Major players in the joint reconstruction devices and equipment market are Smith & Nephew, Stryker, Zimmer Biomet, B. Braun Melsungen, Wright Medical Group, DePuy Synthes, Johnson & Johnson, Aesculap Implant Systems Inc, and Arthrex Inc.
New York, May 13, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Joint Reconstruction Devices And Equipment Global Market Report 2022" - https://www.reportlinker.com/p06277212/?utm_source=GNW
The global joint reconstruction devices and equipment market is expected to grow from $11.84 billion in 2021 to $12.98 billion in 2022 at a compound annual growth rate (CAGR) of 9.6%. The market is expected to grow to $17.6 billion in 2026 at a compound annual growth rate (CAGR) of 7.9%.
The joint reconstruction devices and equipment market consist of sales of joint reconstruction devices and equipment and related services. Joint reconstruction devices and equipment are used in joint reconstruction procedures.
The main product types of joint reconstruction devices and equipment are knee reconstruction devices, hip reconstruction devices, and extremity reconstruction devices.Hip reconstruction devices are medical devices intended to restore mobility and relieve pain associated with arthritis and other hip diseases or injuries.
The various applications involved are arthrodesis, arthroscopy, joint replacement surgery, osteotomy, resurfacing surgery, and small joint surgery. The various end-users are hospitals, orthopedic clinics, and ambulatory surgical centers.
North America was the largest region in the joint reconstruction devices and equipment market in 2021.Asia Pacific was the second largest market in joint reconstruction devices and equipment market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The presence of a 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 joint reconstruction diseases 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 joints 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 the patient pool for joint diseases is driving the demand for the joint reconstruction devices and equipment market, significantly impacting the market growth.
The joint reconstruction devices and equipment market is being restrained due to the 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 issues, mislabeling issues, quality issues, 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 the 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.
Companies in joint reconstruction devices are increasingly investing in 3D printing technology due to its significant improvement over traditional joint reconstruction surgery.This technique uses for reconstructions of bones as a base before the surgery plan so the patient can get a preoperative MRI or CT scan.
These features are particularly beneficial for patients in terms of safety concerns, which can affect adherence to treatment regimens. For instance, in 2019, Conformis, a USA-based developer and manufacturer of knee implants, launched a hip implant using 3D printing technology as per patients’ specifications.
Joint reconstruction devices and equipment are Class III devices that come 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.
In March 2019, Exactech, a USA-based developer, manufacturer, and distributor of orthopedic implant devices, related surgical instrumentation, and biologic services acquired XpandOrtho for an 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.
The countries covered in the joint reconstruction devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
Read the full report: https://www.reportlinker.com/p06277212/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001