Global External Fixators Market Size, Share and Growth Expected To Reach US$ 1,653.0 Mn By 2026
“External Fixators Market Growth, Future Prospects, and Competitive Analysis, 2018–2026” the external fixators market was valued at US$ 724.6 Mn in 2017 and projected to reach US$ 1,653.0 Mn by 2026 at a CAGR of 9.4% over the forecast period from 2018 to 2026.
The external fixators market is expected to exhibit a lucrative CAGR during the forecast period from 2018 to 2026. External fixator devices are the stabilizing frames used to hold & stabilize the broken bones in proper position. External fixators have three types such as unilateral (monofixator), modular (hybrid), and circular (Ilizarov and TAYLOR SPATIAL FRAME) external fixators. Moreover, based on the working mechanism the external fixators can be classified as manual external fixators and computer-assisted (aided) external fixators; and static and dynamic external fixators. Worldwide surge in the number of road accidents & sports-related injuries, growing geriatric population base coupled with rising incidence of limb deformities, introduction of technologically advanced external fixators, and increasing shift towards minimally invasive surgeries (MISs). External fixation is a minimally invasive procedure that uses unilateral, circular, and modular external fixators in order to avoid the trauma to the soft tissue, resulting in improved outcomes with lower amputation rates. Rising adoption of MISs/minimally access surgeries (MASs) owing to its benefits such as minor incisions, lower muscle & tissue damage, rapid wound healing, and lesser surgical scars & pain in comparison with invasive procedures. Hence, this causes minor complications and curtailed operational expenses & risk of developing hospital-acquired infections (HAIs) in patients. The World Health Organization (WHO) reported that global older population has surged from 841.0 Mn in 2013 to 962.3 Mn in 2017, and will surpass 2.0 Bn by the end of 2050. This target population is more prone to develop osteoporosis and other orthopedic conditions, thereby facilitating the demand for external fixators.
Market participants are emphasizing on research & development activities related to technologically advancement in external fixators by creating patient-specific devices with complex internal structures and using 3D printing. Manufacturers are developing smart, robotic external fixation system for various orthopedic procedures. Various computer-assisted (aided) are developed and used during treatment of open & closed fractures, non-unions, malunions, limb lengthening surgeries, and pseudoarthrosis of long bones. These devices are comprised of rings, wire & screw clamps, struts, and articular hinge which provides easier application with higher mechanical stability and precise corrections. In February 2018, OrthoSpin Ltd. (a portfolio company of The Trendlines Group Ltd.) completed a first-in-human (FIH) trial for its robotic external fixator that is used to treat orthopedic deformities.
Key Market Movements:
- Globally, the external fixators market to witness a profitable growth with a CAGR of 9.4% during the forecast period from 2018 to 2026
- Based on product, the unilateral & modular external fixators segment is anticipated to display phenomenal market growth in the near future is attributed to its gradually rising adoption as it is simple to construct that provides optimal stability and have lesser risks of infections & scars
- The orthopedic deformities segment among applications will continue to spearhead the market over the forecast period due to higher incidence of orthopedic limb deformities along with higher adoption during bone fracture repair and osteotomy procedures
- North America dominated the market in 2017 due to rising prevalence of musculoskeletal diseases, the presence of target population & key market participants, and favorable reimbursement & coverage scenario for orthopedic surgical procedures in the U.S. and Canada
- Asia Pacific is foreseen to display comparatively higher market growth during the forecast period from 2018 to 2026 and expected to retain its status quo owing to rising older population base coupled with increasing incidence of limb deformities in China, India, Japan, and Australia
- Major players in this vertical are Stryker Corporation; DePuy Synthes (Johnson & Johnson Services, Inc.); Smith & Nephew plc; Medtronic Kanghui Orthopedics (Medtronic plc); DJO Global, Inc.; Zimmer Biomet Holdings, Inc.; Orthofix International N.V.; Response Ortho LLC; Wright Medical Group N.V.; and Integra LifeSciences Corporation
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