External Fixators Market is all set to witness a CAGR of 8.5% in the next decade. It is expected to reach US$ 3,126.5 Mn by the year 2028. With digitized communication channels making a beeline to the healthcare vertical, the advanced clinics are into virtual consultation mode, and this scenario is expected to continue even going forward. Regulatory approvals for this type of communication are on the way. Close to 70% of the public hospitals worldwide are being asked to adopt digital means. This would be the scene with healthcare vertical in the subsequent period.
As per a recent report by Persistence Market Research (PMR), increasing prevalence of osteoporosis and incidences of accidental fracture are pegged to be the two major factors pushing the adoption of external fixators, globally.
The global external fixators market is projected to expand at an impressive 8.5% CAGR over the forecast period of 2018–2028 and the market valuation is expected to reach US$ 3,126.5 Mn through 2028. Innovative and technologically advanced external fixators are expected to boost the growth of the global external fixators market over the forecast period.
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Company Profiles
- 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
- Tasarmmed Medical Mamüller San. Trade Ltd. ti
- Others.
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Emerging Markets: A Hotbed of Opportunities for External Fixators Manufacturers
North America is anticipated to hold nearly 35% share of the global external fixators market. However, on the basis of comprehensive regional analysis, Australia & New Zealand are likely to present most lucrative growth opportunities in Asia Pacific market, followed by Latin America and the MEA. China and Japan are expected to be fast growing markets in the global external fixators market. External fixation devices manufacturers are focusing on emerging markets owing to increased procedural awareness coupled with sophisticated diagnostics capabilities in these regions, fueled by growing demand for quality and affordable healthcare.
Moreover, the top four players in the global external fixators market including Smith & Nephew, Zimmer, Stryker Corporation, and DePuy Synthesis contribute nearly 50% share of the overall market share, making the market very consolidated. Moreover, since most of these major players have strong hold in North America region, with wide spread distribution network, products have been easily accessible to end-users in the region. However, an absolutely consolidated global external fixators market results in high-priced devices. External fixators are likely to be more competitively priced owing to the emergence of other competitors.
Technologically Advanced Procedures to Fuel External Fixators Adoption
Orthopedic treatments have transitioned from conventional invasive procedures to minimally-invasive procedures that guarantees early return-to-motion with lesser chances of infection like issues related to pin tract infections and neurovascular surgery, and lower levels of soft tissue disturbance. The computer-assisted external fixators have built upon the strengths of the traditional external fixators by increasing the device versatility and ease of use in complex cases. As per PMR analysis, computer-assisted external fixators are likely to find increased worldwide adoption, expanding at a high CAGR, in the coming years.
“Alternative treatment options for orthopedic disorders, such as such bone glue for joint replacement, may hamper the growth of the global external fixators market. Although, manufacturers of external fixators are focusing on new product development, stringent regulations and lengthy approval process makes market-entry difficult for new products—turning patients to alternative options. Developing surgical-site infections (SSIs) varies, greatly prevalent with orthopedic trauma surgeries compared to other surgical specialties, is an important factor hampering the growth of the global external fixators market” Consultant, Healthcare Industry, Persistence Market Research.
Acquisitions, mergers, expansion, launches and agreements are the key strategies adopted by external fixators’ manufacturers to increase the sale of their products in different geographies. Manufacturers are also focusing on NPD to strengthen their product portfolio in the Asia Pacific region in order to expand their market footprint in the emerging economies. Manufacturers are creating patient-specific devices with complex internal structures, using 3D printing. 3D printing is revolutionizing the orthopedic industry, which will in turn, propel the global external fixators market.
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