New York, USA, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Market Overview:
Global rib fracture repair systems market was estimated at USD 271.26 million in 2023 and is projected to hit USD 438.07 million by 2032. During the forecast period from 2024-2032, the market is likely to generate a compound annual growth rate (CAGR) of 5.5%.
What are Rib Fracture Repair Systems?
A rib fracture is a traumatic injury usually caused by car accidents, sports injuries, or blunt trauma. The treatment often requires a surgery called rib fracture fixation surgery. In the case of surgery, rib fracture repair systems are used to improve fractured ribs, relieve pain, and support breathing function, which can lead to complications like pneumothorax or impaired lung function.
Surgical stabilization of rib fractures is performed by using plating systems, including anterior plates and u-plates. Anterior platers are easier to position and only require diagnosis and exposure of the anterior face of the fractured rib. At the same time, the U-plate shows both an anterior and a posterior surface and requires dissection of both the anterior and superior surfaces to let the U-shaped end of the plate wrap around the rib. Both systems have gained much popularity due to the excellent safety profiles offered by them.
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Key Market Stats:
- Global rib fracture repair systems market size was valued at USD 271.26 million in 2023.
- The industry is anticipated to witness a growth from USD 285.66 million in 2024 to USD 438.07 million by 2032.
- The market is expected to record a compound annual growth rate (CAGR) of 5.5% during the forecast period (2024 - 2032).
Major Findings from the Report:
- The rising need for effective treatment for rib fractures, increasing use of minimally invasive procedures, and growing investments in advanced medical devices and technologies are some of the prominent factors fueling the market growth.
- The market is primarily segmented based on product, material, end-use, and region.
- By region, North America dominated the market with the largest revenue share in 2023.
Rib Fracture Repair Systems Market Drivers and Trends:
- Awareness about Minimally Invasive Procedures: Healthcare providers increasingly prefer minimally invasive procedures in the wake-up of early and effective management of rib fractures. These treatment solutions are best at reducing recovery times, minimizing trauma, reducing complications, and enhancing patient outcomes. Thus, the market is majorly driven by the growing awareness about minimally invasive procedures for rib fracture repairs.
- Increased Healthcare Spending: In both developed and emerging nations, increased spending on advanced medical devices and technologies, such as rib fracture repair systems, by government and private organizations is poised to augment the rib fracture repair systems market growth.
- Incidence of Sports-Related Injuries: Sports such as football, rugby, and hockey, as well as activities like skiing and mountain biking, often cause a person to develop rib fractures due to high-impact collisions or falls. Therefore, the rising cases of sports-related injuries further boost the rib fracture repair systems market CAGR.
- Technological Developments: The market is experiencing significant growth due to the rising technological adoption. The integration of modern surgical techniques, including minimally invasive procedures and computer-driven navigation systems, has made rib fracture repair procedures more precise and effective. These inoovations, which have the potential to reduce surgical trauma, lessen recovery times, and enhance patient outcomes, foster the adoption of modern rib fracture repair systems.
Prominent Rib Fracture Repair Systems Market Players:
- Able Medical Devices
- Acumed, LLC
- Jeil Medical Corporation
- Johnson & Johnson Services, Inc.
- KLS Martin Group
- NEURO FRANCE Implants
- Smith+Nephew
- Stryker Corporation
- Waston Medical Co., Ltd.
- Zimmer Biomet
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Geographical Landscape:
As per geography, North America held the largest rib fracture repair systems market share in 2023 due to the increased developments in surgical techniques and implant materials leveraged to improve the effectiveness of rib fracture repair systems. Further, the rising number of efforts by prominent industry players, such as mergers, acquisitions, and collaborations in order to stand up in the competitive landscape and cater to the requirements in North America, is anticipated to augment the rib fracture repair systems market demand over the forecast period.
The Asia Pacific market for rib fracture repair systems is likely to register the fastest CAGR during the foreseen period. This can be attributed to the rising number of road accidents in India and China, along with the increasing geriatric population and growing cases of rib fractures. For instance, in 2022, as per a report by India’s Ministry of Road Transport and Highways, a total of 461,312 road accidents were reported in states and union territories.
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Market Segmentation:
Rib Fracture Repair Systems Product Outlook
- Anterior Plate
- U Plate
Rib Fracture Repair Systems Material Outlook
- PEEK
- Titanium
- Other Materials
Rib Fracture Repair Systems End-Use Outlook
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
Rib Fracture Repair Systems Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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