External Fixation Products Market Size, Share, Growth, and Industry Analysis, By Type (Stainless Steel, Titanium and Others), By Application (Upper Extremities and Lower Extremities), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

External Fixation Products Market REPORT OVERVIEW

• 
• Request a Free Sample to learn more about this report

The global external fixation products market size was USD 1900 million in 2021 and market is projected to touch USD 4668.5 million by 2031, exhibiting a compound annual growth rate (CAGR) of 9.3% during the forecast period.

The external fixation products or simply fixation device, is basically a medical/surgical equipment which is uses a stabilizing metal frame with bars connected to pins that are drilled into bones above and below the fracture area. In other words, external fixators are the external stabilizing structures that are utilized in surgical procedures and treatments to support the surgical rods that are screwed into the bones close to the broken location. There are a lot of risk and complications associated with the use of external fixation products, which includes damage to the soft-tissue structures and pin-track infection in patients.

Advantages of external fixation products are reduced treatment time and less requirement of surgical intervention which ultimately boosts work efficiency and productivity. Increased technological advancements, chronic diseases, fractures due to road accidents and sports-related injuries, are some of the prominent factors that are expected to rise product demand and will result in market growth.

COVID-19 Impact: Supporting to Advance Medical Economy Elevates Market Growth

Due to the rise of coronavirus, harsh and strict government protocols were put into force for public welfare. Lockdowns were also imposed to stop the deadly virus from spreading which resulted in the severe socio-economic conditions. Numerous market sectors such as healthcare, economy, lifestyle, technology and many other globally had to face profound challenges which included ceased transportation activities and industrial practices. Decline in demand of the product leading to derailed market growth. Moreover, elective and private activities were put to a halt so that more staff, space and medical equipment can be freed out to tend to coronavirus infected patients.  However, during the first quarter of year 2021, the situations recovered and external fixation products saw a gradual recovery in demand for elective surgeries as restrictions eased up and norms relaxed, which increased the demand of product and resulted in market enhancement.

LATEST TRENDS

"Technological Advancement Propels Market Growth"

Currently, the external fixation products is expected to touch USD 3.5753 billion by 2028, exhibiting a remarkable CAGR value of 9.3% during the forecast period. With each passing day, new technologies and tools are introduced to the world and its incorporation in daily practices as well as industrial procedures have considerably helped in increasing work efficiency and productivity. Likewise, it is highly expected that these modern technologies will be adopted into the current working style. As a result, better products are highly anticipated to be created that will boost market growth.

External Fixation Products Market SEGMENTATION

• 
• Request a Free Sample to learn more about this report

• By Type

The market categorizes into Stainless Steel, Titanium and Others.

Based on type, Stainless Steel is the leading segment.

• By Application

The market categorizes into Upper Extremities and Lower Extremities.

Based on application, Upper Extremities is the leading segment.

DRIVING FACTORS

"Increase in Chronic Diseases to Boost the Need for Surgical Interventions Which Propels Market Growth"

In the past few years, the risk of chronic diseases, such as diabetes, have increased significantly which drives the demand for external fixation products. Also, fractures due to road accidents and sports-related injuries have also considerably increased. It is estimated that in every thirty seconds a leg is amputated and 85% of these amputations were the results of a diabetic foot ulcer which leads to enhanced market growth.

"Diminishing Impact of Covid-19 on Market Promotes Market Development"

With the rising threat of coronavirus in the fall of 2019, staff members as well as all sorts of medical equipment was in urgently required so that more COVID-19 patients could be treated. As a result, elective and private treatments were put to a hold to free up the space as well as medical resources that can be used to mend coronavirus infected patients. However, as the conditions improved and got better, the ceased elective operations and treatments were again restarted thus, increasing the use and demand for external fixation products.

RESTRAINING FACTORS

"Risks and Complications Associated with the Use of External Fixation Products to Hamper Market Advancement"

The risks and complications that are associated to hinder external fixation products market growth includes pin tract infections which is an infection where the pin is inserted at a greater soft tissue place and inadequate pin care, neurovascular injury, muscle fibrosis, tendon rupture, and others. Furthermore, the increasing threat of surgical-site infection during surgeries also become a major obstruction to restrain the growth of the external fixators market over the forecast period. Moreover, lack of skilled orthopaedic surgeons also poses as a major setback for the growth of the respected market.

External Fixation Products Market REGIONAL INSIGHTS

• 
• Request a Free Sample to learn more about this report

"North America to Dominate the Market Due to High Manufacturing Rates"

Due to the existence of high number of manufacturing units, North America leads the external fixation products market share owning a total market share of more than 34%. Furthermore, this region supports an exquisite and powerful networking facilities with other parts of the world, resulting in increased transportation rates.

KEY INDUSTRY PLAYERS

"Key Market Players to Emphasis on Product Enhancement"

All the prominent market players are highly expected to focus on enhancing product quality and standards which will help in increasing consumer attention. Moreover, new technologies will be adopted and incorporated into current working style to stay up to date with the latest demands of consumers around the world. Depuy Synthes (J&J), Stryker, Zimmer Biomet, Smith & Nephew, are some of the major external fixation products market industries. In addition, better networking and transportation mediums are to be formed which is expected to drive product transportation, resulting in market growth.

List of Market Players Profiled

• Depuy Synthes (J&J) (U.S.)
• Stryker (U.S.)
• Zimmer Biomet (U.S.)
• Smith & Nephew (U.K.)
• Wright Medical (U.S.)
• Acumed (U.S.)
• B Braun (Germany)
• OsteoMed (U.S.)
• Orthofix (U.S.)
• Medartis (Switzerland)
• Globus Medical (U.S.)
• Lima Corporate (Italy)
• Medtronic (Ireland)
• MicroPort (China)

REPORT COVERAGE

This market research report effectively covers all essential features of the external fixation products market such as restraining factors, driving factors, latest market trends, COVID-19 impacts, etc during the forecast period of 2022-28. Brief description about the major industry faces have also been given. Furthermore, market segmentation, on the basis of type, application and region is also described in detail. This report guarantees to outlay all the crucial market aspects that are thoroughly studied and monitored by our experts which will be proved as a powerful tool for several market players, stakeholders, and other participants.