New York, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Joint Reconstruction Devices And Equipment Global Market Report 2023" - https://www.reportlinker.com/p06277212/?utm_source=GNW
The global joint reconstruction devices and equipment market will grow from $19.94 billion in 2022 to $21.28 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. 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 joint reconstruction devices and equipment market is expected to grow from $26.13 billion in 2027 at a CAGR of 5.3%.
The joint reconstruction devices and equipment market consist of sales of knee reconstruction devices, hip reconstruction devices, and extremity reconstruction devices.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.
Joint reconstruction devices are implantable medical devices that are used to operate as replacement for the shoulder joint, hip joint or knee joint to restore the function of a joint. A joint can be restored by resurfacing the bones.
North America was the largest region in the joint reconstruction devices and equipment market in 2022.Asia Pacific was the second largest market in joint reconstruction devices and equipment market.
The regions covered in the joint reconstruction devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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 centres.
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 August 2022, Exactech, a US-based developer of innovative implants and instrumentation launched their noval total hip arthroplasty system.
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 January 2021, Stryker corporation, a US-based medical technologies company, acquired OrthoSensor for an undisclosed amount.The acquisition would help Stryker to continue its growth in the smart sensor technologies.
OrthoSensor is a US-based developer of orthopaedic devices and digital knee replacement solutions.
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.
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 joint reconstruction devices and equipment market research report is one of a series of new reports that provides joint reconstruction devices and equipment market statistics, including joint reconstruction devices and equipment industry global market size, regional shares, competitors with a joint reconstruction devices and equipment market share, detailed joint reconstruction devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the joint reconstruction devices and equipment industry. This joint reconstruction devices and 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/p06277212/?utm_source=GNW
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