New York, May 13, 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Orthopedic Accessories Global Market Report 2022” – https://www.reportlinker.com/p06277234/?utm_source=GNW
The global orthopedic accessories market is expected to grow from $2.26 billion in 2021 to $2.47 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The market is expected to reach $3.17 billion in 2026 at a compound annual growth rate (CAGR) of 6.5%.
The orthopedic accessory appliances (or) equipment market consists of sales of orthopedic accessories and related services. Orthopedic accessories are used to attach or remove implants from the body.
The main types of orthopedic accessory devices (or) equipment are bone cement, casting system and extraction 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 fixed once implanted in the body.
The different applications are hip, knee and spine. Various end users include hospitals, orthopedic clinics, and trauma fixation centers.
North America was the largest region in the orthopedic accessory devices (or) equipment market in 2021. Western Europe was the second largest region in the orthopedic accessory devices (or) equipment market.
Regions covered in this 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, America, Middle East and Africa.
The increase in the number of medical cases due to road and sports accidents is driving the market for orthopedic accessories. The probability of breaking bones and other muscle tissues is high in road and sports accidents, thus requiring orthopedic accessories such as arm rests, knee pads. , and a hip support to provide rigid support to ruptured tissue and broken joints/bones during treatment.
Orthopedic accessories immobilize the bones and give them time to heal. Additionally, braces like bone cement and casting help to join broken bones and fill the gap in or between the bones.
According to a report published by the WHO, approximately 20 to 50 million people worldwide suffer non-fatal injuries from road traffic accidents each year. Similarly, according to a Stanford Children’s Health survey, more than 3.5 million children aged 14 or younger are injured each year while playing sports or participating in a recreational activity. As the number of road and sports accidents increase, the number of medical cases requiring orthopedic accessories to get proper treatment will increase, thus driving the orthopedic accessories market.
The high rate of product recalls limits the market for orthopedic accessories. Product recall is a process of recovering all defective products that have been sold or are available in the market.
If an orthopedic device company recalls a product from the market, they bear all costs of repairing the defective product and the cost of replacement. This replacement cost for large companies can run into billions of dollars, stunting growth. of the company and for the market as a whole as well.
For example, in 2019, Signature Orthopedics Pvt Limited recalled their knee replacement component, i.e. Genius Knee Cemented Tibial Component, due to product confusion. According to a study by researchers at the University of Texas Medical and Naval Medical Center, braces accounted for 12% of all medical device recalls. This high recall rate affects the sales of orthopedic accessories and leads to additional costs for the manufacturing companies, in terms of repairing and replacing these devices, thus hampering the growth of the market.
Companies in the orthopedic accessory market are increasingly using 3D printing technology to improve production efficiency and to manufacture personalized accessories according to patient requirements. 3D printing technology is a process of making complex structures that are built by stacking thin layers of a material and cutting out unwanted parts. In the case of orthopedic treatment, many people have different morphologies and sizes. 3D printing allows companies to manufacture accessories according to patient needs. For example, the ZSFab company used 3D printing technology to manufacture orthopedic accessories like neck braces and wrist casts. Additionally, companies like Stryker, Medtronic, and Smith & Nephew are working on 3D printing to improve manufacturing efficiency and product quality.
The orthopedic accessories market is regulated by authorities such as the US FDA and the European Council. For example, the European Medical Device Regulation (MDR 2017/745) is expected to replace 2 existing directives, and this new regulation will come into force by 2020.
In accordance with this, manufacturers of orthopedic accessories must maintain a single identity to improve the traceability of devices, including aesthetic devices that have the same characteristics and the same risk profile as those of analogue medical devices. The regulation obliges manufacturers to introduce an implant card, which contains information about the implanted medical device for a patient.
MDR 2017/745 also aims to strengthen post-market surveillance requirements for manufacturers and to set high quality and safety standards for medical devices for the health and safety of patients and users. Likewise, the Medical Device Management System Standard – ISO 13485 has been updated.
In 2019, Paragon Medical was acquired by NN Inc. for $375 million. With this acquisition, NN will diversify its product offerings and further strengthen its technical skills. Paragon Medical, with the help of NN’s technical solutions, plans to introduce new products to the market, customized according to customer requirements. Paragon Medical is a medical device company focusing on orthopedic accessories such as casing, tray, implant and various other instruments. Paragon Medical was established in 1991 and is headquartered in Indiana, USA.
The countries covered in the Orthopedic Accessory Devices (or) Equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA and Australia.
Read the full report: https://www.reportlinker.com/p06277234/?utm_source=GNW
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