Major players in the arthroscopy devices and equipment market are Arthrex, Inc. , Smith & Nephew, ConMed Corporation, Stryker and Medtronic. The global arthroscopy devices and equipment market is expected to decline from $2.
New York, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Arthroscopy Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery" - https://www.reportlinker.com/p05967813/?utm_source=GNW
8 billion in 2019 to $2.1 billion in 2020 at a compound annual growth rate (CAGR) of -25.3%. 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 3% from 2021 and reach $3.2 billion in 2023.
The arthroscopy devices and equipment market consists 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 key products include arthroscopies, radiofrequency probes, and patient positioning systems, fluid management systems, cannula, hand instruments, fixation devices, and accessories.
In 2018, Stryker Corporation acquired K2M Group Holdings, Inc. for $1.4 billion. This acquisition will strengthen and expand Stryker’s offerings in the arthroscopy, minimally invasive spine portfolio and increase its capabilities in additive manufacturing. K2M Group Holdings, Inc., a company offering complex spine and minimally invasive solutions, designs, develops, and commercializes innovative complex spine and minimally invasive spine technologies and techniques used by spine surgeons to treat some of the most complicated spinal pathologies. The company was founded in 2004 and is headquartered in Leesburg, Virginia, USA.
The increasing prevalence of arthritis is driving the need for arthroscopy devices. Sedentary lifestyle of the people has led to an increase in the number of people suffering from arthritis. The National Arthritis Prevalence Projections stated that arthritis is expected to increase with the aging population, thereby increasing the demand for arthroscopic devices. According to Centers for Disease Control and Prevention (CDC), in 2015, 54.4 million adults in the USA were diagnosed with arthritis and the number is predicted to reach 78.4 million by 2040.
The arthroscopy device and equipment industry is witnessing 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 in order to expand its product portfolio on NovoStitch Pro Meniscal Repair System, a knee repair device, and capitalize on the rising demand. In April 2016, Stryker Corp. acquired CareFusion vertebral compression fracture (VCF) portfolio from Becton, Dickinson and Company. The portfolio includes minimally-invasive systems used in vertebroplasty and vertebral augmentation procedures. Through this acquisition, Stryker Corp. will strengthen its position in the minimally invasive vertebral compression fracture treatment market. Anika Therapeutics is in strategic partnerships with industry leaders such as DePuy Synthes, Mitek Sports Medicine, Medtronic, and Boehringer Ingelheim to develop new orthrobiologics. In June 2015, Anika Therapeutics collaborated with the Institute for Applied Life Sciences at the University of Massachusetts for the development of new therapies to treat bone-related diseases. The company aims to launch new products to improve its market position in the global arthroscopy devices market. In November 2016, Stryker Corporation announced multi-year partnership with Indo UK Institute of Health to deliver affordable arthroscopic care in India.
In June 2018, 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 a corrective action by returning to supplier in order to conduct an investigation and correct the device.
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 faulty and defective products that have been sold or are available in the market. When a company recalls a product from the market, the company baers all the cost of fixing the defective product and cost of replacement. This replacement cost for 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 the year 2017, Windstone Medical Packaging recalled its cover light handle disposable gloves of AMS kits as the gloves contained splits and punctures holes.
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