Increasing Incidence Of Orthopedic Injuries: A Key Driver Transforming the Tubular External Fixation System Market 2024
Tubular External Fixation System Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Does The Historical Growth Of The Tubular External Fixation System Market Signify?
The tubular external fixation system market size has grown strongly in recent years. It is forecasted to grow from $5.54 billion in 2023 to $6.05 billion in 2024 at a compound annual growth rate CAGR of 9.1%. The growth in this period can be attributed to improvements in design and materials, increased awareness among healthcare professionals, enhanced surgical facilities, improved patient outcomes, and regulatory approvals and standards.
What’s Projected For The Tubular External Fixation System Market In The Coming Years?
The tubular external fixation system market size is geared for strong growth in the coming years. It is forecasted to escalate up to $8.68 billion in 2028 at a compound annual growth rate CAGR of 9.5%. The growth in the forecast period can be attributed to favorable government initiatives, a shift towards patient-centric models, continuous investment in R&D, expansion of orthopedic clinics and specialized hospitals, and an increasing incidence of osteoporosis. Major trends in the forecast period include advancements in materials and design innovations, integration of regenerative medicine, innovations in fixation mechanisms, integration of wearable sensors and Internet of Things IoT, and advancements in biomechanics.
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What Are The Key Growth Drivers For The Tubular External Fixation System Market?
The increasing incidence of orthopedic injuries is expected to propel the growth of the tubular external fixation system market forward. Orthopedic injuries pertain to damage or trauma affecting the musculoskeletal system, including bones, joints, ligaments, tendons, and muscles. The incidence of such injuries is increasing due to factors such as rising participation in sporting activities and physical exercises, an aging population more prone to falls and fractures, and sedentary lifestyles leading to weakened muscles and joints. A tubular external fixation system is beneficial in treating orthopedic injuries as it offers stable and adjustable support to fractured or injured bones while causing minimal disruption to surrounding tissues. For instance, the annual number of hip fractures is projected to reach 10,311 by 2029, reflecting a 32% increase compared to 2021, according to the US-based governmental organization, the National Institutes of Health, in January 2024.
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What Are The Key Industry Players In The Tubular External Fixation System Market?
There are several major companies operating in the tubular external fixation system market, including Johnson & Johnson, Zimmer Biomet Holdings Inc., NuVasive Inc., Globus Medical Inc., Lepu Medical Technology Co Ltd., Wright Medical Group N.V., Orthofix Medical Inc., Aesculap Inc., Medartis Holding AG, Acumed LLC, KLS Martin Group GmbH & Co. KG, OrthoPediatrics Corp., OsteoMed LLC, Narang Medical Limited, Citieffe S.r.l., GPC Medical Limited, WishBone Medical Inc., Siora Surgicals Pvt. Ltd., Spinamer Health Products Inc., HankilTech Medical Co Ltd., TAEYEON Medical Co Ltd., TASARIMMED Medical Devices Ltd., Zimed Medical Co Ltd., and Selaz Medical Devices S.A.
What Are The Emerging Trends In The Tubular External Fixation System Market?
Major companies operating in the tubular external fixation system market are focusing on developing advanced solutions, such as stable external fixation systems, to enhance patient outcomes and elevate orthopedic treatment's efficiency. One such device that externalizes immobilization and stabilization of fractures, thus ensuring proper bone alignment during healing, is the stable external fixation system. A key example is the Galaxy Fixation Gemini system launched in September 2023 by Orthofix Medical Inc., a U.S-based spine and orthopedics company. The system, notable for its availability in various sterile procedure kit configurations, provides an instant, off-the-shelf solution for medical professionals—eliminating the need for tray sterilization and thereby reducing costs and minimizing delays in the operation room.
How Is The Global Tubular External Fixation System Market Segmented?
The tubular external fixation system market is segmented:
1 By Type into Tibia External Fixation System, Knee External Fixation System, Femur External Fixation System, Ankle External Fixation System, Pelvis External Fixation System, Elbow External Fixation System, Other Types.
2 By Fixation Type into Unilateral And Bilateral, Circular, Hybrid And Other Fixation Types.
3 By Application into Hospitals And Clinics, Rehabilitation Center, Other Application.
What Are The Regional Insights On The Tubular External Fixation System Market?
North America was the largest region in the tubular external fixation system market in 2023. The regions covered in this market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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