Market Trends of Cranial Fixation and Stabilization Systems Industry
This section covers the major market trends shaping the Cranial Fixation & Stabilization Systems Market according to our research experts:
Cranial Fixation Systems Segment is Expected to Hold a Significant Share Over the Forecast
A cranial fixation system is designed for the structural stability of the skull and is used during neuro or spinal surgeries. The major factors driving the segment's growth are the growing number of road accidents, the surge in the prevalence of neurological disorders coupled with technological advancements, and an upsurge in research and development activities.
According to an article published by Mediacorp Pte Ltd., in September 2022, the number of accidents involving motorcyclists in Singapore increased to 1,733 in the first half of 2022, compared to 1,711 in the same period in 2021. Injured motorcyclists and pillion riders increased to 1,844 in the first half of 2022, up from 1,816 in the same period in 2021. Such an increase in road accidents and injuries may affect the individual's body and the skull, resulting in craniotomy surgeries, and boosting the demand for cranial fixation systems among the patient population.
Furthermore, the growing availability of customized product offerings and the increasing volume of brain surgeries requiring cranial fixation systems are also expected to augment the segment's growth. For instance, according to the study published in Surgical Neurology International in February 2021, cranial fixation is a postoperative cranial bone flap fixation system that is safe, reliable, and simple to use. Every neurosurgical procedure majorly involves the fixation of bone flaps after craniotomy. Thus, increasing the use of the cranial system in neurological processes is likely to positively impact the segment's growth.
Thus, the rising incidence of accidents, brain injuries, and the increasing prevalence of neurological diseases are the key driving factors for cranial fixation system segment growth.
North America is Expected to Hold a Significant Share in the Market and Over the Forecast Period
North America is expected to hold a significant market share in the global cranial fixation and stabilization systems market due to the rising incidence of accidents, brain injuries, and the increasing prevalence of neurological diseases in this region. Furthermore, due to the high prevalence of neurological diseases and new product launches, the market is expected to project growth. For instance, according to the National Safety Council, 2022 statistics reported that in 2021, 3.2 million people were treated in emergency departments for injuries involving sports and recreational equipment. The activities most frequently associated with injuries are exercise, cycling, and basketball. The same source also reported that the age group with the highest injury rate is 15 to 24-year-olds. Also, nearly 4,148,404 males and 2,158,887 females were injured and 91% of injury victims are treated in emergency departments and released Such an increase in a traffic accident is expected to boost the demand for cranial fixation and stabilization systems, in turn, driving the growth of the market in the region.
Also, the growing aging population in the region is expected to increase the burden of neurological diseases as the senior population is more prone to neurodegenerative disorders. For instance, according to the Statistics Canada article published in April 2022, there are over 861,000 people aged 85 and older who were counted in the 2021 Census. It also reported that the population aged 85 and older comprise 2.3% of the total population of Canada. Furthermore, technological advancements in cranial fixation and stabilization systems and growing healthcare expenditure levels are also fueling the growth of the regional market to a large extent.
Additionally, the strategic initiatives taken by the market players are also propelling the market's growth in the region. Forinstance, in August 2022, OSSIO, Inc., launched in United States for commercial use of OSSIOfiber Suture Anchors, expanding patient access to the company's growing portfolio of bio-integrative implants. Such development is expected to drive the growth of the market.
Thus, these aforementioned factors are likely to impel the market's growth in North America.
