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 2021-2028, as highlighted in a new report published by Coherent Market Insights. The market is experiencing significant growth due to the increasing demand for orthopedic implants. External fixators are medical devices used to stabilize fractures or recover bone alignment in orthopedic cases. They involve the use of pins, wires, and screws to fixate bones externally, allowing them to heal properly. The growing prevalence of orthopedic conditions, such as fractures, sports injuries, and degenerative diseases, is driving the demand for external fixators.
However, certain obstacles hinder the market’s growth, including stringent regulations governing the approval and commercialization of medical devices and the high cost associated with advanced external fixators. Despite these challenges, market players are focusing on product innovation and technological advancements to overcome these hurdles and meet the evolving needs of healthcare professionals and patients.
Market Key Trends:
One of the key trends in the External Fixators Market Trends is the adoption of minimally invasive surgical techniques. Minimally invasive procedures involve smaller incisions, reduced tissue damage, faster recovery time, and lower risk of complications compared to traditional open surgeries. External fixators are increasingly being used in minimally invasive procedures, as they provide stability and support without the need for extensive internal fixation. For example, circular external fixators are commonly used in limb reconstruction surgeries, offering precise adjustments while minimizing tissue trauma.
This trend is supported by advancements in surgical instruments and techniques, including computer-assisted surgery and 3D-printed external fixators. Computer-assisted surgeries enable surgeons to plan and simulate procedures, improving accuracy and outcomes. Additionally, 3D-printing technology allows for the customization of external fixators according to patient-specific anatomical requirements, enhancing the efficiency and effectiveness of the fixation process.
The External Fixators Market is segmented based on the type of fixator, with the Ilizarov fixator dominating the market. The Ilizarov fixator is a circular external fixator invented by Russian physician Dr. Gavriil Abramovich Ilizarov. This fixator is widely used in limb lengthening procedures, bone deformity corrections, and limb reconstruction surgeries. Its unique design allows for precise adjustment of bone alignment and lengthening, making it highly effective in complex orthopedic cases. The Ilizarov fixator’s versatility and proven clinical success have contributed to its dominance in the external fixators market.
D) Key Takeaways:
The global External Fixators Market is expected to witness high growth, exhibiting a CAGR of 8.2% over the forecast period. This growth is driven by increasing demand for orthopedic implants, propelled by a rising prevalence of orthopedic conditions worldwide. The market is also influenced by favorable reimbursement policies for orthopedic procedures and advancements in surgical techniques and technologies.
North America is the fastest-growing and dominating region in the External Fixators Market due to the high prevalence of musculoskeletal disorders and the presence of well-established healthcare infrastructure. Additionally, Asia Pacific is expected to witness significant growth during the forecast period, driven by improving healthcare facilities, growing healthcare expenditure, and a large population base.
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 Tıbbi Mamuller San. Tic A.Ş., Orthopaedic Implant Company (“OIC”), Gexfix SA, WishBone Medical, Inc., and Matrix Meditech. These players are focusing on product innovation, strategic collaborations, and mergers and acquisitions to strengthen their market presence and expand their product offerings.
In conclusion, the global External Fixators Market is poised for substantial growth due to the increasing demand for orthopedic implants and advancements in surgical techniques. The adoption of minimally invasive procedures and the dominance of the Ilizarov fixator further contribute to the market’s expansion. Regional analysis highlights North America as the fastest-growing region, with Asia Pacific also witnessing significant growth. Key players in the market are continuously striving for innovation to meet the evolving needs of healthcare professionals and improve patient outcomes.