The Global External Fixators Market Is Estimated To Propelled By Growing Demand For Minimally Invasive Surgeries
External fixators are medical devices used to treat bone fractures, nonunions, malunions and deformities. They provide stabilization and immobilization of bone fragments externally allowing the surgeon to monitor healing closely. The growing demand for minimally invasive surgeries is driving the adoption of external fixators as they cause lesser damage to soft tissues and promote faster healing compared to traditional open surgeries.
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:
The demand for minimally invasive surgeries has been steadily growing over the years due to advantages such as lesser complications, shorter hospital stay, less pain and quicker recovery. External fixators are ideal for minimally invasive fixation of bone fractures as they stabilize bone fragments externally without disrupting blood vessels or soft tissues. Hence, the rising popularity of minimally invasive techniques in orthopedic surgeries is fueling the adoption of external fixators around the world.
SWOT Analysis
Strength: External fixators offer minimally invasive treatment and better stability than internal fixators. They allow early mobilization of the injured area.
Weakness: Risk of infection is higher compared to internal fixators. Require lengthy treatment time and regular monitoring by healthcare professionals.
Opportunity: Rising road accidents and trauma injuries boosted demand. Technological advancements led to development of circular and hybrid fixators.
Threats: Presence of alternatives like internal fixators and plates & screws. Requirement of skilled surgeons for application.
Key Takeaways
The global external fixators market share is expected to witness high growth. The market was valued at US$ 1145.44 million in 2023 and is expected to reach US$ 2604.34 million by 2030, expanding at a CAGR of 16% during the forecast period.
Regional analysis comprises North America dominates the market and is expected to continue its dominance owing to the growing prevalence of orthopedic diseases and rise in number of trauma injuries. Asia Pacific promises high growth potential led by increasing healthcare spending and expansion of healthcare infrastructure in countries such as China and India.
Key players operating in the external fixators market are Boeing, General Atomics, Israel Aerospace Industries Ltd, Northrop Grumman and Lockheed Martin Corporation. Technological advancements led to the introduction of circular and hybrid fixators with enhanced precision and stability. Major players are engaged in new product launches and partnerships to strengthen their market presence
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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