1. Market Research
  2. > Healthcare
  3. > Medical Device
  4. > Orthopedics Market Trends
Orthopedic Accessories Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Orthopedic Accessories Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • April 2021
  • 175 pages
  • ID: 6067920
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the orthopedic accessories devices (or) equipment market are Stryker Corporation, Zimmer-Biomet Holding, DePuy Synthes, Smith and Nephew PLC, and McDavid.

The global orthopedic accessories market is expected to grow from $1.59 billion in 2020 to $1.68 billion in 2021 at a compound annual growth rate (CAGR) of 5.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.89 billion in 2025 at a CAGR of 3%.

The orthopedic accessories devices (or) equipment market consists of sales of orthopedic accessories and related services.Orthopedic accessories are used to fix or remove implants from the body.

Some of the key products included in this market are bone cements, casting materials, and removal systems.

High rate of product recalls is restraining the Orthopedic Accessories market.Product Recall is a process of retrieving all faulty and defective products that have been sold or are available in the market.

If an orthopedic Accessory company recalls a product from the market, the company takes up all the cost of fixing the defective product and cost of replacement.This cost of replacement for large companies can go up to multi-billion dollars, hence restraining the growth of the company and for the whole market as well.

For example, in the year 2019, Signature Orthopedics Pvt Limited recalled its knee replacement component i.e. Genius Knee Cemented Tbibial Component due to the product mix up. According to a study by researchers of University of Texas Medical and Naval Medical Center, Orthopedic devices represented 12% of all medical device recalls. This high recall rate is affecting the sales of orthopedic accessories and resulting in additional costs for manufacturing companies, in terms of repair and replacement of those devices, thus hampering the growth of the market.

In 2019, Paragon Medical was acquired by NN Inc. for $375 Million. With this acquisition, NN will diversify its product offerings and further enhance its technical proficiencies. Paragon Medical, with the help of NN’s engineered solutions, plans to introduce new products in the market, customized as per customer’s requirements. Paragon Medical is a medical device company that focuses on orthopedic accessories like case, tray, implant, and various other instruments. Paragon Medical was established in the year 1991 and has its headquarters at Indiana, United States.

Companies in the orthopedic accessories market are increasingly using 3D printing technology to improve production efficiency and for making customized accessories as per the patient requirements. 3D Printing technology is a process of making complex structures which are built by stacking up thin layers of a material and cutting out unwanted parts. In the case of orthopedic treatment, many people have different body shapes and size. 3D Printing allows companies to manufacture accessories as per the requirement of the patient. For example, ZSFab company used 3D Printing technology to manufacture orthopedic accessories like neck brace and wrist cast. Also, companies like Stryker, Medtronic and Smith & Nephew are working on 3D printing to improve manufacturing efficiencies and product quality.

The increase in the number of medical cases due to road and sports accidents is driving the Orthopaedic Accessories market.The probability of bones and other muscle tissues getting ruptured is high in road and sports accidents, thus requiring orthopaedic accessories like arm support, knee braces and hip support for providing rigid support to the ruptured tissue and broken joint/bones during the treatment.

Orthopaedic accessories immobilise the bones and give them time to heal.Also, orthopaedic accessories like bone cement and casting help in joining broken bones and filling in the void present in or between the bones.

According to a report published by WHO, around 20-50 million people globally receive non-fatal injuries every year due to road accidents. Similarly, according to a survey by Stanford Children’s Health, more than 3.5 million children aged 14 or younger get hurt every year by playing sports or by participating in some recreational activity. As the number of road and sports accidents increases, the number of medical cases requiring orthopaedic accessories to get proper treatment will increase, thus driving the orthopaedic accessories market.

The orthopedic accessories market is regulated by authorities such as the US FDA and the Europen Council.For instance, EU Medical Devices Regulation (MDR 2017/745) is set to replace 2 existing directives, and this new regulation will come in effect by 2020.

As per this, orthopedic accessories manufacturers need to maintain a unique device identity to improve device traceability, including aesthethic devices that have the same characteristics and risks profile as that of analogous medical devices.The regulation mandates the manufacturers to introduce an Implant card, which would contain information about the implanted medical device for a patient.

MDR 2017/745 also aims at strengthening post-market surveillance requirements for manufacturers and set high standards of quality and safety for medical devices for the health and safety of patients and users. Similarly, the management system standard for medical devices - ISO 13485 has been updated.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at researchadvisor@reportlinker.com to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - researchadvisor@reportlinker.com or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.

ref:plp2021

Reportlinker.com © Copyright 2021. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on