Arthroscopy Devices Market Analysis | 2022-2028

“The Arthroscopy Devices Market was estimated at US$ 6.25 billion in 2021 and is expected to grow at a CAGR of 7.5% during 2022-2028 to reach US$ 10.35 billion by 2028”.

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Market Dynamics

Introduction

An arthroscope is a medical instrument used to test and treat the body joints such as the spine, knee, shoulder, hip, and elbow. Arthroscopy devices are used to examine bone tumors in bone joints, osteoarthritis, tendinitis, and rheumatoid arthritis.

Market Drivers

The arthroscopic devices market is anticipated to witness positive growth owing to an increase in the number of sports injuries, rising prevalence of musculoskeletal and bone-related complications due to a significant share of geriatric population in population mix around the globe, favorable reimbursement systems in developed nations, increase in preference for minimally invasive treatment procedures and some other key factors.

As per a study published in the Lancet Journal, in the year 2020, there were around 654.1 million patients with knee osteoarthritis over the age of 40 and above worldwide. Furthermore, the World Health Organization (WHO) estimated that 1.71 billion people suffered from musculoskeletal conditions across the globe in the year 2020 and low back pain is the major cause of the significant burden of musculoskeletal conditions with rheumatoid arthritis, amputations, neck pain, osteoarthritis, fractures and other injuries as some other causes. Hence, the increasing prevalence of different musculoskeletal ailments will aid in product demand in the arthroscopy devices market.

Covid 19 Impact

During the COVID-19 pandemic, the arthroscopy devices market witnessed a negative impact due to the sudden spiked demand for other essential medical supplies such as gloves, masks, spectacles, and PPEs. A halt or reduced production of medical devices such as arthroscopic shaped the downward growth curve but the market recovered and is seeing constant growth since 2021, the market is slowly gaining traction, thus anticipated to grow positively during the forecast period 2022-2028.

Recent Developments:

• In July 2021, US FDA Clearance: Stryker received the US FDA clearance for the first balloon implant for arthroscopic treatment of massive irreparable rotator cuff tears (MIRCTs).
• In June 2021, US FDA Approval: Arthrocare Corporation received 510k approval from the US FDA for Werewolf Fastseal 6.0 Hemostasis Wand, Werewolf+ Controller, and Werewolf+ Coblation System.
• In June 2020, CE mark approval: Medacta International received the CE mark approval for Stemless Humeral Metaphysis and Long Humeral Diaphysis implants. These implants are used in shoulder joint replacement.
• In July 2019, US FDA Approval: Integrated Endoscopy received the US FDA approval for NUVIS Single-Use Arthroscope, an endoscope designed for use in arthroscopic surgical procedures.

Segments Analysis

By Type

“Arthroscopes are leading the market and will likely remain dominant”.

The market is segmented into arthroscopes, implants, fluid management systems, radiofrequency ablation, visualization systems, powered shavers, and others. The arthroscopes are dominating the market and are anticipated to continue their dominance over the forecast period. Arthroscope follows the minimally invasive approach and helps patients with less scarring and recover faster.

By Application Type

“The knee arthroscopy segment is expected to experience significant growth during the forecast period”.

The market is categorized as knee arthroscopy, hips arthroscopy, spine arthroscopy, foot & ankle arthroscopy, shoulder & elbow arthroscopy, and others. Amongst these segments, the knee arthroscopy segment will see a huge growth over the forecast period. In the U.S., there are about 7 million orthopedic surgeries performed in a year in the United States. As per the World Health Organization (WHO), more than 25% of people in the age group of 50 years and more suffer pain from degenerative knee disease, and this results in an increase in the number of knee replacement surgeries.

The growing geriatric population leads to an increase in knee and joint problems among the older population. According to the World Health Organization, there were 1 billion people aged 60 and older in the year 2019, and is anticipated to rise to 1.4 billion by the end of the year 2030 and an increase of 2.1 billion by the end of the year 2050.

By End-User Type

“The hospitals segment is projected to dominate the market throughout the forecast period”.

The market is segmented into Hospitals, Ambulatory Surgical Centers, and Orthopedic Clinics. The hospitals segment will dominate the market over the forecast period owing to large patient pools, although Orthopedic clinics hold the largest market CAGR over the study period owing to increasing investments and infrastructural growth of these clinics around the world.

Regional Analysis

“North America will maintain the largest market share, while Asia Pacific will see the fastest growth in the arthroscopy devices market during the forecast period”.

The market is broken down geographically into areas, namely North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is likely to maintain its largest market share in the arthroscopy devices market throughout the forecast period owing to the increase in healthcare expenditure in the region and due to the growing adoption of advanced technology in the region. Also, the presence of major market players in this region adds to the growth of the market. Local presence and easy product availability directly impact the cost of the devices.

Concurrently, Asia Pacific is expected to witness the fastest growth in the global arthroscopy devices market during the forecast period. The regional significant growth is due to the growth of medical tourism in this region. Also, increasing the patient pool will propel the growth rate of the arthroscopy devices market in this region.

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Key Players

The following are the key players in the Arthroscopy Devices Market (arranged alphabetically)

• Arthrex, Inc. (United States)
• CONMED Corporation (United States)
• Henke Sass Wolf GmbH (Germany)
• Johnson & Johnson (United States)
• KARL STORZ GmbH & Co. KG (Germany)
• Medtronic Plc (Ireland)
• Olympus Corporation (Japan)
• Richard Wolf GmbH (Germany)
• Smith & Nephew Plc (United Kingdom)
• Stryker Corporation (United States)
• Zimmer Biomet Holdings (United States)

The competitive scenario of the arthroscopy devices market shows that the market is highly competitive. Some of the key players are focusing on the expansion of their manufacturing facilities to boost production capabilities. Furthermore, to increase their global reach, key players are engaged in competitive strategies like product launches, research & development activities, expansion, joint ventures, and others.

Note: The above list does not necessarily include all the top players in the market.

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This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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