July 21, 2024
External Fixators Market

Orthofix Segment Is The Largest Segment Driving The Growth Of External Fixators Market

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 used to provide a stable environment for bone healing by connecting the affected body part to pins placed into the uninjured bone or muscle. External fixators provide support and alignment to healing bone fragments through removable fixation elements.

Market key trends:

One of the major trends in the external fixators market is the technological advancements in external fixators. Key players are focusing on developing advanced external fixator systems with features such as comfortable and easy to apply design, enhanced stability, improved outcomes, reduced complications, faster healing time etc. For instance, in August 2021, Orthofix introduced its Tritanium cannulated screws, the next generation of screws for external fixation. The Tritanium screws are made from a titanium alloy that provides strength and lightweight for ideal patient comfort. Similarly, Auxein introduced its modular and multi-segmental external fixator system in February 2021 with improvements over traditional fixators.

Market key trends:

One of the key trends in the external fixators market is the growing prevalence of bone fractures. According to a recent report, over 6.4 million patients visit hospitals in the US annually due to bone fracture related injuries. Additionally, road accidents are a major cause of severe fractures globally. This has increased the demand for effective bone fixation devices like external fixators. Another important trend is the development of lightweight and more comfortable external fixation frames and components by market players. This is helping surgeons provide improved treatment to severely injured patients.

SWOT Analysis

Strength: External fixators provide minimally invasive treatment and allow early mobilization of patients. They are highly versatile and can be used for both simple and complex fractures.

Weakness: The visibility of external fixation devices often leads to issues like pin tract infection and soft tissue irritation. Improper fitting and adjustment of components can also cause inconvenience to patients.

Opportunity: Growth opportunities exist in developing countries with rising road accidents and improved access to healthcare. New product innovations focused on making external fixators lighter, easier to use and more patient-friendly also provide ample opportunities.

Threats: Stiff competition from internal fixation devices and alternative bone grafting techniques. Stringent regulatory norms for new product approvals also act as a threat.

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 prevalence of bone fractures globally. The Asia Pacific region is projected to be the fastest growing regional market during the forecast period due to improving healthcare infrastructure and rising awareness.

The North American market currently dominates the external fixators market, owing to growing number of traumatic injury cases. According to statistics, over 8 million trauma cases are reported annually in the US.

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 (“OIC”), 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