The Reflex Hammer market is expected to witness an estimated CAGR of 6.2% over the forecast period, 2022-2027.
Globally, the rising number of COVID-19 cases has had a profound impact on the reflex hammer market, as diagnostic and surgical procedures initially had to be postponed or delayed. For instance, according to the research study published in the National Library of Medicine in November 2021, titled "Neurosurgery and coronavirus: impact and challenges-lessons learned from the first wave of a global pandemic," there has been a reduction in neurosurgical emergencies by 33.6% and operations by 55.6% during the COVID times. As reflex hammers are used for the diagnosis of the reflex of the tendon, mostly in neurological conditions, the demand for these products reduced substantially. However, after regaining normalcy and resuming diagnostic procedures worldwide, patients are recommencing their treatments and check-ups for several other diseases that may have a positive impact on the reflex hammer industry in the near future. Hence, considering all the COVID-19 and post-COVID-19 impacts, the studied market is expected to have a steady growth rate during the forecast period.
Further, factors driving the market growth are an increase in the number of patients suffering from musculoskeletal and neurological disorders along with growth in patient examinations and awareness. Additionally, a rise in the commercial availability of products and growing healthcare expenditure for improving healthcare services are some of the major factors propelling the market growth.
Growing awareness among healthcare professionals, as well as a surge in the patient population, are some of the major factors that are anticipated to have a positive impact on the market growth. The main purpose of the reflex hammer is to diagnose neurological disorders that range from a headache to Alzheimer's disease, getting a stroke, or epilepsy. As per the data published by the Texas Department of State Health Services in 2021, 6.2 million people in the United States are affected by Alzheimer's disease, and 3.4 million people are affected by epilepsy. Moreover, neurological diseases are the second leading cause of death globally, particularly with the increase in the elderly population. This number seems to rise, leading to the higher usage and demand for early diagnosis. This is likely to increase the adoption of reflex hammers across healthcare diagnostic settings. Moreover, as per the September 2020 published article titled "World Brain Day 2020: Move together to end Parkinson's disease", neurological disorders are a leading cause of death worldwide. Neurological disorders were responsible for approximately 9 million deaths, or approximately 16.5% of all global fatalities. Parkinson's disease and Alzheimer's disease are two of the most common illnesses, and their prevalence has been steadily increasing. Such an increase in the prevalence of diseases is expected to impel the rate of diagnosis, ultimately fueling the market's growth over the coming years.
On the other hand, higher costs associated with reflex hammers can act as a restraining factor for the market.
By end-user, the clinic's segment is anticipated to hold a major market share of the reflex hammer market owing to the higher rate of diagnosis of several musculoskeletal and neurological diseases within specialized clinical settings. Growth in the incidences of these diseases and the rising number of establishments of standalone clinics are estimated to bolster the segment's growth.
For instance, according to the World Health Organization, in 2021, globally, nearly 1.7 billion people were suffering from neurological disorders, and the number is expected to rise in the future. Likewise, as per the same source, in 2021, musculoskeletal conditions were one of the major conditions leading to approximately 149 million years lived with disability, accounting for 17% of all years lived with disability worldwide. The biggest contributor to the overall burden of musculoskeletal diseases is low back pain, with a prevalence of 568 million people, followed by fractures affecting 436 million people and osteoarthritis impacting 343 million people. Moreover, injuries affect almost 305 million of the global population; neck pain impacts 222 million; amputations affect 175 million, and rheumatoid arthritis affects 14 million of the global population. Therefore, this increase in the patient population will boost clinical consultations for early diagnosis and examinations of medical ailments, contributing to the segment's growth.
In addition, an upsurge in the number of clinical settings will propel the segment's growth further. For instance, according to the Statistics Bureau Ministry of Internal Affairs and Communications Japan, the total number of clinics in Japan increased from 179,090 in 2018 to 179,416 in 2019. Similarly, according to the statistics published by the Ministry of Health Malaysia, as of December 2019, there were approximately 1,114 clinics in Malaysia, an increase compared to the previous year. Thus, all the aforementioned factors are anticipated to drive the segment's growth over the coming years.
The robust growth of technology in the healthcare sector in the United States, the increasing burden of neurodegenerative diseases like Alzheimer's, Parkinson's disease, etc., product launches, and increasing demand for early diagnosis are expected to boost the market growth in the North American region. For instance, according to an article by the Centers for Disease Control and Prevention (CDC) entitled "Alzheimer's Disease and Related Dementias," revised in October 2020, an estimated 5.8 million Americans were living with Alzheimer's disease. The same source also reported that the number of people affected by Alzheimer's is expected to almost triple to 14 million people by 2060. Such a growing burden of the disease creates the need for early diagnosis and treatment, thereby having a positive impact on the market's growth.
Additionally, in November 2020, the American Heart Association, in collaboration with the Society of Vascular and Interventional Neurology and John Wiley and Sons, launched a new open-access journal, Stroke: Vascular and Interventional Neurology, which will focus on topics in the interventional, endovascular, medical, and surgical management of stroke and vascular disease of the brain, spinal cord, and head and neck. Thus, such factors will further increase awareness and adoption of reflex hammers within the patient population for early diagnosis. Likewise, according to the Canadian Institute for Health Information's 2020 report, more than 62,000 hip replacements and over 75,000 knee replacements were performed in Canada from 2018 to 2019, which represented an increase of 20.1% and 22.5%, respectively, over the last five years. Additionally, joint replacements have increased, with more than 137,000 surgeries being performed annually and an estimated amount of USD 1.4 billion for inpatient hospital and physician costs (excluding rehabilitation). Hence, the rising number of surgical procedures may further support market growth.
As a result of the increasing number of people suffering from musculoskeletal and neurological disorders coupled with growing awareness, the market in North America is expected to grow over the forecast period.
The Reflex Hammer market is moderately competitive, with several players across the globe. In terms of market share, various major players currently dominate the market. With the rising hospital infrastructure and high prevalence of neurological disorders, many regional players are expected to be part of the market over the forecast period. The key players in the market of the reflex hammer are US Neurological, Desco Medical, MDF Instruments, J&J Instruments, Sklar Surgical Instruments, Kimetec, Luxamed, Timesco, TICARE health, and Invotech Excel.
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Globally, the rising number of COVID-19 cases has had a profound impact on the reflex hammer market, as diagnostic and surgical procedures initially had to be postponed or delayed. For instance, according to the research study published in the National Library of Medicine in November 2021, titled "Neurosurgery and coronavirus: impact and challenges-lessons learned from the first wave of a global pandemic," there has been a reduction in neurosurgical emergencies by 33.6% and operations by 55.6% during the COVID times. As reflex hammers are used for the diagnosis of the reflex of the tendon, mostly in neurological conditions, the demand for these products reduced substantially. However, after regaining normalcy and resuming diagnostic procedures worldwide, patients are recommencing their treatments and check-ups for several other diseases that may have a positive impact on the reflex hammer industry in the near future. Hence, considering all the COVID-19 and post-COVID-19 impacts, the studied market is expected to have a steady growth rate during the forecast period.
Further, factors driving the market growth are an increase in the number of patients suffering from musculoskeletal and neurological disorders along with growth in patient examinations and awareness. Additionally, a rise in the commercial availability of products and growing healthcare expenditure for improving healthcare services are some of the major factors propelling the market growth.
Growing awareness among healthcare professionals, as well as a surge in the patient population, are some of the major factors that are anticipated to have a positive impact on the market growth. The main purpose of the reflex hammer is to diagnose neurological disorders that range from a headache to Alzheimer's disease, getting a stroke, or epilepsy. As per the data published by the Texas Department of State Health Services in 2021, 6.2 million people in the United States are affected by Alzheimer's disease, and 3.4 million people are affected by epilepsy. Moreover, neurological diseases are the second leading cause of death globally, particularly with the increase in the elderly population. This number seems to rise, leading to the higher usage and demand for early diagnosis. This is likely to increase the adoption of reflex hammers across healthcare diagnostic settings. Moreover, as per the September 2020 published article titled "World Brain Day 2020: Move together to end Parkinson's disease", neurological disorders are a leading cause of death worldwide. Neurological disorders were responsible for approximately 9 million deaths, or approximately 16.5% of all global fatalities. Parkinson's disease and Alzheimer's disease are two of the most common illnesses, and their prevalence has been steadily increasing. Such an increase in the prevalence of diseases is expected to impel the rate of diagnosis, ultimately fueling the market's growth over the coming years.
On the other hand, higher costs associated with reflex hammers can act as a restraining factor for the market.
Key Market Trends
Clinics Segment is Anticipated To Register a Significant CAGR over the Forecast Period
By end-user, the clinic's segment is anticipated to hold a major market share of the reflex hammer market owing to the higher rate of diagnosis of several musculoskeletal and neurological diseases within specialized clinical settings. Growth in the incidences of these diseases and the rising number of establishments of standalone clinics are estimated to bolster the segment's growth.
For instance, according to the World Health Organization, in 2021, globally, nearly 1.7 billion people were suffering from neurological disorders, and the number is expected to rise in the future. Likewise, as per the same source, in 2021, musculoskeletal conditions were one of the major conditions leading to approximately 149 million years lived with disability, accounting for 17% of all years lived with disability worldwide. The biggest contributor to the overall burden of musculoskeletal diseases is low back pain, with a prevalence of 568 million people, followed by fractures affecting 436 million people and osteoarthritis impacting 343 million people. Moreover, injuries affect almost 305 million of the global population; neck pain impacts 222 million; amputations affect 175 million, and rheumatoid arthritis affects 14 million of the global population. Therefore, this increase in the patient population will boost clinical consultations for early diagnosis and examinations of medical ailments, contributing to the segment's growth.
In addition, an upsurge in the number of clinical settings will propel the segment's growth further. For instance, according to the Statistics Bureau Ministry of Internal Affairs and Communications Japan, the total number of clinics in Japan increased from 179,090 in 2018 to 179,416 in 2019. Similarly, according to the statistics published by the Ministry of Health Malaysia, as of December 2019, there were approximately 1,114 clinics in Malaysia, an increase compared to the previous year. Thus, all the aforementioned factors are anticipated to drive the segment's growth over the coming years.
North America Dominates the Market for Reflex Hammers
The robust growth of technology in the healthcare sector in the United States, the increasing burden of neurodegenerative diseases like Alzheimer's, Parkinson's disease, etc., product launches, and increasing demand for early diagnosis are expected to boost the market growth in the North American region. For instance, according to an article by the Centers for Disease Control and Prevention (CDC) entitled "Alzheimer's Disease and Related Dementias," revised in October 2020, an estimated 5.8 million Americans were living with Alzheimer's disease. The same source also reported that the number of people affected by Alzheimer's is expected to almost triple to 14 million people by 2060. Such a growing burden of the disease creates the need for early diagnosis and treatment, thereby having a positive impact on the market's growth.
Additionally, in November 2020, the American Heart Association, in collaboration with the Society of Vascular and Interventional Neurology and John Wiley and Sons, launched a new open-access journal, Stroke: Vascular and Interventional Neurology, which will focus on topics in the interventional, endovascular, medical, and surgical management of stroke and vascular disease of the brain, spinal cord, and head and neck. Thus, such factors will further increase awareness and adoption of reflex hammers within the patient population for early diagnosis. Likewise, according to the Canadian Institute for Health Information's 2020 report, more than 62,000 hip replacements and over 75,000 knee replacements were performed in Canada from 2018 to 2019, which represented an increase of 20.1% and 22.5%, respectively, over the last five years. Additionally, joint replacements have increased, with more than 137,000 surgeries being performed annually and an estimated amount of USD 1.4 billion for inpatient hospital and physician costs (excluding rehabilitation). Hence, the rising number of surgical procedures may further support market growth.
As a result of the increasing number of people suffering from musculoskeletal and neurological disorders coupled with growing awareness, the market in North America is expected to grow over the forecast period.
Competitive Landscape
The Reflex Hammer market is moderately competitive, with several players across the globe. In terms of market share, various major players currently dominate the market. With the rising hospital infrastructure and high prevalence of neurological disorders, many regional players are expected to be part of the market over the forecast period. The key players in the market of the reflex hammer are US Neurological, Desco Medical, MDF Instruments, J&J Instruments, Sklar Surgical Instruments, Kimetec, Luxamed, Timesco, TICARE health, and Invotech Excel.
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- US Neurologicals LLC
- Desco Medical
- MDF Instruments
- J and J Instruments, Inc
- Sklar Surgical Instruments
- Kimetec GmbH
- LUXAMED GmbH and Co. KG
- Timesco Healthcare Ltd
- TICARE health
- Invotech Excel
Methodology
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