External Fixators Market Poised To Witness Significant Growth Owing To Rising Number Of Road Accidents
External fixators are medical devices that are used as an alternative to internal fixation for fracture treatment and bone reconstruction. External fixators are frequently used in surgical treatments of bone fractures and complex joint reconstruction. These fixators help stabilize bone fragments externally by connecting fracture fragments with pins inserted into bones above and below the fracture line. This provides a rigid frame that holds the bones in proper alignment and position to promote healing. Advantages of external fixators include visualization of the surgical site, ability to re-apply traction or adjust their position non-invasively, and the option for early mobilization of the limb. Common applications include fixation of compound fractures, bone transport procedures to reconstruct large segmental defects, and temporary or definitive treatment of unstable fractures.
The global External Fixators Market is estimated to be valued at US$ 1145.44 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for growth of the external fixators market is the rising number of road accidents. According to the World Health Organization, around 1.35 million people die in road crashes each year globally. Road traffic injuries cause considerable illness, disability, and economic loss among people of all ages. Improved vehicle safety features and enforcement of traffic rules have helped bring down fatality rates in high-income countries. However, the mortality rate remains high in low-income and middle-income countries, where the majority of deaths occur among cyclists, motorcyclists, pedestrians, and users of public transport. Use of external fixators is crucial in surgical treatment of complex fractures resulting from high-energy trauma in road accidents. Growing motorization especially in developing regions without adequate road safety infrastructure will continue boosting demand for external fixators over the forecast period.
SWOT Analysis
Strength: External fixators devices are easy to apply and remove. They provide stable fixation and allow early mobilization of bones and joints. Post-operative wound care and fracture healing can be readily assessed and monitored.
Weakness: Possibility of pin tract infection is a major concern with external fixators. Pin loosening or breakage is also common which may require replacement of pins. Prolonged need for external fixators can cause problems associated with skin irritation and joint stiffness.
Opportunity: Rising number of road accidents, sports-related injuries, and fracture cases globally increases the demand for external fixators. Developing minimally invasive fixator systems can expand applications and reduce complications.
Threats: Alternative internal fixation devices like plates, screws, and intramedullary nails are increasingly used which can hamper demand. Stringent regulatory approval process and high cost of external fixator systems also restricts market growth in developing nations.
Key Takeaways
The global external fixators market forecast is expected to witness high growth at a CAGR of 16% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 1145.44 Mn by 2023.
Regional analysis
North America dominates the external fixators market due to rising incidence of injuries from traffic accidents and fall. Favorable reimbursement policies and healthcare infrastructure further support market growth in the region. Fastest growth is expected in the Asia Pacific region supported by improving medical facilities, rising awareness, and growing medical tourism industry.
Key players
Key players operating in the external fixators market are DePuy Synthes, Stryker Corporation, Zimmer Biomet Holdings, Smith & Nephew, Orthofix Medical, and Wright Medical Group. These companies are launching novel fixator systems incorporating advanced materials and designs to reduce complications.
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