The External Fixators Market is Estimated to Witness High Growth...

The External Fixators Market is Estimated to Witness High Growth Owing to Rising Number of Road Accidents and Orthopedic Surgeries

Posted 2024-01-30 11:37:38

External fixators are medical devices that are used to treat fractures and deformities of limbs. It consists of pins or screws which are attached to bones externally and are connected through bars, clamps and other devices. External fixators are commonly used in orthopedics and trauma surgeries for conditions like open fractures, non-union fractures, limb lengthening or deformity correction and pelvic and acetabular fractures. They are effective during the initial post-injury or post-operative stabilization as well as during healing and rehabilitation.

The global external fixators market is estimated to be valued at US$ 1319.55 Mn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rising number of road accidents and orthopedic surgeries is one of the major drivers of the external fixators market growth. As per the World Health Organization (WHO), around 1.35 million people die each year as a result of road traffic crashes globally. Road accidents often result in severe limb injuries which require stabilization using external fixators during the initial post-injury period. Moreover, the number of orthopedic surgeries have significantly increased in the recent past owing to rising geriatric population, obesity and lifestyle diseases. These factors are contributing to the increased demand for external fixators in trauma and orthopedic procedures. Furthermore, ongoing product innovation and launch of advanced external fixation devices with features like customizable and patient-specific designs are further propelling the market growth over the forecast period.

SWOT Analysis

Strength: External fixators are non-invasive and offer advantages over traditional internal fixators. They allow early mobilization of the injured limb and help in faster healing. They are also highly adjustable and allow visualization of the injury site during recovery.

Weakness: External fixators require pin site care which can lead to risks of infection. They are also less rigid than internal plates and screws which can delay healing. The pins may also cause damage to blood vessels or nerves if not placed correctly.

Opportunity: Advancements in fixation technology allow for minimal invasive surgeries and better anatomical fixation solutions. Developing economies with improving healthcare infrastructure will drive the market.

Threats: Reimbursement issues related to high costs associated with external fixation systems pose a challenge. Preference for traditional internal fixation methods among surgeons also restricts market growth to some extent.

Key Takeaways

Global External Fixators Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global external fixators market is estimated to be valued at US$ 1319.55 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024-2031.

Regional analysis: North America is expected to dominate the external fixators market over the forecast period owing to established healthcare infrastructure and increasing incidence of traumatic injuries. Asia Pacific is anticipated to witness lucrative growth backed by growing medical tourism industry and improving access to healthcare in developing nations.

Key players: Key players operating in the external fixators market are 3M, Fosroc, Inc., Sika AG, Evonik, Cera-Chem Pvt. Ltd. These companies offer a broad portfolio of external fixator systems with advanced features. 3M is a prominent player with a wide geographic presence and clinical expertise.

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