PUBLISHER: Grand View Research | PRODUCT CODE: 1511809
PUBLISHER: Grand View Research | PRODUCT CODE: 1511809
The global rib fracture repair systems market size is expected to reach USD 382.41 million by 2030, registering a CAGR of 4.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is driven by the increasing occurrence of accidental cases, leading to rib fracture cases and a rising number of rib fracture injuries in sports. For instance, as per the Ohio State University report, approximately 6.3 million fractures happen annually in the U.S., with a yearly rate of 2.4 per 100 population. The rate of fractures for men is higher at 2.8 per 100 population compared to women at 2.0 per 100.
Continuous innovations and developments in rib fracture repair systems, such as improved fixation devices, minimally invasive techniques, and patient-specific implants, are driving the adoption of these systems. Advanced technologies offer better outcomes, faster recovery times, and improved patient satisfaction, contributing to market growth. Furthermore, there is a growing recognition of the benefits of surgical interventions for rib fractures, particularly in multiple or displaced fractures. This increased awareness among healthcare professionals and patients drives the adoption of rib fracture repair systems.
The elderly population is at a higher risk of sustaining rib fractures due to factors such as osteoporosis, reduced bone density, and an increased risk of falls. Furthermore, the elderly population with rib fractures leads to increasing mortality and morbidity than younger patients. For instance, in a 2023 article published in Scholastica, it was reported that in older adults, the risk of mortality increases by 19% for each additional rib fracture compared to younger patients. In addition, the likelihood of pneumonia also increases by 27%.
Manufacturers are involved in strategic initiatives such as gaining approvals and new product launches. For instance, in January 2020, Dr. Jeff Choi, was honored with the 2020 Martin Resident Fellowship in Chest Wall Injury Outcomes Research from the KLS Martin Group and Chest Wall Injury Society. His project "Development and Validation of a Rib Fracture Frailty Index" was funded by a USD 25,000 grant.