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Arthroscopy Instrument Market Size : Industry Growth Factors, Applications, Growth Analysis, Key Players and Forecasts by 2023
Global Arthroscopy Instruments Market Research Report: By Products (Arthroscope, Arthroscopy Implants, Fluid Management Systems, Visualization Systems, Other), by Applications (Knee, Hip, Spine Arthroscopy, Other), By End-User – Global Forecast Till 2023
A number of factors such as increasing preference for minimally invasive procedures, ongoing technological advancements, and improving regulatory framework are fueling the growth of the global arthroscopy instrument market. Additionally, increasing occurrences of sports-related musculoskeletal disorders, such as the bone tumor, rheumatoid arthritis, and osteoarthritis, are propelling the growth of this market. The world health organization predicts the prevalence of rheumatoid arthritis to be between 0.3% and 1% and more common in women and developed countries. Moreover, the prediction also states that 9.6% of men and 18.0% of women aged over 60 years have osteoarthritis.
However, the high cost of arthroscopy instruments, reimbursement challenges in the medical device industry, and poor healthcare system in low and middle-income countries may hamper the growth of the market. For instance, as per the National Center for Health Statistics, in the United States, an approximate 650,000 arthroscopic lavage and debridement procedures are performed for knee pain each year, at an average cost of USD 5,000 each.
It is estimated that the global arthroscopy instrument market is expected to grow at a CAGR 6.5% during the forecast period of 2018–2023.
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The Americas dominates the global arthroscopy instrument market owing to the presence of major market players, the high adoption rate of minimally invasive devices, and increasing incidences of joint-related diseases boost the market growth in this region. Further, according to the American Orthopedic Society for Sports Medicine, in the United States, an estimated 4 million people undergo knee arthroscopies, whereas the number of patients undergoing shoulder arthroscopies is 1.4 million per annum. Furthermore, rising cases in arthroscopic surgeries along with rising population awareness regarding health are driving the growth of the arthroscopy instruments market.
Europe holds the second position in the global arthroscopy instrument market. It is expected that the government support towards research & development expenditure and rising prevalence bone disorders is likely to drive the European market. According to the Arthritis Research U.K. in 2016, around 10 million people in the U.K. have a form of arthritis. Moreover, it was estimated that over 86,000 hip and over 90,000 knee replacements take place every year.
Asia Pacific is the fastest growing in the global arthroscopy instruments market owing to a huge patient pool, increasing demand for minimally invasive surgeries, and development in healthcare technology. According to Osteoporosis Australia, around 4.74 million Australians over 50 years of age are suffering from either osteoporosis or poor bone health. Which further fuels the need for arthroscopy surgeries. Healthcare expenditure is found to be improving in various Healthcare expenditure is found to be improving in various Asia Pacific regions. Moreover, the availability of skilled physicians and nurse practitioners and the low cost of surgeries have fueled medical tourism in India.
The Middle East and Africa holds the lowest share of the global market due to low development, lack of technical knowledge, and poor medical facilities.
The global arthroscopy instrument market is segmented on the basis of the product, application, and end-user.
On the basis of product, the market is classified into arthroscope, arthroscopic implants, fluid management systems, visualization systems, radiofrequency system, power shavers and others. The arthroscopic implants are further segmented as knee implants, hip implants, shoulder implants, and others. The radiofrequency systems are further segmented as RF generators, RF probes, and wands and footswitch.
Some of key the players in the global arthroscopy instrument market Smith & Nephew (U.K.), Arthex (U.S.), DePuy Synthes (U.S.), Stryker (U.S.), Conmed (U.S.), Medtronic, Inc. (U.S.), Zimmer Biomet (U.S.), B. Braun (Germany), Olympus (Japan), Karl Storz (Germany), Richard Wolf (Germany), Medicon (Germany), Sklar (U.S.), GPC Medical (India), and Millennium (U.S.).
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