by 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 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
External fixators are medical devices used to stabilize broken bones such as arm bones, leg bones during the bone healing process. They are attached directly to the skin using pins or wires and are connected together outside the body forming a rigid structure. External fixators provide stability to the bone allowing early mobilization of the affected limb. Their advantages include minimal invasion, early rehabilitation, good reduction, and rigid fixation. They are used to treat complex open fractures, non-unions, deformity correction and limb lengthening procedures.
Market key trends:
One of the major trends in the external fixators market is the increasing adoption of hexapod and monolateral fixators which offer enhanced stability and mobility compared to conventional fixators. They enable controlled multiplanar deformity correction while minimizing soft tissue complications. Moreover, technologically advanced external fixators integrated with 3D imaging and navigation are gaining traction owing to benefits such as accurate frame placement and monitoring of healing process. There is also a rising focus on developing fixators using carbon fibre and bioresorbable materials to reduce pain, infection and implant removal post surgery.
Porter’s Analysis
Threat of new entrants: The External Fixators Market requires high levels of investments for R&D and manufacturing. The industry players hold patents and regulatory approvals that act as barriers for new entrants.
Bargaining power of buyers: The market has moderate level of buyer power due to existence of several players offering alternative product configurations and designations. However, product differentiation enhances customer loyalty.
Bargaining power of suppliers: There are several raw material suppliers for components used in External Fixators. This eases the threat of backward integration from suppliers.
Threat of new substitutes: While alternative surgical approaches are available, External Fixators provide advantages in terms of functionality, cost-effectiveness and safety that restricts threat from substitution.
Competitive rivalry: The External Fixators Market is characterized by presence of a few large players and several smaller manufacturers. Market consolidation and product differentiation foster competition.
Key Takeaways
The Global External Fixators Market Demand is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing incidence of trauma injuries and road accidents.
Regional analysis related content comprises Regional analysis related content: North America represented the largest market for External Fixators accounting for around 35% of global revenue in 2023 due to rising healthcare expenditures and presence of key industry players in the region. Asia Pacific is projected to witness fastest growth over the forecast period supported by increasing healthcare investments, growing medical tourism and rising incidence of infections in developing countries.
Key players related content comprises: 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, Orthopaedic Implant Company, Gexfix SA, WishBone Medical, Inc., and Matrix Meditech.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
