Odontoid Fracture Fixation System Market Poised to Garner Maximum Revenues by 2024
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Rise in incidence of upper cervical spine injury fractures, increase in road accidents, and aging population as this population is more prone to fractures are some of the factors likely to drive the global odontoid fracture fixation systems market. As the population ages, their incidence is expected to increase progressively. According to the Association for Safe International Road Travel, nearly 1.3 million people die in road crashes each year, on an average 3,287 deaths a day and an additional 20 million to 50 million are injured or disabled. According to the WHO, the global elderly population, which stood at around 524 million in 2010, is expected to reach 2 billion by 2050, increasing rapidly in developed countries such as Italy, Germany, the U.K., the U.S., and Japan. According to the U.S. Census Bureau, around 40 million people in the country belonged to the elderly category in 2011. Moreover, around 89 million people would be aged 65 years or above by 2050. On the other hand, the high cost of products and the lack of knowledge among consumers are predicted to hamper the growth of the market in the next few years.
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The global odontoid fracture fixation system market can be segmented based on system type, type of fixation, end-user, and region. In terms of system type, the market can be categorized into instruments and consumables. Instruments segment is expected to account for major share of the odontoid fracture fixation system market in terms of revenue owing to its high cost and increasing demand for advanced products. Based on odontoid fracture type, the global odontoid fracture fixation system market can be classified into type I, type II, and type III. Aged population are more prone to type II and type III. Type II is expected to account for major share due to aging population and type II fracture are more often treated surgically. In terms of end-user, the market can be divided into hospitals, clinics, research & academic institutes, and others. Hospital segment is expected to account for major share due to patient preference and availability of advanced products in hospitals settings as the instruments are costly.
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The global odontoid fracture fixation system market can be segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2016. Increase in road accidents and geriatric population, prevalence of chronic back pain, and rise in patients with spinal cord injuries are expected to drive the growth of the market in the region in the forecast period. According to the American Chiropractic Association, people in the U.S. spend around US$ 50 Bn each year on back pain and 31 Mn people in the country experience lower back pain at any given time. According to the U.S. Population Reference Bureau, the number of people aged 65 and older in the U.S. is projected to more than double, from 46 Mn in 2014 to over 98 Mn by 2060. Europe is expected to account for the second largest market share during the forecast period. The market in the region is likely to grow at a moderate pace during the forecast period due to high purchasing power of the general population and significant demand for technologically advanced products. Moreover, promotion of dental tourism by few countries is expected to drive the odontoid fracture fixation system market in the region. The market in Asia Pacific is expected to register high growth from 2017 to 2025 due to development of health care infrastructure, high disposable income, aging population, and rise in incidence of spinal cord injury. According to the United Nations ESCAP, Asia Pacific is currently home to about 60% of the world’s geriatric population, defined as people aged 60 years or older. This population is expected to more than double from 547 million in 2016 to nearly 1.3 billion in the region by 2050.
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Key players operating in the global odontoid fracture fixation system market include B. Braun Melsungen AG, Johnson & Johnson, Zimmer Biomet, Orthofix Holdings, Inc., Globus Medical Inc., Alphatec Spine, Inc. and Genesys Orthopedic Systems, LLC.
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Odontoid Fracture Fixation System Market Pegged for Robust Expansion by 2024
Odontoid is a projection from the second cervical vertebra (axis) on which the first (atlas) can pivot. Odontoid fracture, also known as the peg or dens fracture, is the most common upper cervical spine fracture. Odontoid fractures can occur with head or neck injuries and can result in spinal cord damage that can lead to neurologic deficit. Minor trauma with hyperextension injuries is the major factor leading to odontoid fractures