The Global Arthroscopy Devices Market was valued at US$ 2,369.6 million in 2016 and is projected to expand at a CAGR of 5.1% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Increasing number of knee implantation and hip implantation procedure is supporting growth of the arthroscopy devices market.
Arthroscopy being a minimally invasive surgery, significantly reduces patient recovery time, decreases chances of infection during surgical procedure, and curtails bleeding during surgery. Being a largely outpatient surgical procedure, the patient needs to stay in the hospital for just a few days, with the procedure itself lasting for a few hours. Therefore, the preference for arthroscopic procedures is increasing instead of general/open surgical procedure. Furthermore, wide adoption of technologically advanced implants such as cementless prosthetics are also supporting growth in number of people opting for such implantations. The other factors related to the growth of implantation are alarming increase in rate of road accidents and growing obese population worldwide leading to the growth of knee pain, fractures and osteoarthritis which also known as degenerative joint disease.
As per the stats published by Centers for Disease Control and Prevention, around 54.4 million people in U.S. were suffering from some form of arthritis and rheumatoid arthritis in 2013-2015. This number is expected to increase to around 78 million by 2040. Therefore, it is estimated that this factors will support the growth of arthroscopy devices market in the near future.
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Arthritis is a highly prevalent disease, with prevalence rate increasing steadily. For instance, as per data published by Arthritis Foundation, in U.S., arthritis affects 1 in 4 adults and its prevalence increased by 22.7% during 2010-2012. Furthermore, the prevalence of severe joint pain was 27% among adults with arthritis in 2016, with prevalence especially high among people ages 64 years and above.
Also, as per Arthritis Foundation, the number of adults suffering from severe joint pain increased from 10.5 million in 2002 to 14.6 million in 2014, in the U.S.
Also, other factors driving growth of arthroscopy devices market is increasing number of arthroscopy procedures due to sport injuries. Athletes and sportspersons are inclined towards opting for arthroscopy surgery for treatment of sports related injuries, as the recovery time associated with it is relatively less. As per stats published by Orthopaedic Institute, Stuart Gold, M.D., Inc., over 600,000 arthroscopy surgeries are performed every year and knee arthroscopy surgery contributes over 80% of the total procedures. Arthroscopic knee surgery is commonly used to treat patella-femoral syndrome.
Major players in the arthroscopy devices market are focusing on introducing various technological advancements in their products. For instance, Vimex Sp. z o.o. – a leading arthroscopy device manufacturing company – provides wireless footswitch to operate the shaver during surgical procedure also the shaver automatically get connect with the handpiece and set of previously used instruments and it has counter-wise and counter-clockwise rotation modes, which help to increase the efficiency of instrument during procedure.
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Key takeaways of the market:
- The global arthroscopy devices market is expected to expand at a CAGR of 4.8% during the forecast period (2017–2025). Technological advancements in devices is expected to favor the demand for arthroscopy devices over the forecast period.
- The arthroscopy implants segment in the global arthroscopy devices market was estimated to be the largest in 2016 and is expected to retain its dominance in the market throughout the forecast period in terms of value closely followed by arthroscopy visualization systems. Rise in cases for joint pain and knee surgery globally is projected to support the growth for arthroscopy devices market in the near future.
- The market in North America is expected to expand at a significant CAGR of 4.7% during the forecast period, owing to more installations of arthroscopy devices
- The global arthroscopy devices market is characterized by strategic research and development and advancements in the arthroscopy devices
- Some of the major players in the global arthroscopy devices market are Smith & Nephew, Olympus Inc., Karl Storz, Stryker Corporation, CONMED Corporation, Vimex Sp. z o.o. and DePuy Synthes Inc.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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