Global Cranial Fixation And Stabilization Devices Market Drivers 2024, Forecast To 2033
10 Oct, 2024
The cranial fixation and stabilization devices market has grown significantly in recent years, moving from $2.06 billion in 2023 to $2.20 billion in 2024 at a compound annual growth rate (CAGR) of 7%. The market's historic growth has been driven by an increasing number of road accidents, a rising number of neurosurgeons and specialized hospitals, a growing prevalence of cranial deformities, and a higher incidence of sports-related and military injuries. Looking forward, the market is expected to expand to $2.9 billion in 2028, with a CAGR of 7.2%. Factors contributing to this forecasted growth include the increasing prevalence of traumatic brain injuries, rising neurological disease cases, an aging population, growing healthcare expenditure, and increased awareness of brain health. Major trends over the forecast period include advancements in neurosurgical techniques, the adoption of minimally invasive surgeries, technological developments in cranial fixation devices, rising demand for customized cranial implants, and continued investment in research and development.
Major Driver In The Cranial Fixation And Stabilization Devices Market
The increasing prevalence of neurological diseases is expected to propel growth in the cranial fixation and stabilization device market going forward. Neurological diseases, which impact the nervous system—including the brain, spinal cord, and peripheral nerves—result in various symptoms such as cognitive decline, motor dysfunction, and sensory disturbances. The rising incidence of these diseases is linked to factors like an aging population, increased life expectancy, and improved awareness and diagnostic capabilities. Cranial fixation and stabilization devices are vital for neurological procedures, as they securely immobilize the head, ensuring precise and stable positioning during surgeries or treatments involving the brain and skull. For example, a report from the National Institutes of Health (NIH) in March 2021 indicated that approximately 6.2 million Americans aged 65 and older were living with Alzheimer's dementia in 2021, with projections estimating this number to reach 13.8 million by 2060 unless significant medical breakthroughs occur. The cranial fixation and stabilization device market is projected to grow from $1 billion in 2023 to $1.3 billion in 2024, ultimately reaching $1.8 billion by 2028. Thus, the growing prevalence of neurological diseases is a key driver of growth in this market.
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Major companies operating in the cranial fixation and stabilization devices market are Johnson & Johnson, Medtronic Plc, Stryker Corporation, Zimmer Biomet Holdings Inc., Integra LifeSciences Corporation, Orthofix Medical Inc., KLS Martin Group, Aesculap Inc., Acumed LLC, OsteoMed, Merivaara Corp., Brainlab AG, Medicon, Evonos GmbH & Co. KG, B. Braun Melsungen AG, Bioplate Inc., Jeil Medical Corporation, Changzhou Huida Medical Instrument Co. Ltd., Micromar, NEOS Surgery SL, Pro Med Instruments Inc., Rebstock Instruments, Nouvag AG
Key Cranial Fixation And Stabilization Devices Market Trend
Major companies in the cranial fixation and stabilization device market are working on developing innovative products like 3D-printed cranial implants to better serve customers with advanced features. A 3D-printed cranial implant is a customized, patient-specific medical device created using additive manufacturing technology, designed to repair or reconstruct cranial defects or injuries. For instance, in April 2024, 3D Systems, a US-based manufacturer of 3D printers and printing materials, announced the FDA approval for the VSP PEEK Cranial Implant. This implant is the first FDA-cleared additively manufactured PEEK implant for cranioplasty procedures, uniquely designed to restore skull defects. The high-performance, implant-grade polymer is renowned in medical device applications for its exceptional mechanical properties that closely resemble human bone. PEEK's excellent biocompatibility, resistance to bodily fluids, and stability across a wide temperature range make it an ideal choice for medical devices. Additionally, its inherent radiolucency ensures minimal interference with medical imaging, allowing for clearer evaluation of the surgical site and implant integrity.
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The cranial fixation and stabilization devices market covered in this report is segmented –
1) By Product: Cranial Fixation Devices, Cranial Stabilization Devices
3) By Material Type: Resorbable Fixation Systems, Nonresorbable Fixation Systems
3) By End User: Hospitals, Ambulatory Surgical Centers
By Geography:The regions covered in the cranial fixation and stabilization devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the cranial fixation and stabilization devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Cranial Fixation And Stabilization Devices Global Market Report 2024 furnishes information about the global cranial fixation and stabilization devices market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.