The U.S. Food and Drug Administration has approved the PediNail Intramedullary nail for kids by OrthoPediatrics Corp. in May 2018. The rising incidence of bone fractures and deformity at the time of birth among children is a common scene today. Increasing incidence of bone fractures in places such as ulna, radius, tibia, and others, especially among children is a major factors promoting the growth of the global intramedullary nails market, finds Fortune Business Insights in their new report.
According to the report by Fortune Business Insights, titled, “Intramedullary Nails Market Size, Share and Global Trend by Product Type (Upper bone extremities, Lower bone extremities), By Material (Titanium, Stainless steel), By End-user (Hospitals, Specialty Clinics, Ambulatory surgical centers, Others) and Geography Forecast till 2026”, the market is categorized in terms of material, product, end-user, and geography. Among these, the titanium segment, in terms of material type is anticipated to generate huge revenue in the forecast period owing to better compatibility and other advantages offered by the material.
The report on intramedullary nails market focusses on factors promoting and demoting the market with prime focus on growth drivers and restraints. It also provides interesting insights into the market to help vendors strategize growth plans and generate high revenue in the market during the forecast duration.
Advent of CT Scan and MRI-friendly Intramedullary Nails to Promote Market Growth
Increasing incidence of birth deformity among children and diaphyseal fracture of the tibia, humerus, femoral neck fracture, femur, and others are anticipated to boost the global intramedullary nails market. Besides this, intramedullary nails are better than plating in terms of decreased risk of infection, reduced bending loads, and others, therefore, they are gaining more popularity over the years. This is likely to help the market generate higher revenue in the coming years.
Other factors boosting the global intramedullary nails market growth include increasing geriatric population and their vulnerability towards orthopedic complaints, such as joint pains, fractures, and others, and emergence of MRI and CT Scan friendly intramedullary nails in the global market.
An Overview of the Impact of COVID-19 on this Market:
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Improving Healthcare Infrastructure to Help Market Expand in Europe and the Asia Pacific
Geographically, North America is anticipated to dominate the global intramedullary nails market in the forecast duration owing to rise in adoption of intramedullary nails, accompanied by the surge in cases of orthopedic injuries. Additionally, the increasing popularity of orthopedic implants and their wide adoption is presumed to boost the intramedullary nails market growth in North America and anticipated to continue doing so in the future years.
On the other hand, improving healthcare infrastructure and the advent of better medical equipment and diagnostic procedures in Europe and Asia Pacific will help these regions to generate attractive intramedullary nails market revenue in the near future.
Food and Drug Administration Approvals to Bode Well for Market Players
The report highlights some of the major shareholders in the intramedullary nails market. These companies are mentioned below:
- Orthofix Holdings Inc.
- IMECO S.A.
- Johnson & Johnson Services Inc. (DePuy Synthes)
- Pega Medical Inc.
- Smith & Nephew
- Wright Medical Group N.V.
- Zimmer Biomet
- MEDIN a.s.
Market vendors are adopting various strategies to strengthen their market position. These include product innovations, up-gradation of existing products, company collaborations, merger and acquisitions, and others. Some of the successful innovations in the intramedullary nails market till date include:
January 2018 – The European CE Mark and the U.S. Food and Drug Administration announced the approval of Apex Tibial Nailing System, by OrthoXel DAC in January 2018.
February 2018 – The U.S. Food and Drug Administration approved Talon DistalFix Humeral Nail by Orthopedic Designs North America, Inc. in February 2018. This Humeral Nail is designed to aid in alignment and stabilization of humeral fractures.