May 28, 2024
Intramedullary Nail Market

The Global Intramedullary Nail Market Driven By Rising Number Of Road Accidents

The intramedullary nail is a surgical implant that functions as an internal splint used to treat fractures and broken bones. It is implanted directly into the marrow cavity of the associated long bone to stabilize bone fragments caused by traumatic injuries like fractures. Intramedullary nailing provides rigid, weight-bearing fixation and allows early joint mobilization while protecting the fracture site during healing. It is commonly used in fractures of the femur, tibia, and humerus. The success of intramedullary nailing has revolutionized orthopedic treatment and significantly improved outcomes for patients with severe long bone fractures.

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, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving growth of the intramedullary nail market is the rising number of road accidents across the world. According to the World Health Organization, road accidents account for around 1.35 million deaths globally every year. The number of road traffic injuries is projected to become the seventh leading cause of death by 2030. Fractures are among the most common injuries resulting from road traffic accidents. With economic development and increased motorization in developing countries, the accidents and resultant long bone fractures are expected to rise significantly over the coming years, thus augmenting demand for intramedullary nailing procedures.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the Global Intramedullary Nail Market Size is moderate as companies require significant capital investment and technical expertise to manufacture the specialized implant devices.
Bargaining power of buyers: The bargaining power of buyers in the intramedullary nail market is low as the products are medical devices that require surgeons to implant and patients have limited choice and switching costs.
Bargaining power of suppliers: The bargaining power of suppliers in the intramedullary nail market is moderate as suppliers have to meet stringent quality and manufacturing standards set by regulatory bodies and require technical expertise to supply raw materials and components.
Threat of new substitutes: The threat of new substitutes in the intramedullary nail market is low as new implant device technologies require significant R&D investments and clinical testing to gain regulatory approvals and market acceptance.
Competitive rivalry: The competitive rivalry in the intramedullary nail market is high as the market is consolidated and major players compete based on product innovation, quality, and pricing.

Key Takeaways

The global intramedullary nail market is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis: North America is expected to dominate the intramedullary nail market during the forecast period due to the high prevalence of bone fractures, rising geriatric population, and availability of advanced healthcare facilities in the region. However, Asia Pacific is expected to witness the highest growth due to growing healthcare investment, rising awareness, and improving economic conditions in many countries in the region.

Key players: 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. These players are focusing on new product launches and partnerships with hospitals and surgery centers to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it