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Orthopedic Accessories Global Market Report 2022
Major players in the orthopedic accessories devices (or) equipment market are Stryker Corporation, Zimmer-Biomet Holding, DePuy Synthes, Smith and Nephew PLC, McDavid, Aesculap Implant System, Conmed Corporation, Donjoy, NuVasive, and Medtronic PLC.
New York, May 13, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Orthopedic Accessories Global Market Report 2022" - https://www.reportlinker.com/p06277234/?utm_source=GNW
The global orthopedic accessories market is expected to grow from $2.26 billion in 2021 to $2.47 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The market is expected to grow to $3.17 billion in 2026 at a compound annual growth rate (CAGR) of 6.5%.
The orthopedic accessories devices (or) equipment market consists of sales of orthopedic accessories and related services. Orthopedic accessories are used to fix or remove implants from the body.
The main types of orthopedic accessories devices (or) equipment are bone cement, casting system, and removal system.Bone cement is the biomaterial obtained by mixing a powder phase and a liquid phase, which is molded and implanted as a paste and can be set once implanted in the body.
The various application is hip, knee, and spine. The various end-users include hospitals, orthopedic clinics, and trauma fixation centers.
North America was the largest region in the orthopedic accessories devices (or) equipment market in 2021.Western Europe was the second-largest region in the orthopedic accessories devices (or) equipment market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The increase in the number of medical cases due to road and sports accidents is driving the Orthopaedic Accessories market.The probability of bones and other muscle tissues getting ruptured is high in the road and sports accidents, thus requiring orthopedic accessories like arm support, knee braces, and hip support for providing rigid support to the ruptured tissue and broken joint/bones during the treatment.
Orthopaedic accessories immobilize the bones and give them time to heal.Also, orthopaedic accessories like bone cement and casting help in joining broken bones and filling in the void present in or between the bones.
According to a report published by WHO, around 20-50 million people globally receive non-fatal injuries every year due to road accidents. Similarly, according to a survey by Stanford Children’s Health, more than 3.5 million children aged 14 or younger get hurt every year by playing sports or by participating in some recreational activity. As the number of road and sports accidents increases, the number of medical cases requiring orthopaedic accessories to get proper treatment will increase, thus driving the orthopaedic accessories market.
The high rate of product recalls is restraining the Orthopedic Accessories market.Product Recall is a process of retrieving all defective products that have been sold or are available in the market.
If an orthopedic Accessories company recalls a product from the market, the company takes up all the cost of fixing the defective product and the cost of replacement.This cost of replacement for large companies can go up to multi-billion dollars, hence restraining the growth of the company and for the whole market as well.
For example, in the year 2019, Signature Orthopedics Pvt Limited recalled its knee replacement component i.e. Genius Knee Cemented Tbibial Component due to the product mix-up. According to a study by researchers of the University of Texas Medical and Naval Medical Center, Orthopedic devices represented 12% of all medical device recalls. This high recall rate is affecting the sales of orthopedic accessories and resulting in additional costs for manufacturing companies, in terms of repair and replacement of those devices, thus hampering the growth of the market.
Companies in the orthopedic accessories market are increasingly using 3D printing technology to improve production efficiency and for making customized accessories as per the patient’s requirements. 3D Printing technology is a process of making complex structures that are built by stacking up thin layers of a material and cutting out unwanted parts. In the case of orthopedic treatment, many people have different body shapes and sizes. 3D Printing allows companies to manufacture accessories as per the requirement of the patient. For example, the ZSFab company used 3D Printing technology to manufacture orthopedic accessories like neck braces and wrist casts. Also, companies like Stryker, Medtronic, and Smith & Nephew are working on 3D printing to improve manufacturing efficiencies and product quality.
The orthopedic accessories market is regulated by authorities such as the US FDA and the Europen Council.For instance, EU Medical Devices Regulation (MDR 2017/745) is set to replace 2 existing directives, and this new regulation will come into effect by 2020.
As per this, orthopedic accessories manufacturers need to maintain a unique device identity to improve device traceability, including aesthetic devices that have the same characteristics and risks profile as that of analogous medical devices.The regulation mandates the manufacturers to introduce an Implant card, which would contain information about the implanted medical device for a patient.
MDR 2017/745 also aims at strengthening post-market surveillance requirements for manufacturers and setting high standards of quality and safety for medical devices for the health and safety of patients and users. Similarly, the management system standard for medical devices - ISO 13485 has been updated.
In 2019, Paragon Medical was acquired by NN Inc. for $375 Million. With this acquisition, NN will diversify its product offerings and further enhance its technical proficiencies. Paragon Medical, with the help of NN’s engineered solutions, plans to introduce new products in the market, customized as per customers’ requirements. Paragon Medical is a medical device company that focuses on orthopedic accessories like the case, tray, implant, and various other instruments. Paragon Medical was established in the year 1991 and has its headquarters in Indiana, United States.
The countries covered in the orthopedic accessories devices (or) equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
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