New York, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Arthroscopy Devices And Equipment Global Market Report 2023' -
KG, and DePuy Synthes Companies.
The global arthroscopy devices and equipment market will grow from $5.27 billion in 2022 to $5.64 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. 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 arthroscopy devices and equipment market is expected to grow to $7.43 billion in 2027 at a CAGR of 7.1%.
The arthroscopy device and equipment market consist of sales of instruments such as arthroscopes, arthroscopy shavers, arthroscopy fluid management system, arthroscopy radiofrequency system, arthroscopy visualization system, and arthroscopy implants.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.
Arthroscopy devices and equipment 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 of the hip, knee, shoulder, spine, ankle, wrist, and elbow.
North America was the largest region in arthroscopy devices and equipment market in 2022.Western Europe was the second-largest region in arthroscopy devices and equipment market.
The regions covered in the arthroscopy devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main products in the arthroscopy devices and equipment are arthroscopes, arthroscopy shavers, arthroscopy fluid management system, arthroscopy radiofrequency system, arthroscopy visualization system, and arthroscopy implants.Arthroscopes are to see inside the joint using a camera lens and a light.
The arthroscopy devices and equipment provide applications in knee arthroscopy, hip arthroscopy, spine arthroscopy, foot and ankle arthroscopy, shoulder and elbow arthroscopy, and others. These are used by hospitals, ambulatory care, and trauma centres.
A 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 defective products that have been sold or are available in the market.
When a company recalls a product from the market, the company bears all the cost of fixing the defective product and the cost of replacement.This replacement cost for a 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 April 2022, Exactech recalled its knee devices due to increased rates of failure and the need for revision surgery.
The arthroscopy device and equipment industry is witnessing a 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 2020, Olympus Corporation acquired FH ORTHO SAS.The acquisition is in line with Olympus' commitment for expanding its footprint in the field of orthopaedic minimally invasive surgery.
FH ORTHO SAS is a n international orthopaedic company.
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 corrective action by returning to a supplier to conduct an investigation and correct the device.
In January 2021, Smith+Nephew, a company operating in the arthroscopy devices and equipment based in the UK acquired Extremity Orthopaedics for a deal amount of $240 million.With this acquisition, Smith+Nephew expands and strengthens its portfolio in extremities.
Extremity Orthopaedics is a company operating in medical technology and arthroscopy devices and equipment market-based in the United States.
The countries covered in the arthroscopy devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) 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 arthroscopy devices and equipment market research report is one of a series of new reports that provides arthroscopy devices and equipment market statistics, including arthroscopy devices and equipment industry global market size, regional shares, competitors with a arthroscopy devices and equipment market share, detailed arthroscopy devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the arthroscopy devices and equipment industry. This arthroscopy 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.
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