External Fixators Market Size Worth $1.16 Billion By 2028
The global External Fixators Market size is expected to reach USD 1.16 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.0% from 2021 to 2028. The growing incidence of chronic diseases and the rise in the number of sports-related injuries are boosting the market growth. According to the Canadian Institute of Health, from 2018 to 2019, around 18,000 people were hospitalized due to sports-related injuries. Moreover, the rapidly increasing number of road accidents is expected to boost the need for external fixation surgeries. For instance, according to the Association for Safe International Road Travel (ASIRT), in 2019, around 20 to 50 million people in the U.S. were injured or disabled due to road accidents.
Moreover, benefits of external fixation surgeries, such as the lesser risk of Surgical Site Infections (SSIs) than internal fixation and lesser surgery time, along with continuous technological advancement are further propelling the revenue. For instance, In November 2020, Stryker acquired Wright Medical Group N.V. to strengthen its position and enhance product offerings in a high-growth segment of lower extremity and biologics. In February 2021, Orthofix Medical Inc. launched FITBONE intramedullary lengthening system in the U.S. and Europe markets to increase its penetration.
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External Fixators Market Report Highlights
- The computer-aided product segment accounted for the largest revenue share in 2020 due to continuous technological advancements and high usage of these fixators during surgeries
- The circular fixation type segment led the global market in 2020, in terms of revenue share due to the advantages of these products, such as biomechanical characteristics and minimally invasive application
- The fracture fixation segment held the largest revenue share of over 40% in 2020 due to the increased number of fracture-related injuries and demand for external fixation over internal fixation
- The hospitals end-user segment held the largest revenue share in 2020 owing to advanced treatment options available in hospitals and a large number of patient footfall
- North American was the leading regional market in 2020 owing to the presence of advanced healthcare infrastructure and favorable reimbursement policies along with a high target population