External fixators are medical devices utilized in orthopedic surgeries to mend complex fractures or to lengthen or realign bones. They consist of pins or screws that are drilled into bones above and below the fracture site along with carbon rods and clamps that connect the pins externally. They allow the surgeon to adjust and manipulate the bone position and alignment precisely without the need for additional surgeries. The growing number of road accidents and trauma cases worldwide is significantly driving the demand for external fixators.

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, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The rising road accidents and trauma cases represent a major market opportunity for external fixators. According to the World Health Organization (WHO), around 1.35 million people die each year as a result of road traffic crashes. Moreover, between 20-50 million people suffer non-fatal injuries, with many resulting in permanent disabilities. Many such accidents and traumas lead to complex bone fractures that require the application of external fixators for repair and recovery. With growing motorization and increasing vehicular traffic in developing nations, the number of road accidents is set to rise significantly in the coming years. This will continue driving the demand for advanced external fixators, providing lucrative growth opportunities for players in the market.

Porter’s Analysis

Threat of new entrants: The external fixators market requires huge investments for research and development which acts as a barrier for new players. The industry is dominated by major players who have strong distribution networks and strong financial reserves.

Bargaining power of buyers: The bargaining power of buyers is moderate as external fixators have applications across orthopedic clinics and hospitals. However, the availability of substitutes provides some bargaining power to buyers.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of substitute raw materials and parts. Suppliers do not influence pricing in the market.

Threat of new substitutes: There exists threat from other orthopedic joint reconstruction techniques like plate osteosynthesis, intramedullary nailing etc.

Competitive rivalry: The market is highly competitive with major players differentiating based on product innovation, quality, and services.

SWOT Analysis

Strength: High demand for minimally invasive orthopedic surgeries, advanced technologies used in external fixators providing better stability and healing.

Weakness: Require highly skilled professionals for application and surgery, risk of infection, prolonged healing time compared to other substitutes.

Opportunity: Rising cases of road accidents and sports injuries, increase in trauma conditions due to natural calamities creates growth opportunities.

Threats: Strong competition from skin staples, internal fixation devices. Reimbursement issues in developing nations.

Key Takeaways

Global External Fixators Market Size is expected to witness high growth between 2024-2031 driven by rising incidences of bone fractures worldwide mainly due to sports injuries and road accidents. The market size was valued at US$ 1319.55 Mn  in 2024 and is expected to reach US$ 2734.15 Mn by 2031 at a CAGR of 4.3%.

Regionally, North America dominates the external fixators market holding over 30% share in 2024 due to high prevalence of orthopedic diseases and rising adoption of minimally invasive surgeries. However, Asia Pacific is expected to witness fastest growth during the forecast period supported by growing medical infrastructure and tourism in major countries like India and China.

Key players operating in the external fixators market are 3M, MAPEI S.p.A., Fosroc, Inc., Sika AG, Evonik, Chembond Chemicals Limited, ACC Limited, Flowcrete Group Ltd., SWC Brother Company Limited, and Cera-Chem Pvt. Ltd. These players are expanding their presence across countries by adopting inorganic strategies like acquisitions and agreements with major hospitals and clinics.

Explore More Related Article On This Topic: https://www.pressreleasebulletin.com/external-fixators-market-share/

Explore More Related Article : https://cmiresearch.blogspot.com/2024/01/navigating-efficiency-comprehensive.html