The External Fixators Market is Estimated to Witness High Growth Owing to Increasing Number of Surgeries and Technological Advancements
The External fixators market is estimated to be valued at USD 2.10 Bn in 2024, exhibiting a CAGR of 8.5% over the forecast period (2024-2031). Furthermore, the rising adoption of minimally invasive surgeries and growing number of trauma and accident cases are contributing to the market growth.
Market Dynamics:
The growth of the global external fixators market can be attributed to the increasing number of surgeries and technological advancements in external fixators. Over the years, there has been a significant increase in the number of accidental injuries and bone-related surgeries like fracture fixation. This has raised the demand for external fixators globally. Moreover, with growing awareness about minimally invasive techniques, manufacturers are increasingly investing in developing advanced external fixators with features like enhanced stability and accuracy. This has led to a higher preference for external fixators among orthopedic surgeons and patients. Rising healthcare expenditure in developing nations is also expected to offer lucrative growth opportunities for players in the market. However, issues related to infections and high costs associated may limit the market growth during the forecast period.
Growing Number of Road Accidents are Boosting the Demand for External Fixators
Road accidents have risen dramatically in recent years due to factors like increased vehicle ownership, lack of enforcement of traffic rules, and poor road conditions.Many victims of severe road accidents suffer from multiple fractures and bone injuries which require fixation and immobilization during the healing process. External fixators provide surgeons with a minimally invasive technique to stabilize fractures and support bone healing without complicated surgeries. With growing motorization worldwide, especially in developing economies, the number of road accident victims requiring external fixators is increasing steadily. Various government initiatives to improve road safety are also helping raise awareness but a lot remains to be done to curb accidents. As long as vehicle numbers keep rising without adequate safety measures, the demand for external fixators will continue getting a boost from the growing road accident cases worldwide.
Increasing Healthcare Expenditure in Developing Nations are Opening New Avenues
Developing countries across Asia Pacific and Latin America are witnessing increased healthcare spending by both governments and individuals. This is creating new opportunities for medical device manufacturers to penetrate untapped regional markets. While developed markets like North America and Western Europe currently dominate the external fixators industry, players are looking to capitalize on the spending power of emerging economies. Many developing Asian and Latin American countries still have inadequate public healthcare infrastructure. However, private healthcare is expanding rapidly to meet the needs of a growing middle class population. This is encouraging the domestic manufacture of basic medical supplies while also opening doors for the import of advanced products like external fixators. As living standards improve in the Global South, governments are allocating higher budgets for public health as well. Increased healthcare access and expenditure in developing regions are acting as a key driver for the external fixators industry worldwide.
Limited Reimbursements are Hampering Widespread Adoption
Reimbursement policies play a major role in determining the affordability and adoption of new medical technologies. Unfortunately, external fixators still do not have adequate insurance coverage in many countries. Unlike basic procedures, advanced fixator systems entail higher costs that may not be fully reimbursed. This limits their usage to only most critical cases where patients can bear expenses themselves. Even in developed markets, full reimbursement is not guaranteed which discourages wider procurement. For instance, in the U.S., private payers like insurance agencies do not always offer payment for costly fixators. Similarly, public programs have payment limits and stringent guidelines for allowing claims. Such restrictive reimbursements prevent external fixators from reaching a larger patient base who could benefit from them. Unless coverage policies are made favorable, reimbursements will continue restricting the market potential of external fixators globally.
Technological Advancements are Opening New Applications
Traditionally used only for long bone fractures, external fixators are finding increasing usage in other complex surgeries as well owing to continuous technology upgrades. New materials, compact designs, and smart features are enabling their application in pelvic and spinal injuries, limb lengthening procedures, and management of infected non-unions. Automated and magnetic external fixators also allow improved precision, reduced risk of errors, and faster recovery times. 3D printing technology is enabling patient-specific fixators with customizable structures. Moreover, emerging markets are seeing local production of affordable basic fixators to meet the demand from road accidents and trauma cases. Such technological developments are helping expand the applications of external fixators beyond conventional orthopedic uses. As novel materials, smart sensors and navigated systems make fixators more versatile surgical tools, the market opportunities will keep growing in the coming years.
Link: https://www.coherentmarketinsights.com/market-insight/external-fixators-market-4589
Key Development
- In May 2024, Metric Medical Devices, Inc., a company specializing in orthopedic extremity products, received USFDA clearance to market its new LINK Percutaneous Dynamic Compression Bone Fixator in the U.S. The LINK device is designed to offer minimally invasive, continuous dynamic compression for fixing osteotomies, fractures, or arthrodesis. It utilizes shape-changing technology to apply compressive forces through percutaneous bone pins, aiding in bone healing effectively and instantaneously.
- In March 2022, Orthofix, a medical device company, disclosed its receipt of 510(k) clearance from the USFDA for the TrueLok Evo Ring Fixation system. This advanced external fixation system, constructed from carbon fiber for enhanced patient comfort, is designed for stabilizing open and closed fractures, as well as correcting bony or soft tissue defects or deformities in both adult and pediatric patients.
- In June 2022, Paragon 28, Inc., a medical device company, launched the Monkey Rings Circular External Fixation System, aimed at trauma, deformity correction, and limb salvage in the foot and ankle orthopedic market. This system utilizes external wires and screws to maintain bone alignment, providing stability and preserving soft tissue.
- In December 2021, Johnson & Johnson's DePuy Synthes, an orthopedic trauma devices company, announced the acquisition of OrthoSpin, an Israel-based company specializing in robot-assisted external fixation systems for orthopedic treatments. OrthoSpin's platform integrates with DePuy Synthes' Max frame multi-axial correction system, which is an external ring fixation system.
Key Players: Johnson & Johnson Services, Inc. (DePuy Synthes), Stryker, Zimmer Biomet, Smith+Nephew, Orthofix Medical, Inc., Ortho-SUV Ltd., B. Braun Melsungen AG, Response Ortho, Tasarimmed Tıbbi Mamuller San. Tic A.Ş., Auxein Medical, Acumed, AOI Medical, Advanced Orthopaedic Solutions, Citieffe s.r.l., and Wright Medical
