The global external fixator market is on the brink of a remarkable surge, presenting lucrative growth opportunities in the years ahead. According to recent industry analysis, the market is anticipated to burgeon to a value of US$ 2.0 billion by 2024, with further projections indicating a substantial rise to US$ 4.2 billion by 2034. This trajectory underscores a significant growth trend, maintaining a robust Compound Annual Growth Rate (CAGR) of 7.6% throughout the forecast period.
External fixators, integral devices in orthopedic care, are witnessing increasing adoption owing to their efficacy in stabilizing and supporting fractured bones during the healing process. The market’s expansion is driven by a confluence of factors including advancements in medical technology, rising incidences of orthopedic injuries, and a growing aging population susceptible to musculoskeletal disorders.
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“The market landscape is evolving with the introduction of innovative solutions and the rising burden of chronic diseases,” stated a FMI the research team. “Factors such as device quality assessments, patenting landscape, and the advent of 3D modeling software systems are influencing market dynamics.”
However, despite the market’s growth potential, challenges such as high maintenance requirements, patient compliance issues, and infection risks associated with external fixators are impacting market growth. Side effects such as non-rigid fixation, joint stiffness, and pin-tract infections are also contributing to the decline in market value.
The market’s trajectory is heavily influenced by product adoption rates, regulatory compliance, and reimbursement policies. Key developments include the emergence of 3D printed external fixator technology, offering personalized solutions for patients.
In conclusion, the global external fixators market is poised for significant growth driven by technological advancements and the increasing prevalence of orthopedic disorders. However, addressing challenges related to device maintenance and patient compliance will be crucial for sustaining market momentum.
The major factor driving the growth of the external fixators market:
- Chronic diseases cause poor wound healing: Diabetes and obesity can lead to complications that impair the body’s ability to heal wounds, particularly in the feet. This is due to factors like poor circulation and nerve damage.
- Increased risk of amputation: When wounds don’t heal properly, there’s a higher chance of amputation becoming necessary. The passage cites a statistic that around 230 amputations due to diabetes happen every day in the US alone.
- External fixators for limb salvage: External fixators are medical devices that stabilize broken bones or hold fractured bones in place while they heal. In cases of chronic diseases where healing is compromised, these devices can play a crucial role in saving limbs from amputation.
Basically, as chronic diseases become more prevalent, the demand for tools like external fixators that can help manage complications and potentially prevent amputations is also rising. This fuels the market for these devices.
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Competition Landscape:
Major players in the global external fixators market are concentrating on crafting high-performance, cost-effective orthopedic external fixators to fortify their positions in the fiercely competitive sector. Simultaneously, select key players are endeavoring to secure swift approvals from governmental healthcare bodies for the global distribution of their proprietary products.
For instance:
- In November 2021, Paragon 28, Inc., a U.S.-based medical device company, garnered 501(k) marketing clearance from the U.S. Food and Drug Administration (FDA) for its Circular External Fixation System. This clearance is poised to bolster the company’s presence in the ankle and foot domain, complementing its existing internal fixation portfolio. The new product line is slated for launch in the first half of 2022.
- In July 2020, Orthofix Medical Inc., headquartered in Texas and renowned for its minimally invasive extremity solutions, achieved both the European CE Mark approval and FDA 510(k) clearance for its JuniOrtho Plating System. Specifically tailored to meet the burgeoning demand for advanced trauma and deformity reconstruction in pediatric lower extremity cases, this innovative fixation system marks a significant stride forward.
Key Companies Profiled:
- Johnson & Johnson Services, Inc. (DePuy Synthes)
- Stryker Corporation
- Zimmer Biomet Holdings, Inc.
- Smith & Nephew plc
- Orthofix International N.V.
- Ortho-SUV Ltd.
- Response Ortho LLC
External Fixators Market By Category:
Product Type:
- Manual Fixators
- Computer Aided External Fixator
Application:
- Orthopedic Deformities
- Fracture Fixation
- Infected Fracture or Non-Unions
- Limb Correction
- Others
End User:
- Hospitals
- Ambulatory Surgical Centers
- Orthopedic and Trauma Centers
Region:
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific excluding China & Japan
- Japan
- China
- Middle East & Africa
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