New York, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Orthopedic Accessories Global Market Report 2023" - https://www.reportlinker.com/p06277234/?utm_source=GNW
The global orthopedic accessories market will grow from $3.25 billion in 2022 to $3.36 billion in 2023 at a compound annual growth rate (CAGR) of 3.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The orthopedic accessories market is expected to grow to $3.82 billion in 2027 at a CAGR of 3.2%.
The orthopedic accessories market consists of sales of products such as bone cement, casting system, and removal system.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Orthopedic accessories refer to the products that are used to fix or remove implants from the body.
North America was the largest region in the orthopedic accessories devices (or) equipment market in 2022.Western Europe was the second-largest region in the orthopedic accessories devices (or) equipment market.
The regions covered in the orthopedic accessories devices (or) equipment market 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 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 centres.
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 2022, DePuy Orthopedics recalled its Modular Cathcart Fracture Head Hip Ball due to issues in its how to use guide.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 Conventus Orthopedics, a US-based commercial stage orthopedics company acquired Flower Orthopedics for an undisclosed amount.The acquisition would be an opportunity for Conventus to tackle ongoing concerns regarding viral and infection risks with heavy reusable orthopaedic implant trays.
Flower Orthopedics is a US-based manufacturer of single use implant and instrument kits.
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.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The orthopedic accessories devices (or) equipment market research report is one of a series of new reports that provides orthopedic accessories devices (or) equipment market statistics, including orthopedic accessories devices (or) equipment industry global market size, regional shares, competitors with a orthopedic accessories devices (or) equipment market share, detailed orthopedic accessories devices (or) equipment market segments, market trends and opportunities, and any further data you may need to thrive in the orthopedic accessories devices (or) equipment industry. This orthopedic accessories devices (or) equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06277234/?utm_source=GNW
About Reportlinker
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.
__________________________
