by The intramedullary nail market involves dynamic products used for immobilization of long bone fractures to aid quicker recovery during orthopedic procedures. The techniques using these nails allow precise placement inside the medullary canal avoiding damage to soft tissues and blood vessels. These nail implants are made of stainless steel or titanium and come in various sizes as per fracture location and bone anatomy to provide mechanical stability and early mobilization.
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.
Secondly, the growing prevalence of road accidents and osteoporosis in the elderly along with trauma injuries from falls are driving demand for effective fracture fixation devices. This presents significant opportunities for manufacturers to introduce innovative intramedullary nails designs and materials.
Furthermore, increasing healthcare expenditure globally especially in developing nations is facilitating expansion of Intramedullary Nail Market Size. Major companies are investing in emerging markets of Asia Pacific and Latin America to tap the demand from rising orthopedic surgeries in these regions.
Market Drivers
One of the key drivers for the intramedullary nail market is the rising number of road accidents worldwide. As per the WHO, road accidents cause around 1.35 million deaths annually with millions suffering non-fatal injuries and long-term disabilities. Several of these road crash victims require internal fixation with intramedullary nails for femoral and tibial fractures. This growing incidence of road accidents is thus fueling demand in the market.
PEST Analysis
Political: Regulations around product approvals and standards can impact the Intramedullary Nail Market. Changes to approval processes and standards may increase costs.
Economic: Economic growth impacts healthcare spending. As economies grow, more resources are available to spend on trauma and fracture treatment, benefiting the market.
Social: An aging population and lifestyle changes impact fracture rates. Many regions now have more elderly people at higher risk of fractures from osteoporosis or falls.
Technological: New materials and designs allow for stronger, smaller nails. Advances like radio-transparent nails enable imaging without removal.
Geographical Regions of Concentration
North America holds the largest share of the overall Intramedullary Nail Market in terms of value. This is due to high healthcare spending per capita and developed healthcare infrastructure in countries like the United States. Europe is another major region due to accessibility of care and trauma rates. Both regions account for over 60% of the total market value currently.
Fastest Growing Region
Asia Pacific is expected to be the fastest growing region for the Intramedullary Nail Market during the forecast period of 2024 to 2031. This is because of improving access to healthcare, rising incomes and greater awareness in populous nations such as China and India. Higher incidences of bone fractures from building and construction work also contribute to market growth prospects.
*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
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
