Joint Reconstruction Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery
NEW YORK, Sept. 15, 2020 /PRNewswire/ -- Major players in the joint reconstruction devices and equipment market are Smith & Nephew, Stryker, Zimmer Biomet, B. Braun Melsungen and Wright Medical Group.
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The global joint reconstruction devices and equipment market is expected to decline from $17.9 billion in 2019 to $11.4 billion in 2020 at a compound annual growth rate (CAGR) of -36.3%. The decline is mainly due to COVID-19 outbreak and the measures to contain it. Several medical care facilities in affected countries have been completely closed or have been only providing minimal treatment for emergency cases. The orthopedic surgeries have been postponed and in some cases cancelled due the nations lockdown. The restrictions on non-essential medical services including orthopedic services coupled with slowed production of orthopedic devices and implants due to extending factory closures in various countries is contributing to the markable decline in the market growth. The market is then expected to recover and grow at a CAGR of 5.1% from 2021 and reach $21.8 billion in 2023.
The joint reconstruction devices and equipment market consists of sales of joint reconstruction devices and equipment and related services. Joint reconstruction devices and equipment are used in joint reconstruction procedures. These include shoulder replacement, ankle replacement, digit replacement, hip replacement, elbow replacement, knee replacement, and elbow replacement.
In 2018, North America accounted for about half of the global joint reconstruction devices and equipment market. During the forecast period, the region is expected to register a CAGR of 4.40%.
Joint reconstruction devices and equipment are Class III devices which comes 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.
The joint reconstruction devices and equipment market is being restrained due to 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 issue, mislabeling issue, quality issue and others, thereby affecting the growth of the market. For example, in 2018, DePuy had to recall several of its Attune knee replacement systems, due to safety concerns. Similarly, in 2016, Scient'x SAS recalled its cervical PEEK cage Samarys due to a non-conformity relevant to the gold wire markers. In 2016, Oceania Orthopaedics recalled its knee prosthesis component -ACS fixed-bearing cementless porous-coated tibial component due to safety concerns and in the same year Stryker also recalled its Scorpio Series 7000 cementless beaded tibial knee component due to safety issues. This high recall rate is affecting the sales of joint reconstruction devices and hampering the growth of the market.
Companies in the joint reconstruction devices are increasingly investing in 3D printing technology due to its significant improvement over the traditional joint reconstruction surgery. This technique uses for reconstructions of bones as a base before surgery plan so the patient can get a preoperative MRI or CT scan. These features are particularly beneficial for patient in terms of safety concerns, which can affect adherence to treatment regimens. For instance, in August 2018, ConforMIS a medical technology company launched its 3D printed hip system implant for the hip replacement surgery.
In February 2018, TPG Capital acquired Exactech for $737 million. This acquisition is expected to enhance the long-term profit growth of TPG Capital's healthcare portfolio companies. Exactech, Inc. develops, manufactures, distributes, and sells orthopedic implant devices, related surgical instrumentation, and biologic services. The company was founded in 1985 and is headquartered in the United States.
Presence of 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 the joint reconstruction disease 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 joint 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, in the U.S. in 2016, about 50 million adults have arthritis and this number is projected to reach 67 million by 2030. This rise in patient pool for joint diseases is driving the demand for the joint reconstruction devices and equipment market, significantly impacting market growth.
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