by The External Fixators Market is estimated to be valued at US$ 1145.44 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
External fixators are medical devices used for temporary bone fixation in the treatment of fractures, ligaments, or joint dislocations. Most commonly, external fixators are used as a temporary “bridging” method of stabilization until definitive internal fixation can be applied or the soft tissues are amenable to internal fixation. They provide stabilization to immobilize bone or joint fragments in correct alignment to allow healing and are typically used in the management of complex open fractures, nonunion fractures, and limb reconstruction procedures. External fixators function by connecting bone fragments, held apart by the injury or surgical procedure, with components outside the skin. Carbon fiber or other lightweight struts are connected to pins that are drilled into bone on either side of the fracture site.
Market Dynamics:
Growing incidences of road accidents globally is expected to drive the growth of external fixators market over the forecast period. Road traffic injuries are estimated to be the eighth leading cause of death globally. According to the World Health Organization, almost 1.3 million people die each year as a result of road traffic crashes. Road traffic injuries are the leading cause of death among young people aged 15–29 years. Additionally, increasing number of orthopedic surgeries are also fueling the market growth. For instance, according to a study published in the Journal of Orthopaedic Surgery and Research in 2018, a total of 660,000 knee replacement surgeries were performed in the United States in 2010 which increased to over 2 million in 2020. Rising prevalence of osteoporotic fractures among the geriatric population is another factor boosting adoption of external fixators. With an aging population, the number of osteoporosis-related fractures is expected to rise substantially in the coming years. For example, according to the International Osteoporosis Foundation, an osteoporotic fracture occurs every 3 seconds worldwide. However, high costs associated with external fixators and availability of alternative treatment procedures are some of the factors expected to hinder market growth over the forecast period.
Segment Analysis
The external fixators market can be segmented by type and application. By type, the market can be segmented into unilateral, bilateral, and circular fixators. Among these, the circular fixators segment is expected to dominate the market during the forecast period due to its superior fusion rate and full 360 degree fixation around the fractured bone.
PEST Analysis
Political: Favorable government initiatives and funds for introducing advanced technologies in external fixators will boost market growth. For instance, National Health Scheme in various countries covers part of external fixator surgery cost.
Economic: Rising healthcare expenditure along with increasing trauma and accident cases fuels the demand for external fixators across the globe.
Social: Growing awareness among people regarding availability of novel external fixators for effective bone healing is driving the market growth.
Technological: Advancements in external fixator devices such as radio-transparent implants and mini and micro external fixators have improved clinical outcomes for patients.
Key Takeaways
The Global External Fixators Market Demand is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing prevalence of bone fractures/disorders and road accidents.
The North America region dominates the external fixators market currently owing to presence of major players, rising adoption of advanced technologies and growing number of trauma cases in the region.
The Asia Pacific region is anticipated to grow at the fastest rate during the forecast period due to increased healthcare spending, rapidly developing infrastructure and improving access to healthcare in emerging countries such as China and India.
Key players operating in the external fixators market are Johnson & Johnson Services, Inc. (DePuy Synthes), Double Medical Technology Inc., Orthofix Holdings, Inc., Ortho-SUV Ltd., Response Ortho LLC, Smith & Nephew, Stryker Corporation, Zimmer Biomet, Auxein Medical, Acumed, Orthopaedic Implant Company, Gexfix SA, WishBone Medical, Inc., and Matrix Meditech.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
