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External Fixators Market Research Report – Segmented By Region (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) – Analysis on Size, Share, Trends, COVID-19 Impact, Competitive Analysis, Growth Opportunities and Key Insights from 2019 to 2030.
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Published date -30th Jan 2024
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Formats -PDF, CSV
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Region -Global
Market Size & CAGR of External Fixators Market in 2021
The global external fixators market is estimated to have reached a size of USD 2.5 billion in 2021. It is expected to grow at a compound annual growth rate (CAGR) of 4.5% from 2021 to 2028, reaching a market size of USD 3.6 billion by the end of the forecast period. The market growth can be attributed to factors such as the increasing incidence of fractures and orthopedic disorders, advancements in external fixator technology, and the rising geriatric population worldwide.
COVID-19 Impact on the External Fixators Market
The COVID-19 pandemic had a significant impact on the external fixators market in 2020 and 2021. Due to the lockdowns imposed in various countries to curb the spread of the virus, hospitals postponed elective orthopedic surgeries, including those requiring external fixators. This led to a temporary decline in the demand for external fixators in the market. However, as healthcare systems adapted to the new normal and resumed elective procedures, the market witnessed a gradual recovery in the latter half of 2021. The market is expected to continue its growth trajectory in the post-pandemic period, driven by the increasing incidence of orthopedic injuries and surgeries.
External Fixators Dynamics
The external fixators market is characterized by the presence of a few key players who dominate the market. These players focus on product innovation, strategic collaborations, and geographical expansion to gain a competitive edge. The market is also witnessing a growing demand for minimally invasive external fixators, increased adoption of advanced materials in external fixator design, and rising investments in research and development activities to enhance product efficacy and patient outcomes.
Segments and Related analysis
The external fixators market can be segmented based on product type, material type, application, end-user, and region. By product type, the market is classified into unilateral fixators, circular fixators, hybrid fixators, and others. Based on material type, the market is categorized into stainless steel, titanium, and carbon composite. The application segments include trauma cases, orthopedic surgeries, and others. Hospitals, ambulatory surgical centers, and specialty clinics are the major end-users of external fixators.
By Region Analysis
In terms of region, North America dominated the external fixators market in 2021, owing to the presence of well-established healthcare infrastructure, high healthcare expenditure, and the adoption of advanced orthopedic technologies in the region. Europe and Asia Pacific followed closely behind, with growing investments in healthcare and increasing awareness about orthopedic conditions driving market growth in these regions. Latin America and the Middle East & Africa regions are also witnessing steady growth in the external fixators market.
Key Market Players and Competitive Landscape
Some of the key players in the global external fixators market include Zimmer Biomet Holdings, Inc., Stryker Corporation, Smith & Nephew plc, Medtronic plc, and Johnson & Johnson Services, Inc. These companies focus on strategic initiatives such as product launches, acquisitions, and collaborations to strengthen their market position and expand their product portfolios. The market is highly competitive, with players vying for market share through technological advancements and innovative product offerings.
Recent happenings in the External Fixators Market
In recent years, the global external fixators market has witnessed several key developments aimed at enhancing product innovation and market competitiveness. Some notable events include strategic partnerships between manufacturers and healthcare providers, the introduction of advanced external fixator designs with improved patient comfort and outcomes, and increased investments in clinical research to expand the application of external fixators in various orthopedic procedures. These developments underscore the dynamic nature of the external fixators market and the continuous efforts of industry players to meet evolving healthcare needs.
