DUBLIN--(BUSINESS WIRE)--Nov 13, 2019--

The global joint reconstruction devices and equipment market was valued at about $12.5 billion in 2018 and is expected to grow to $14.96 billion at a CAGR of 4.6% through 2022.

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 4.4%.

Major players in the market are Smith & Nephew, Stryker, Zimmer Biomet, B. Braun Melsungen and Wright Medical Group.

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.

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.

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.

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.

Key Topics Covered

1. Executive Summary

2. Joint Reconstruction Devices And Equipment Market Characteristics

3. Joint Reconstruction Devices And Equipment Market Size And Growth

3.1. Global Joint Reconstruction Devices And Equipment Market Historic Market, 2015 - 2019, $ Billion

3.1.1. Drivers Of The Market

3.1.2. Restraints On The Market

3.2. Global Joint Reconstruction Devices And Equipment Market Forecast Market, 2019 - 2022F, 2025F, 2030F, $ Billion

3.2.1. Drivers Of The Market

3.2.2. Restraints On the Market

4. Joint Reconstruction Devices And Equipment Market Segmentation

4.1. Global Joint Reconstruction Devices And Equipment Market, Segmentation By Product Type, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

  • Knee Reconstruction Devices
  • Hip Reconstruction Devices
  • Extremity Reconstruction Devices

4.2. Global Joint Reconstruction Devices And Equipment Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

  • Arthrodesis
  • Arthroscopy
  • Joint Replacement Surgery
  • Osteotomy
  • Resurfacing Surgery
  • Small Joint Surgery

4.3. Global Joint Reconstruction Devices And Equipment Market, Segmentation By End User, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

  • Hospitals
  • Orthopedic Clinics
  • Ambulatory
  • Surgical Centers

5. Joint Reconstruction Devices And Equipment Market Regional & Country Analysis

5.1. Global Joint Reconstruction Devices And Equipment Market, Split By Region, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

5.2. Global Joint Reconstruction Devices And Equipment Market, Split By Country, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion

Companies Profiled

  • Smith & Nephew
  • Stryker
  • Zimmer Biomet
  • B. Braun Melsungen
  • Wright Medical Group

Companies Mentioned (A-Z)

  • Aesculap Implant Systems Inc.
  • Arthrex Inc.
  • B. Braun Melsungen
  • CONMED Corporation
  • Corin Group PLC
  • DePuy Synthes (a part of Johnson & Johnson)
  • DJO Global Inc
  • Exactech Inc.
  • Integra LifeSciences Corporation
  • Johnson & Johnson
  • Medtronic PLC
  • Merck & Co. Inc.
  • NuVasive Inc.
  • OMNI Life Science Inc.
  • Smith & Nephew
  • Stryker
  • Wright Medical Group
  • Zimmer Biomet

For more information about this report visit https://www.researchandmarkets.com/r/kv5243

Laura Wood, Senior Press Manager

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KEYWORD:

INDUSTRY KEYWORD: HEALTH MEDICAL SUPPLIES MEDICAL DEVICES

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 11/13/2019 07:24 AM/DISC: 11/13/2019 07:24 AM

Copyright Business Wire 2019.