by The Intramedullary Nail Market is estimated to be valued at US$ 1.95 Bn 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 Overview:
An intramedullary nail is a surgical implant that is inserted into the medullary cavity of long bones such as the femur, tibia, and humerus. Intramedullary nails help stabilize fractures and broken bones by strengthening and immobilizing the fractured area internally. They are commonly used to treat femoral, tibial, and humeral fractures. Some key advantages of intramedullary nails include less invasive surgery, early rehabilitation, rigid fixation of fracture fragments, and excellent clinical results.
Market key trends:
One of the key trends fueling the growth of the intramedullary nail market is the rising prevalence of bone injuries across the world. According to the World Health Organization (WHO), road accidents are the leading cause of fractures globally, with road accidents causing nearly 1.3 million annual deaths worldwide. The prevalence of trauma and fractures is also increasing due to the rising elderly population who are more prone to osteoporosis and fractures. Additionally, the growing participation in sports and outdoor recreational activities is contributing to the risk of bone injuries. The development of advanced intramedullary nails with improved fixation capabilities and new material coatings is anticipated to further support the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high initial investment costs for establishing manufacturing facilities, obtaining regulatory approvals and developing brand awareness. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of various product options from established manufacturers. Bargaining power of suppliers: A few major suppliers exist for raw materials increasing their bargaining power. Threat of new substitutes: Substitutes like plate and screw fixation are available but intramedullary nails provide better stability. Competitive rivalry: The market is moderately competitive with major players differentiating based on product quality and innovation.
SWOT Analysis
Strengths: Minimally invasive surgical procedure and faster recovery time. Weaknesses: Require highly skilled surgeons for implantation and higher costs. Opportunities: Rising orthopedic diseases and trauma injuries. Threats: Stringent regulatory approvals and reimbursement policies.
Key Takeaways
The Global Intramedullary Nail Market Demand is expected to witness high growth, exhibiting a CAGR of 8.5% over the forecast period, due to increasing incidence of fractures caused by road accidents and falls. North America dominates the market owing to robust healthcare infrastructure and advanced trauma management facilities in the US and Canada. Asia Pacific is poised to be the fastest growing region due to growing aging population, improving healthcare access and rising income levels.
Key players operating in the intramedullary nail market are Zimmer Biomet, Smith & Nephew, Stryker, DePuy Synthes, Orthofix, Bioventus LLC, DJO Global, Braun, and Medtronic. Zimmer Biomet leads the market with its broad product portfolio for lower and upper extremity fractures. DePuy Synthes and Stryker are other major players focusing on R&D to develop innovative implant designs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
