Arthroscopic Devices Market is Expected To Reach USD 7,866.4 Million By 2028 at a CAGR of 6.00%
Government initiatives for better quality of life by ensuring the masses are able to receive the treatment in affordable cost, increased geriatric population, rising incidences of accidents, increasing cases of sports injuries are key factors contributing to high CAGR of Arthroscopy Devices market during forecast period.
According to the current analysis of Reports and Data, the global Arthroscopic Devices market was valued at USD 4,905.4 Million in 2020 and is expected to reach USD 7,866.4 Million by the year 2028, at a CAGR of 6.2 %. Arthroscopy is a set of procedure which includes diagnosing and treating joint problems. Moreover, in the case of joint dislocation, arthroscopy also involves surgeries in that particular area. Arthroscopic devices enable the healthcare professional to view inside the joint without making a large incision. The rise in popularity and demand for a minimally invasive technique for surgical procedures across the globe is the primary factor that fosters the growth of arthroscopic devices market.
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Arthroscopic devices are extensively used in orthopedic conditions like shoulder arthroscopy, knee arthroscopy, and hip arthroscopy. According to the United Nations, by 2050, 130 million people will suffer from osteoarthritis worldwide, of whom 40 million will be severely disabled by the disease. The cost of treatment associated with arthroscopy includes outlays for diagnostic, adaptive aids and devices, medicines, surgery. However, Rapid growth was possible due to considerable technological advances in the field of medical technology which has partly solved the challenges associated with minimal invasive technique. Majorly, arthroscopy is helpful in the diagnosis and treatment of many non-inflammatory, inflammatory, and infectious types of arthritis as well as various injuries within the joint. Non-inflammatory degenerative arthritis, or osteoarthritis, can be seen using the arthroscope as frayed and irregular cartilage. The increased population of geriatrics experiencing joint pains and other diseases related to arthritis, escalating awareness of the need to live a quality life that is better for human existence are some of the major drivers of the arthroscopic devices market. Furthermore, government initiatives to provide better diagnostic, technological advancements in the field of diagnostics is expected to fuel market growth during the forecast period. The rising incidences of a product recall, increase in the infections caused due to implants due to hygiene conditions, and implications associated with the surgical procedure are expected to hamper the market growth for arthroscopic devices during the forecast period.
Further key findings from the report suggest
- Technological advancements in the field of surgeries and therapy are the key factor contributing to market growth. For instance, temporomandibular joints, when displaced from the original shape, Biopsies can be carried out using arthroscopic devices. There is no other way to overcome the problem. Hence, such a demand in diagnostic procedures is expected to boost market growth.
- Arthroscopic Partial Meniscectomy (APM) is now carried out to remove some or all of a meniscus from the tibio-femoral joint of the knee using arthroscopic (keyhole) surgery. Upcoming new surgical methods due to the rising demand in the minimally invasive technique are expected to propel the market growth in the near future.
- In recent years, the implants for arthroscopy have come up, which can be autoclaved. Moreover, in January 2020, Integrated Endoscopy launched, a single-use, high definition, and battery-operated arthroscope was launched using remarkable new technology.
- Rising demand for the minimally invasive procedure over the traditional method is expected to boost market growth during the forecast period. The recovery period for the conventional techniques of the surgery of the knee implantation is more than the modern method of surgery owing to the demand for arthroscopy devices.
- Sports injuries include spondylolysis and spondylolisthesis, stingers, disc injury, and Scheuermann’s disease are owing to the arthroscopic devices market. According to the sports injury Stanford children health statistics, in the United States, about 30 million kids and teenagers participate in some form of organized sports. More than 3.5 million injuries occur each year in the United States, which causes some loss of time of participation experienced by the participants. Almost one-third of all injuries incurred in childhood are sports-related injuries.
- The Arthroscopy Association of North America (AANA) and VirtaMed have signed a two-year collaboration agreement making VirtaMed the preferred and exclusive partner for virtual reality simulation training. The adoption rate for arthroscopy in developed nation is significantly increasing because of the application of high end technological advancement.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Smith & Nephew, DePuy Synthes, Stryker, Arthrex , ConMed, Zimmer Biomet, Medtronic, Karl Storz, B. Braun, Olympus, Richard Wolf, MEDICON, Sklar , Millennium, GPC Medical, and Johnson & Johnson.
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Arthroscopic Devices Market Segmentation:
Type Outlook (Revenue in Million USD; 2020–2028)
- Arthroscopic Implants
- Radiofrequency Probes and Wands
- Fluid Management System
- Motorized Shavers
- Visualized Systems
Application Outlook (Revenue in Million USD; 2020–2028)
- Shoulder Arthroscopy
- Knee Arthroscopy
- Spine Arthroscopy
End-Use Outlook (Revenue in Million USD; 2020–2028)
- Hospitals & Clinics
- Ambulatory Surgical Centers
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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