co. Ltd., Altenergy Power System Inc., Chilicon Power, LLC, SMA Solar Technology AG, Sparq Systems, SMA Solar Technology AG, Northern Electric and Power Co. Ltd, ABB Ltd., LG Electronics, and Darfon Electronics Corporation. Key opportunities in the market include rising demand for minimally invasive surgeries and growing number of ambulatory surgery centers. Advancements in implant surface modification techniques like plasma spray coating has improved osseointegration.
Market Drivers
The main driver for the Intramedullary Nail Market Demand is rapidly growing geriatric population who are more prone to bone fractures. As per UN estimates, over 12% of the global population will be over the age of 65 by 2030 from 7% in 2012. Increasing number of road accidents and sports injuries is another factor augmenting market growth.
Geographical Regions
Asia Pacific exhibits the fastest growth and is projected to be the emerging lucrative market for intramedullary nails. Initiatives by governments in countries like India and China to strengthen public healthcare systems will boost regional market. Also, growing medical tourism industry attracts patients from other countries.
In terms of value, North America dominates the Intramedullary Nail Market and is expected to continue its dominance during the forecast period. High occurrence of orthopedic disorders and availability of advanced healthcare facilities are major factors for large market size in the region. Europe is the second largest regional market supported by rising healthcare spending.
SWOT Analysis
Strength: Minimal invasive nature of intramedullary nailing procedure allows for reduced recovery time and pain. Wide range of implant designs tailored for different fractures.
Weakness: Requirement of special surgical skills for insertion of nails. Risk of infection associated with open reduction procedures.
Opportunity: Growing prevalence of orthopedic disorders and road accidents worldwide. Rising healthcare expenditure in developing nations to boost funding for trauma care.
Threats: Availability of alternative fracture fixation options like locking plates. Stringent regulatory approvals delay market entry of new players.
Current challenges in Intramedullary Nail Market
The intramedullary nail market is facing few challenges currently which includes high cost of intramedullary nailing procedure, inadequate healthcare infrastructure in developing regions, and lack of skilled professionals. The cost associated with intramedullary nailing procedure is quite high which limits its adoption. Besides, inadequate healthcare infrastructure in emerging economies hinders market growth. Also, lack of skilled orthopedic surgeons impacts the overall volume of intramedullary nailing procedures performed.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Ravina Pandya
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