The main players in the pain reliever or pain reliever market are Smith & Nephew, Stryker, Zimmer Biomet, B. Braun Melsungen and Wright Medical Group. The global pain reliever market is expected to grow by $ 71.
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$ 6 billion in 2020 to $ 72.49 billion in 2021 at a compound annual growth rate (CAGR) of 1.2%. The change in growth trend is mainly due to companies stabilizing production after meeting demand that increased exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $ 91.88 billion in 2025 with a CAGR of 6.1%.
The pain reliever or pain reliever market consists of the sale of pain relieving drugs and related services. Pain relieving drugs include opioids, nonsteroidal anti-inflammatory drugs (NSAIDs), local anesthetics, and acetaminophen.
These drugs can be administered orally, intravenously, rectally, transdermally, or topically. Pain relieving drugs are generally distributed through channels including hospital pharmacies, retail pharmacies, drugstores or clinics.
Pain relievers also known as pain relievers are used to treat mild or severe pain, including musculoskeletal pain, surgical pain, trauma, cancer pain, or other types of pain. Examples of pain relievers include codeine, hydrocodone, oxycodone, and methadone.
In March 2019, Exactech, a US-based developer, manufacturer and distributor of orthopedic implant devices, related surgical instruments and biological services, acquired XpandOrtho for an undisclosed amount. ExactechGPS® computer-assisted surgery using XpandOrtho technology.
XpandOrtho is a United States-based designer of soft tissue balancing instruments for knee replacement surgery.
The presence of a large number of patients with joint reconstruction diseases is driving the market. Patients prefer joint replacement therapy over other treatments for joint disease because of the increased safety and reliability.
The increase in joint reconstruction diseases such as osteoarthritis, knee and hip injuries, traffic accidents, cartilage and labral injuries increases the number of patients.For example, osteoarthritis is a common disorder of the joints that primarily affects the geriatric population around the world.
This condition can be treated with joint replacement surgeries using orthopedic knee and hip implants According to the Arthritis Foundation, around 67 million people are expected to have arthritis by 2030. reconstruction apparatus and equipment, having a significant impact on the growth of the market.
Joint Reconstruction Appliances and Equipment are Class III devices that fall under the orthopedic appliance market and the manufacture of orthopedic appliances is overseen by regulatory agencies such as the United States Food and Drug Administration (FDA), by example, under the Federal Food, Drug and Cosmetic Act. (FFDCA), all medical device manufacturers must register their facilities and list their devices with the US FDA and follow general monitoring requirements.
Manufacturers can obtain pre-market approval through 2 methods: the first is to conduct clinical studies and submit an application for pre-market approval (PMA) which includes evidence providing a reasonable assurance that the device is safe and effective.
The other method is to submit 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.
Companies in the joint reconstruction device industry are investing more and more in 3D printing technology due to its significant improvement over traditional joint reconstruction surgery.This technique uses for bone reconstructions as the basis before the plan surgery so that the patient can get a preoperative MRI or CT scan.
These characteristics are particularly beneficial for the patient in terms of safety concerns, which can affect adherence to treatment regimens. For example, in 2019, Conformis, a US-based knee implant developer and manufacturer, released a hip implant using 3D printing technology according to patient specifications.
The joint reconstruction devices and equipment market is tight due to the high rate of product recalls. The medical device industry, including joint reconstruction devices, has seen a significant increase in product recalls in recent years, due to defects, patient safety concerns, software issues, mislabelling issue, quality issue and others, thereby affecting the growth of the market.
For example, DePuy had to recall several of its Attune knee replacement systems, due to safety concerns.
Likewise, Zimmer Biomet, a US-based medical device company, has recalled its 5 products related to the Oxford product line due to shelving and separation issues. and the Oxford Unicompartmental Knee Phase 3 tibial impactor.
This high recall rate is affecting sales of joint reconstruction devices and slowing the growth of the market.
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