Increasing awareness of minimally invasive procedures for repairing rib fractures and the increase in sports injuries are driving market growth.
New York, USA, August 19, 2024 (GLOBE NEWSWIRE) – Market overview:
Generally Rib fracture repair systems market was valued at USD 271.26 million in 2023 and is projected to reach USD 438.07 million by 2032. During the forecast period from 2024 to 2032, the market is expected to witness a Compound Annual Growth Rate (CAGR) of 5.5%.
What are rib fracture repair systems?
A broken rib is a traumatic injury usually caused by car accidents, sports injuries, or blunt trauma. Treatment often requires surgery called rib fracture fixation surgery. In the case of surgery, rib fracture repair systems are used to improve broken ribs, reduce pain, and assist with respiratory function, which can lead to complications such as pneumothorax or reduced lung function.
Surgical stabilization of rib fractures is accomplished using plating systems, including anterior plates and U-plates. Anterior plates are easier to position and only require diagnosis and exposure of the front of the fractured rib. At the same time, the U-plate has both an anterior and posterior surface and requires dissection of both the anterior and superior surfaces to allow the U-shaped end of the plate to wrap around the rib. Both systems are popular due to their excellent safety profiles.
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Important market statistics:
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The global rib fracture repair systems market was valued at USD 271.26 million in 2023.
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The industry is expected to grow from USD 285.66 million in 2024 to USD 438.07 million by 2032.
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The market is expected to register a compound annual growth rate (CAGR) of 5.5% during the forecast period (2024-2032).
Key findings from the report:
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Increasing need for effective treatment of rib fractures, increasing use of minimally invasive procedures and growing investments in advanced medical devices and technologies are some of the major factors driving the market growth.
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The market is mainly segmented by product, material, end use and region.
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By region, North America dominated the market with the largest revenue share in 2023.
Rib Fracture Repair Systems Market Drivers and Trends:
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Awareness of minimally invasive procedures: Healthcare providers are increasingly preferring minimally invasive procedures for early and effective treatment of rib fractures. These treatment solutions are best suited to shorten recovery times, minimize trauma, reduce complications and improve patient outcomes. The market is therefore primarily driven by the growing awareness of minimally invasive procedures for rib fracture repair.
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Increased health spending: In both developed and emerging markets, increasing spending by government and private organizations on advanced medical devices and technologies, such as rib fracture repair systems, is expected to drive market growth in the rib fracture repair systems space.
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Frequency of sports injuries: Rib fractures are common in sports such as football, rugby and hockey, as well as activities such as skiing and mountain biking, and the increasing incidence of sports injuries is therefore driving the market for rib fracture repair systems.
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Technological developments: The market is experiencing significant growth due to increasing technological development. The integration of modern surgical techniques, including minimally invasive procedures and computer-guided navigation systems, has made rib fracture repair more precise and effective. These innovations, which have the potential to reduce surgical trauma, shorten recovery time and improve patient outcomes, are driving the adoption of modern rib fracture repair systems.
Prominent players in the Rib Fracture Repair Systems market:
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Geographical landscape:
Geographically, North America accounted for the largest market share in rib fracture repair systems in 2023, owing to the increasing development of surgical techniques and implant materials used to improve the effectiveness of rib fracture repair systems. Furthermore, the increasing number of efforts by leading industry players such as mergers, acquisitions, and collaborations to sustain themselves in the competitive landscape and meet the demands in North America is expected to increase the demand for rib fracture repair systems during the forecast period.
The rib fracture repair system market in Asia Pacific is expected to witness the highest CAGR during the forecast period. This can be attributed to the rising number of road accidents in India and China, along with the increasing geriatric population and the rising number of rib fractures. For example, according to a report by the Ministry of Road Transport and Highways of India, a total of 461,312 road accidents were reported in the states and union territories in 2022.
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Market segmentation:
Product outlook for rib fracture repair systems
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Front plate
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U-plate
Material outlook for rib fracture repair systems
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SPY
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titanium
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Other materials
End-use outlook for rib fracture repair systems
Regional Outlook for Rib Fracture Repair Systems
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Germany
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France
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United Kingdom
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Italy
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Spain
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Netherlands
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Russia
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Rest of Europe
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China
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Japan
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India
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Malaysia
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South Korea
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Indonesia
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Australia
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Vietnam
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Rest of Asia-Pacific
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Mexico
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Brazil
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Argentina
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Rest of Latin America
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