The global external fixator market is poised for substantial expansion in the coming years, driven by advancements in medical technology and increasing demand for minimally invasive surgical procedures. According to recent market research, the external fixator market is anticipated to achieve a valuation of USD 2.0 billion by 2024, with further growth projections aiming at USD 4.2 billion by 2034. This trajectory reflects a robust Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period.
External fixators are crucial devices used in orthopedic surgery to stabilize fractures and facilitate healing. They offer significant advantages over traditional surgical methods, particularly in minimally invasive procedures that enhance patient outcomes and recovery times. Manufacturers in the sector are continuously innovating fixator designs, materials, and techniques to improve efficacy and patient comfort, thereby driving market expansion.
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The rising incidence of trauma cases worldwide, coupled with an aging population, has escalated the demand for external fixators as an essential tool in managing bone fractures and injuries. These devices play a pivotal role in providing stability and support during the healing process, particularly in elderly patients where fractures are more prevalent.
“We are witnessing a transformative period in the external fixator market, driven by technological advancements and increasing healthcare needs,” said FMI. “The market’s growth is not only fueled by innovation in product development but also by the growing acceptance of minimally invasive surgical techniques across the globe.”
The future of the external fixator market looks promising, with ongoing research and development expected to introduce further enhancements in device performance and patient outcomes. As healthcare systems worldwide prioritize efficient and cost-effective treatment options, external fixators are set to play an increasingly vital role in orthopedic care.
Key Takeaways: External Fixator Market
- The global external fixator market is projected to reach US$ 4.2 billion by 2034, growing at a significant CAGR of 7.6%.
- Rising geriatric population with increased bone fractures.
- Growing number of accidents due to road traffic, sports, and workplaces.
- Preference for minimally invasive treatments like external fixation.
- The US and UK markets are expected to grow steadily at a CAGR of 6.4% and 7.7% respectively. Strong healthcare systems and rising fracture rates support this growth.
- China and Japan are projected to witness explosive growth at a CAGR of 13.2% and 9.8% respectively. This is due to advancements in medical technology, increasing healthcare spending, and a growing preference for minimally invasive surgeries.
- India’s market is also poised for expansion at a CAGR of 7.6%, driven by its high burden of road accidents and rising sports injuries.
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Competitive Landscape:
The external fixator market features numerous established companies alongside emerging firms seeking to capture market share through innovation, strategic partnerships, and geographical expansion.
Key Developments:
- 2022: Orthofix Medical Inc. and LimaCorporate S.p.A. formed a licensing partnership to address the needs of U.S. patients with chronic high hip dislocation.
- 2021: Stryker launched the Citrelock Tendon Fixation Device System, designed to enable tendon fixation without causing placement damage.
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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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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