Major players in the analgesics or analgesic drugs market are Smith & Nephew, Stryker, Zimmer Biomet, B. Braun Melsungen and Wright Medical Group. The global analgesics market is expected to grow from $71.
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6 billion in 2020 to $72.49 billion in 2021 at a compound annual growth rate (CAGR) of 1.2%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $91.88 billion in 2025 at a CAGR of 6.1%.
The analgesics or analgesic drugs market consists of sales of analgesic drugs and related services.Analgesic drugs include opioids, non-steroidal anti-inflammatory drugs (NSAIDs), local anesthetics and Acetaminophen.
These drugs can be administrated orally, intravenous, rectal, transdermal or topical.Analgesics drugs are generally distributed by channels including hospital pharmacies, retail pharmacies, drug stores or clinics.
Analgesics also known as pain killers are used to treat mild or severe pain, including musculoskeletal pain, surgical, trauma pain, cancer pain or other type of pains. Examples of analgesics includes codeine, hydrocodone, oxycodone and methadone.
In March 2019, Exactech, a USA based developer, manufacturer and distributor of orthopedic implant devices, related surgical instrumentation, and biologic services acquired XpandOrtho for undisclosed amount.This acquisition is expected to enhance ExactechGPS® computer-assisted surgery system using XpandOrtho’s technology.
XpandOrtho is a USA based designer of soft tissue balancing instruments for knee replacement surgery.
Presence of large pool of patients in joint reconstruction diseases is driving the market.Patients are preferring joint replacement treatment instead of other treatments for joint diseases, because of increased safety and reliability.
The rise in the joint reconstruction disease such as osteoarthritis, knee and hip injury, road accident, cartilage and labral injury is increasing the patient pool.For instance, osteoarthritis is a common disorder of joint that mainly affects the geriatric population across the globe.
This condition can be treated by joint replacement surgeries using orthopedic knee and hip implants surgery According to the Arthritis Foundation, about 67 million people are expected to suffer from arthritis by 2030.This rise in patient pool for joint diseases is driving the demand for the joint reconstruction devices and equipment market, significantly impacting market growth.
Joint reconstruction devices and equipment are Class III devices which comes under the orthopedic devices market and orthopedic devices manufacturing is monitored by regulatory bodies such as the US Food and Drug Administration (FDA).For instance, under the Federal Food, Drug, and Cosmetic Act (FFDCA), all medical device manufacturers must register their facilities and list their devices with US FDA and follow general controls requirements.
The manufacturers can gain premarket approval through 2 methods.The first method consists of conducting clinical studies and submitting a premarket approval (PMA) application which includes evidence providing reasonable assurance that the device is safe and effective.
The other method involves submitting a 510(k)-notification demonstrating that the device is substantially equivalent to a device already on the market (a predicate device) that does not require a PMA.
Companies in the joint reconstruction devices are increasingly investing in 3D printing technology due to its significant improvement over the traditional joint reconstruction surgery.This technique uses for reconstructions of bones as a base before surgery plan so the patient can get a preoperative MRI or CT scan.
These features are particularly beneficial for patient in terms of safety concerns, which can affect adherence to treatment regimens. For instance in 2019, Conformis, a USA based developer and manufacturers of knee implants, launched a hip implant using 3D printing technology as per patient’s specifications.
The joint reconstruction devices and equipment market is being restrained due to high rate of product recalls.The medical devices industry including joint reconstruction devices is seeing a significant spike in product recalls during recent years, due to defects, concerns regarding patient safety, software issue, mislabeling issue, quality issue and others, thereby affecting the growth of the market.
For example, DePuy had to recall several of its Attune knee replacement systems, due to safety concerns.Similarly .
Similarly, Zimmer Biomet, a USA based medical device company, recalled its 5 products related to Oxford product line due to racking and separation issues.The product line recalled included the Oxford Partial Knee System Right and Left Medial Tibial Tray (of various sizes), and the Oxford Unicompartmental Knee Phase 3 Tibial Impactor.
This high recall rate is affecting the sales of joint reconstruction devices and hampering the growth of the market.
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