April 15, 2024
External Fixators Market

Foster Rapid Discharge And Cost-Effectiveness Is Anticipated To Open Up New Avenues For The External Fixators Market

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 utilized in orthopedic surgeries to stabilize bone fragments caused by fractures. They are placed externally on the skin by pins drilled into the bone. Monolateral and circular fixators are the most commonly used types. They are primarily utilized in cases such as ligament injury, open fractures, bone fractures near joints, loss of bone segments, and deformities. The devices allow early partial weight bearing and mobilization of patients post-surgery. This significantly speeds up recovery time and reduces hospital stay.

Market Dynamics:

Rising incidence of trauma injuries: Road accidents, fall injuries, and sports-related injuries are leading causes of fractures globally. As per the estimates of WHO, around 20-50 million people suffer injuries due to accidents annually requiring orthopedic interventions and stabilization. This widespread trauma burden is propelling the adoption of external fixators.

Technological advancements: Key players are focusing on developing external fixators integrated with advanced technologies such as radiofrequency monitoring systems, external bone transportation devices, and image-guided surgery navigation techniques. This is enhancing fixation accuracy, reducing surgery and healing time. For instance, the hybrid fixator system by Response Ortho offers precise bone segment transport and lengthening capabilities.

Segment Analysis

The external fixators market can be segmented into unilateral fixators and circular fixators. Circular fixators dominate the market as they provide stability in complex fractures involving multiple fragments with minimal invasiveness. Circular fixators allow rigid fixation and early mobilization of patients.

PEST Analysis

Political: Regulations regarding reimbursement and approvals for novel external fixator devices vary across countries which impacts market growth.
Economic: Rising healthcare spending and increasing trauma & accident cases will drive market growth in developing nations.
Social: Growing awareness about effective fracture fixation treatments and mobilization is increasing the adoption of external fixators.
Technological: Advancements in material sciences aid development of low profile and stable external fixators with minimal soft tissue damage.

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 road accidents and sports injuries. The market size for 2023 is estimated to be US$ 1145.44 Mn.
Regional analysis: North America dominates the external fixators market owing to the large patient population and advanced healthcare infrastructure. Asia Pacific is expected to exhibit the fastest growth rate over the forecast period led by China, India, and Japan due to increasing healthcare spending and rising medical tourism.
Key players: Key players operating in the 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 Tıbbi Mamuller San. Tic A.Ş., Orthopaedic Implant Company (“OIC”), 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