by External fixators are medical devices used to stabilize broken bones such as shoulder fractures, hip fractures, pelvic fractures and external fixator application around the knee for ligament reconstruction. They are attached to the skin with pins or wires and hold the bone fragments in place, allowing new bone formation. External fixators have advantages over other fixation methods as they do not require surgery inside the body and minimize soft tissue dissection. With increasing accidents and injuries due to several factors such as rise in automotive and industrialization globally, the demand for external fixators is growing.
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 key trends:
Technological advancements in external fixators is one of the key trends in the market. Companies are focusing on developing innovative systems with features such as self-tightening screws that ensure stability during fracture healing. For instance, external fixators are being developed with MRI compatibility to allow imaging of the fracture site post application without requiring removal of fixator. Hybrid external fixators that combine the advantages of ring and rail fixators are also gaining popularity. These devices allow angular and axial stability along with ability to add and remove wires or half pins without disturbing the frame construct. Rising prevalence of orthopedic diseases and injuries worldwide due to obesity, osteoporosis and trauma indicates promising growth opportunities for external fixators market over the forecast period.
Porter’s Analysis
Threat of new entrants: The external fixators market requires large capital investments and R&D spending for manufacturing medical devices. Regulatory approvals also create barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as external fixators have applications across hospitals, ambulatory surgical centers and others. However, established buyers can negotiate on pricing.
Bargaining power of suppliers: A few major players dominate the supply market. This gives them bargaining power over original equipment manufacturers. Suppliers of specialized components also make switching difficult.
Threat of new substitutes: Though alternative treatments exist, substitutes have limitations. External fixators offer effective fracture stabilization with minimal invasion.
Competitive rivalry: The market has large players competing on innovation, pricing and geographic expansion.
Key Takeaways
The global external fixators market growth is expected to witness high over the forecast period driven by rising incidence of trauma injuries, road accidents and osteoporotic 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.
North America currently dominates the market owing to growing elderly population, developed healthcare infrastructure and availability of advanced treatment options. Europe and Asia Pacific are also lucrative regions due to increasing healthcare expenditure, public awareness and focus on orthopedic care.
Key players operating in the external fixators market include Boeing, General Atomics, Israel Aerospace Industries Ltd, Northrop Grumman and Lockheed Martin Corporation. Emerging markets offer opportunities for market players to expand their geographic footprint. Companies compete through new product launches, partnerships and acquisitions to strengthen their product portfolios. Focus on hybrid fixators, circular fixators and unipedal designs is expected to drive innovation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
