External Fixators Market Is Estimated To Witness High Growth
SWOT Analysis
Strength: The external fixators market has strong growth potential due to rising demand for external fixation devices in trauma and orthopedic surgeries. The non-invasive nature of external fixators makes them preferable over other treatment options. Furthermore, continuous technological advancements are helping manufacturers launch improved external fixation systems.
Weakness: High costs associated with external fixation procedures can limit their adoption in price sensitive regions. Furthermore, the complex surgical procedures and lengthy recovery times associated with external fixation can negatively impact the market.
Opportunity: Increasing prevalence of road accidents and trauma injuries worldwide presents scope for market expansion. Additionally, growing geriatric population who are prone to bone fractures will drive the need for external fixation devices.
Threats: Availability of alternative treatment methods like internal fixation poses competition to external fixators. Stringent regulatory processes for new product approval can also delay their commercialization.
Key Takeaways:
The Global External Fixators Market Growth is expected to witness high, exhibiting CAGR of 8.2% over the forecast period, due to increasing incidences of bone-related injuries and road accidents. Rising healthcare expenditure in developing nations will further aid the market expansion.
Regional analysis: North America dominated the external fixators market in 2022, owing to presence of major players and advanced healthcare infrastructure. Asia Pacific is anticipated to witness fastest growth during the forecast period supported by increasing healthcare investments, large patient pool, and growing medical tourism.
Key players
Key players operating in the external fixators market are Johnson & Johnson Services, Inc. (DePuy Synthes), Double Medical Technology Inc., Orthofix Holdings, Inc., Ortho-SUV Ltd., Response Ortho LLC, Smith & Nephew, Stryker Corporation, Zimmer Biomet, Auxein Medical, Acumed, Tasarimmed T?bbi Mamuller San. Tic A.?, Orthopaedic Implant Company (“OICâ€), Gexfix SA, WishBone Medical, Inc., and Matrix Meditech. These players are involved in new product launches and strategic collaborations to strengthen their market position.
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