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Orthopedic Accessories Global Market Report 2021: COVID 19 Impact and Recovery to 2030

ReportLinker
·5-min read

Major players in the orthopedic accessories devices (or) equipment market are Stryker Corporation, Zimmer-Biomet Holding, DePuy Synthes, Smith and Nephew PLC, and McDavid. The global orthopedic accessories market is expected to grow from $1.

New York, May 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Orthopedic Accessories Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067920/?utm_source=GNW
59 billion in 2020 to $1.68 billion in 2021 at a compound annual growth rate (CAGR) of 5.7%. 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 $1.89 billion in 2025 at a CAGR of 3%.

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.

Some of the key products included in this market are bone cements, casting materials, and removal systems.

High rate of product recalls is restraining the Orthopedic Accessories market.Product Recall is a process of retrieving all faulty and defective products that have been sold or are available in the market.

If an orthopedic Accessory company recalls a product from the market, the company takes up all the cost of fixing the defective product and 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 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.

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 customer’s requirements. Paragon Medical is a medical device company that focuses on orthopedic accessories like case, tray, implant, and various other instruments. Paragon Medical was established in the year 1991 and has its headquarters at Indiana, United States.

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 requirements. 3D Printing technology is a process of making complex structures which 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 size. 3D Printing allows companies to manufacture accessories as per the requirement of the patient. For example, ZSFab company used 3D Printing technology to manufacture orthopedic accessories like neck brace and wrist cast. Also, companies like Stryker, Medtronic and Smith & Nephew are working on 3D printing to improve manufacturing efficiencies and product quality.

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 road and sports accidents, thus requiring orthopaedic 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 immobilise 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 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 in effect by 2020.

As per this, orthopedic accessories manufacturers need to maintain a unique device identity to improve device traceability, including aesthethic 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 set 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.


Read the full report: https://www.reportlinker.com/p06067920/?utm_source=GNW

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