Intramedullary nailing is a surgical procedure that involves insertion of nails or rods into the medullary cavity of bones such as femur, tibia, and humerus. Intramedullary nails are commonly used in orthopedic surgeries for treatment of complex fractures. Advancements in the material science have resulted in new generation of smart nails with bioabsorbable properties. 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.
Market Dynamics:
The Global Intramedullary Nail Market Size is primarily driven by rising prevalence of bone fractures owing to road accidents and increasing geriatric population. According to WHO, road accidents cause around 1.3 million deaths globally each year. Older people are more susceptible to bone fractures due to osteoporosis and risk of fall. Moreover, growing obese population worldwide is increasing the risk of fractures and boosting demand for intramedullary nails. For instance, as per WHO, around 13% of world's adult population was obese in 2016. However, high costs associated may hinder market growth over the coming years.
SWOT Analysis
Strength: Intramedullary nail market has various advantages over other procedures like plates and screws. Nails provide optimal stability and allow early mobility post-surgery. They minimize soft tissue stripping and preserve blood supply to bone fragments. The procedure allows for precise insertion and alignment of nail through a small incision.
Weakness: Intramedullary nailing requires special surgical skills and experience. Defects or faults in nail design can result in complications like implant failure. There is a risk of infection through introduction of nail inside medullary cavity. The procedure has a long learning curve for surgeons.
Opportunity: Rising geriatric population vulnerable to fractures provides significant growth prospects. Increasing incidence of bone injuries due to trauma and accidents presents treatment opportunities. Growing prominence of minimally invasive surgeries expands scope for intramedullary nails. Favorable reimbursement policies drive uptake in developed nations.
Threats: Availability of alternative fixation methods like external fixators, plates, and screws pose competition. High costs of titanium-based nails restrain widespread adoption in price-sensitive areas. Strict regulatory approval process and quality standards delay product launches.
Key Takeaways
The global intramedullary nail market is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is estimated to be US$ 2.25 Billion.
Regional analysis: North America region currently dominates the market owing to increasing trauma cases and growing elderly population vulnerable to fractures. Asia Pacific region is expected to grow at the fastest pace during the forecast period due to high unmet clinical needs, rising medical tourism, and increasing healthcare expenditure.
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 geographical expansion to garner higher market share.
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