Market Trends of Global Craniomaxillofacial Fixation Devices Industry
Neurosurgery is Expected to Witness a Healthy CAGR Over the Forecast Period
It has been observed that the neurosurgery segment of the application is believed to register healthy growth in the future which is majorly attributed to the well-established product offerings from the key players who operate internationally. Along with that, the growing number of neurological diseases and their burden is augmenting the number of neurosurgeries across the globe. In developing countries such as India, the number of neurosurgeons is increasing due to the demand for this specialty. Also, companies such as Stryker Corporation, Zimmer Biomet, etc. are focusing on coming up with products that fulfill the demand for novel approaches to the craniomaxillofacial fixation surgeries in neurological disorders.
Moreover, the increasing healthcare spending, increasing investment by medical device manufacturers, and increasing neurological disease prevalence are expected to drive overall market growth. For instance, in June 2022, the Indian Council of Medical Research (ICMR) and the Department of Health Research (DHR) unveiled the ICMR-DHR-Centre of Excellence (CoE) for fostering 'MedTech'. The ICMR-DHR-Centre of Excellence was launched at IIT-Bombay, IIT-Delhi, IIT-Guwahati, IIT-Hyderabad, IIT-Kanpur, IIT-Kharagpur, and IIT-Madras. These centers have been set to develop the products, and technologies in synergy with the requirements of the National Health Mission, Ayushman Bharat, and the Public Health Program of the government. Through this initiative, medical device production is anticipated to increase and thereby causing market growth.
Therefore, owing to the above-mentioned factors, the neurology segment is believed to show considerable growth over the forecast period.
North America Dominates the Market and is Expected to Grow During the Forecast Period
The United States currently holds the largest share of the market studied and is expected to follow the same trend over the forecast period. Growth is primarily attributed to the increased number of sports and facial fractures along with the presence of all international players in the country. Factors such as increasing demand for minimally invasive surgeries and technological advancement in the field of craniomaxillofacial fixation also boost the market growth in the studied region.
Being one of the most developed healthcare systems, most of the major companies across the globe have a focus on the United States as this country is beneficial for companies to gain market share. Also, the number of surgeries performed in the United States is higher and is increasing each year which is having a positive impact on the market studied. The presence of competitors, research and development, and increased awareness program boost the market growth. For instance, the American Academy of Craniomaxillofacial Surgeons conducts annual meetings and in the meeting, they discuss the new advancements and research details in the field of craniomaxillofacial surgery. The 2021 annual meeting discussed the future perspective of fetal In-Utero neurosurgery and other surgical practices.
Thus, as per the factors mentioned above, the market is expected to grow significantly in North America over the forecast period.
