Market Size of Global External Fixators Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.40 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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External Fixators Market Analysis
The external fixators market is expected to register a CAGR of 5.4% during the forecast period (2022-2027).
The worldwide COVID-19 pandemic has eclipsed the attention of healthcare professionals, affecting all areas of health and diagnostics care. The crisis has had several indirect health effects as well. The unprecedented changes due to COVID-19 have had long-term implications on the life of people all around the globe. The COVID-19 pandemic has affected various global sectors and so had a significant impact on the external fixator market. The industry players also reported a decline in sales in the first two quarters of 2020 and then a gradual recovery afterward. For instance, the 2021 annual report of Nuvasive reported a 70% case volume decline in 2020 Q2 from the prior year, however, the market shows a subset increase in revenue, as the 2021 annual report of Orthofix reported a 6% revenue growth in 2020 Q3 from the last year.
The main driving factors also include growth in the geriatric population, high prevalence of bone degenerative diseases, and increasing incidence of sports injuries worldwide. According to the World Health Organization (WHO), in 2020, more than 1.25 million people die every year because of road traffic crashes and accidents. Road traffic injuries are the leading cause of death among people aged between 15 and 29 years. Between 20 and 50 million more people suffer non-fatal injuries, with many incurring a disability because of their injury. Hence, these above-stated statistics show that the increasing number of road injuries and accidents is affecting the global population, which is ultimately increasing the demand for trauma fixation devices in healthcare facilities.
The demand for external fixation devices is growing due to the advantages of advanced products such as bioresorbable implants, drug-eluting implants, and nano-coated devices. Technological advancements and other innovations are resulting in the development of advanced and pain-free surgeries. Also, the innovation of some new software in these surgical procedures is driving the market. For instance, in 2020 WishBone Medical, Inc., announced its United States Food and Drug Administration (USFDA) 510(k) clearance on its Smart Correction External Fixation System, which comprises hexapod external fixator hardware and proprietary planning software. The WishBone Medical Smart Correction System is a hexapod external fixator used to stabilize and maintain alignment of complicated fractures, soft tissues, and/or congenital deformity repairs. The System is intended for the treatment of open and closed fractures, arthrodesis, and pseudoarthrosis of long bones, as well as limb lengthening, deformity, angular correction, boney or soft tissue defect correction, and malunions. Thus, technological development is driving the market and increasing the demand for external fixators.
Thus, due to the aforesaid mentioned reasons, the external fixation segment is expected to show a significant over the forecast period. However, the availability of alternative treatments in line with the shortage of skilled orthopedic surgeons may slow down the growth of this market over the forecast period.
