Global External Fixators Market, by Product Type (Manual Fixators and Computer-Assisted Fixators), by Fixation Type (Unilateral Fixator [Modular AO Type], Circular Fixators, and Hybrid), by Indication (Fractures with soft-tissue damage, Polytrauma—damage control surgery, Skeletal infection, and Corrective surgery (Limb Correction and Orthopedic Deformities)), by End User (Hospitals, Ambulatory Surgical Centers, and Orthopedic Clinics), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa), is estimated to be valued at US$ 978.4 million in 2021 and is expected to exhibit a CAGR of 8.2% during the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
The increasing number of product launches by the key companies in the market is expected to drive the growth of the market over the forecast period. For instance, In January 2021, OrthoSpin, an innovative company in Israel, launched second-generation external fixation system used for multi-axial correction system.
Global External Fixators Market – Impact of Coronavirus (COVID-19)
The COVID – 19 pandemic is expected to hamper growth of the global external fixators market during the forecast period due to delayed surgical procedures during lockdown.
The COVID-19 pandemic had a significant impact on the sales of medical devices in 2020. Many general surgery device markets were negatively impacted due to elective procedures being cancelled or postponed to minimize the spread of the virus and to reallocate resources to COVID-19 patients.
Moreover, there has been a significant impact of COVID-19 on orthopedic procedures such as delay in the orthopedic procedures to restrict the spread of coronavirus. According to the study published in British Journal of Surgery 2020, approximately 6.3 million orthopedic surgeries were cancelled, and 2.3 million cancer surgeries and 28.4 million elective surgeries were also cancelled due to the COVID-19 pandemic in countries like United Kingdom, Benin, Ghana, India, Italy, Mexico, Nigeria, Rwanda, Spain, South Africa, and United States.
Governments and government agencies globally are taking various initiatives to combat the spread of COVID-19. For instance, in May 2020, the Centers for Disease Control and Prevention started working with the All-of-Government and All-of-America approach to increase the testing capacity, to improve case detection, and to increase contact tracing across all the U.S. states to re-open the country after pandemic restrictions.
Moreover, CDC is working with the U.S. state and local partners in the U.S. are conducting testing of asymptomatic people is likely to be helpful in controlling the pandemic, as well as it is a best application of surveillance serologic testing. Furthermore, the CDC is supporting the improvement of current data infrastructure, and the development & integration of digital/technology solutions in various healthcare sectors in order to ensure timely and transparent communication with all citizens with respect to daily new cases, hospitalizations, use of intensive care units (ICU), and mortality by country and/or zip code.
Browse 32 Market Data Tables and 31 Figures spread through 200 Pages and in-depth TOC on “Global External Fixators Market, by Product Type (Manual Fixators and Computer-Assisted Fixators), by Fixation Type (Unilateral Fixator [Modular AO Type], Circular Fixators, and Hybrid), by Indication (Fractures with soft-tissue damage, Polytrauma—damage control surgery, Skeletal infection, and Corrective surgery (Limb Correction, Orthopedic Deformities)), by End User (Hospitals, Ambulatory Surgical Centers, and Orthopedic Clinics), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa
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The market is expected to witness significant growth during the forecast period, owing to key players focusing on product approvals for external fixators for the treatment of various orthopedic disorders. For instance, in June 2020, Orthofix Medical Inc., a global medical device company received the approval from U.S. Food and Drug Administration (FDA) 510(k) clearance and European CE Mark approval for the JuniOrtho Plating System. It is an innovative fixation system to address deformity and trauma reconstruction of the lower extremities.
Key Takeaways of the Global External Fixators Market: