Tubular External Fixation System Market Overview 2024: Size, Growth Drivers, and Major Segments
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What is the Expected Growth Rate of the Tubular External Fixation System Market for the Period 2024 to 2033?
In recent years, the market size for the tubular external fixation system has seen robust growth. It is projected to expand from $5.54 billion in 2023 to $6.05 billion in 2024, with a compound annual growth rate (CAGR) of 9.1%. The growth recorded in the historical period can be credited to the enhancement in design and materials, heightened awareness among healthcare practitioners, better surgical infrastructure, improved patient results, alongside regulatory approvals and standardizations.
The market size of the tubular external fixation system is anticipated to witness robust growth in the coming years. With a compound annual growth rate of 9.5%, it is projected to reach $8.68 billion by 2028. This growth over the forecast period can be linked to positive government initiatives, a transition to models focused on the patient, consistent R&D investment, the broadening of orthopedic clinics and specialized hospitals, and a rise in osteoporosis cases. Major forecasting period trends encompass advanced material and design innovations, integration of regenerative medicine, breakthroughs in fixation mechanisms, incorporation of wearable sensors and IoT, and progressive biomechanics.
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What Factors Are Responsible for the Growth of the tubular external fixation system Market?
The uptick in orthopedic injuries is predicted to drive the expansion of the tubular external fixation system market. These types of injuries refer to harm or trauma to the musculoskeletal system, which encompasses bones, joints, ligaments, tendons, and muscles. The prevalence of such injuries is on the rise due to multiple factors, including growing involvement in sports and physical activities, an older population more susceptible to falls and fractures, and inactive lifestyles leading to weak muscles and joints. Tubular external fixation systems are vital for orthopedic injuries as they offer stable and modifiable support to fractured or damaged bones, simultaneously minimizing disruption to the neighboring tissues. As per the National Institutes of Health, a US government organization, in January 2024, the yearly total of hip fractures is projected to hit 10,311 by 2029 at a rate of 463 per 100,000 individuals, representing a 32% jump from 2021. Hence, the escalating occurrence of orthopedic injuries is propelling the growth of the tubular external fixation system market.
Which Segments Are Important for Insight into the Tubular External Fixation System Market?
1) By Type: 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: Unilateral And Bilateral, Circular, Hybrid And Other Fixation Types
3) By Application: Hospitals And Clinics, Rehabilitation Center, Other Application
What Are the Significant Trends Reshaping the Tubular External Fixation System Sector?
Leading firms in the tubular external fixation system market are concentrating on producing superior solutions like stable external fixation systems. These systems are aimed at improving patient results and boosting the effectiveness of orthopedic procedures. A stable external fixation system acts as a medical instrument that provides external immobilization and stabilization of fractures, ensuring bones are correctly aligned during recovery. For example, Orthofix Medical Inc., an American spine and orthopedics organization, introduced the Galaxy Fixation Gemini system in September 2023. This new stable external fixation system caters to fractures caused by trauma in both lower and upper limbs. Notably, it comes in several sterile procedure kit variations, delivering a rapid, ready-to-use answer for healthcare professionals. This system dispenses with sterilization of trays owing to its sterile procedure kits, cutting down on cost and surgical room waiting times. The system escalates operational efficiency and is perfect for quick use in trauma situations, thus making it an invaluable inclusion in Orthofix’s array of procedural solutions.
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Which Regions Are Essential for the Growth of 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 the tubular external fixation system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Tubular External Fixation System Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the tubular external fixation system market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Tubular External Fixation System Market Include
1. Tubular External Fixation System Market Executive Summary
2. Tubular External Fixation System Market Segments
3. Tubular External Fixation System Market Size And Template Market Growth Rate
4. Key Tubular External Fixation System Market Trends
5. Major Tubular External Fixation System Market Drivers
……
25. Key Mergers And Acquisitions In The Tubular External Fixation System Market
26. Top Tubular External Fixation System Companies
27. Tubular External Fixation System Market Opportunities And Strategies
28. Tubular External Fixation System Market, Conclusions And Recommendations
29. Appendix
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