Major players in the arthroscopy devices and equipment market are Arthrex, Inc. , Smith & Nephew, ConMed Corporation, Stryker and Medtronic. The global arthroscopy devices and equipment market is expected to grow from $2.
New York, May 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Arthroscopy Devices And Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067840/?utm_source=GNW
25 billion in 2020 to $2.52 billion in 2021 at a compound annual growth rate (CAGR) of 12%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.9 billion in 2025 at a CAGR of 3.6%.
The arthroscopy devices and equipment market consists of sales of arthroscopy devices and equipment and related services.Arthroscopy devices are used in arthroscopy procedures (a minimally invasive procedure) for the diagnosis and treatment of joint problems such as torn cartilage, ACL, and sports related injuries conducted on hip, knee, shoulder, spine, ankle, wrist, and elbow.
The key products include arthroscopies, radiofrequency probes, patient positioning systems, fluid management systems, cannula, hand instruments, fixation devices, and accessories.
In June 2018, Medicines and Healthcare products Regulatory Agency (MRHA), a regulatory body for arthroscopic and orthopedic devices of the UK, sent an urgent field safety notice to Stryker Corporation, a medical and Orthopedics device manufacturer, initiating a lot-specific recall for the Stryker hip Products.The notice was sent as the implantation devices were either larger or smaller than the intended device.
This impacted patient’s health by insufficient soft tissue tension, excessive stress in soft tissue, hip instability and risks associated with revision surgeries. To reduce incidences associated with these devices MRHA has sent an urgent field safety notice to take a corrective action by returning to supplier in order to conduct an investigation and correct the device.
Rise in product recalls is one of the restraints for the arthroscopy treatment devices and equipment market.Product recall is a process of retrieving all faulty and defective products that have been sold or are available in the market.
When a company recalls a product from the market, the company baers all the cost of fixing the defective product and cost of replacement.This replacement cost for large number of products can go up to multi-million dollars, restraining the growth of the company and for the whole market as well.
For example, in April 2019, Brainlab AG recalled spine and trauma 3-dimensional navigation due to inaccurate exposure that could lead to erroneous use.
In 2018, Stryker Corporation acquired K2M Group Holdings, Inc. for $1.4 billion. This acquisition will strengthen and expand Stryker’s offerings in the arthroscopy, minimally invasive spine portfolio and increase its capabilities in additive manufacturing. K2M Group Holdings, Inc., a company offering complex spine and minimally invasive solutions, designs, develops, and commercializes innovative complex spine and minimally invasive spine technologies and techniques used by spine surgeons to treat some of the most complicated spinal pathologies. The company was founded in 2004 and is headquartered in Leesburg, Virginia, USA.
The arthroscopy device and equipment industry is witnessing rise in mergers and acquisition activity.Major companies in the arthroscopy device market strategically acquired start-ups and mid-sized companies to broaden their products and services.
For instance, in 2019, Smith & Nephew acquired Ceterix orthopedics in order to expand its product portfolio on NovoStitch Pro Meniscal Repair System, a knee repair device, and capitalize on the rising demand.Anika Therapeutics is in strategic partnerships with industry leaders such as DePuy Synthes, Mitek Sports Medicine, Medtronic, and Boehringer Ingelheim to develop new orthrobiologics.
In December 2018, In2Bones Global, Inc. launched the U.S. commercial market release of the CoLink Afx ankle fracture system. The system is a combination of five plate issues that address traumatic fractures and osteotomies of the ankle.
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