The global External Fixators Market is estimated to be valued at US$978.4 million in 2021 and is expected to exhibit a CAGR of 8.2% over the forecast period of 2021-2028, as highlighted in a new report published by Coherent Market Insights.
External fixators are medical devices used to stabilize fractured bones and promote healing. These devices are commonly used in orthopedic surgeries, especially in cases of severe fractures, limb deformities, and complex trauma cases. External fixators provide stability to the fractured bones by connecting them to external rods or frames outside the body. They offer several advantages such as early mobilization, reduced infection risk, and improved fracture healing.
Market Key Trends:
One key trend in the External Fixators Market Size is the increasing incidence of trauma cases worldwide. Trauma refers to severe injuries caused by accidents, falls, or violence. With the rise in road accidents, sports injuries, and industrial mishaps, the demand for external fixators has significantly increased. These devices play a crucial role in stabilizing fractures and preventing further damage to the injured limb. For example, according to the World Health Organization (WHO), road traffic injuries account for 1.35 million deaths globally each year.
Political: The political factors influencing the external fixators market include government regulations related to medical device approval, reimbursement policies, and funding for trauma care. For instance, regulatory bodies such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) have specific guidelines and requirements for market approval of medical devices.
Economic: Economic factors such as healthcare expenditure, insurance coverage, and disposable income impact the demand for external fixators. Higher healthcare spending and favorable reimbursement policies encourage patients to opt for advanced orthopedic procedures, including the use of external fixators.
Social: Social factors such as awareness about trauma care, the aging population, and lifestyle changes contribute to the demand for external fixators. The growing prevalence of osteoporosis and osteoarthritis among the elderly population has led to an increased need for orthopedic interventions.
Technological: Technological advancements in external fixators, such as the development of minimally invasive techniques and biocompatible materials, have improved patient outcomes and reduced the risk of complications. Innovations in fixator design, such as hybrid fixators and circular fixators, have also expanded the treatment options available to surgeons.
– The global External Fixators Market is expected to witness high growth, exhibiting a CAGR of 8.2% over the forecast period, due to increasing trauma cases and the need for effective fracture stabilization.
– North America is expected to dominate the market, driven by well-established healthcare infrastructure, high healthcare spending, and a rising geriatric population.
– Key players operating in the global external fixators market include 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, Tasarimmed T? bi Mamuller San. Tic A.?, Orthopaedic Implant Company (“OIC”), Gexfix SA, WishBone Medical, Inc., and Matrix Meditech. These players focus on innovative product launches, mergers and acquisitions, and strategic collaborations to strengthen their market presence.