New York, May 13, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Arthroscopy Devices And Equipment Global Market Report 2022" - https://www.reportlinker.com/p06277194/?utm_source=GNW
KG, and DePuy Synthes Companies.
The global arthroscopy devices and equipment market is expected to grow from $3.78 billion in 2021 to $4.21 billion in 2022 at a compound annual growth rate (CAGR) of 11.4%. The market is expected to grow to $6.09 billion in 2026 at a compound annual growth rate (CAGR) of 9.7%.
The arthroscopy devices and equipment market consist 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 main products in the arthroscopy devices and equipment are arthroscopes, arthroscopy shavers, arthroscopy fluid management system, arthroscopy radiofrequency system, arthroscopy visualization system, and arthroscopy implants.Arthroscopes are to see inside the joint using a camera lens and a light.
The arthroscopy devices and equipment provide applications in knee arthroscopy, hip arthroscopy, spine arthroscopy, foot and ankle arthroscopy, shoulder and elbow arthroscopy, and others. These are used by hospitals, ambulatory care, and trauma centers.
North America was the largest region in arthroscopy devices and equipment market in 2021.Western Europe was the second-largest region in arthroscopy devices and equipment market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
A 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 defective products that have been sold or are available in the market.
When a company recalls a product from the market, the company bears all the cost of fixing the defective product and the cost of replacement.This replacement cost for a 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.
The arthroscopy device and equipment industry is witnessing a 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 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.
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 corrective action by returning to a supplier to conduct an investigation and correct the device.
In January 2021, Smith+Nephew, a company operating in the arthroscopy devices and equipment based in the UK acquired Extremity Orthopaedics for a deal amount of $240 million.With this acquisition, Smith+Nephew expands and strengthens its portfolio in extremities.
Extremity Orthopaedics is a company operating in medical technology and arthroscopy devices and equipment market-based in the United States.
The countries covered in the arthroscopy devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, USA, and Australia.
Read the full report: https://www.reportlinker.com/p06277194/?utm_source=GNW
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