DUBLIN--(BUSINESS WIRE)--The "Global Arthroscopy Devices Market Forecast up to 2025" report has been added to ResearchAndMarkets.com's offering.
The global arthroscopy devices market will grow at a CAGR of 6.6% during the forecast period.
The growing popularity of minimally invasive surgical procedures has increased the usage of arthroscopy devices globally. These devices have helped surgeons in treating various orthopedic conditions such as osteoarthritis, bone cancer herniated discs, and other joint-related orthopedic-targeted diseases. Arthroscopy devices have increased the interest of minimally invasive procedures; few of the popular methods among them include shoulder arthroscopy, spine arthroscopy, knee arthroscopy, and hip arthroscopy.
According to the report by National Survey of Ambulatory Surgery, more than 1 million knee arthroscopic procedures are performed annually. A majority of the surgical procedures are performed based on physical examination followed by magnetic resonance imaging (MRI) that gives a confirmatory diagnosis. Performing office-based needle arthroscopy has proven to be the alternative approach to visualize intra-articular pathology and anatomy in real-time. Surgical knee arthroscopy is the most common procedure performed.
Most of the large joint replacement implants are surgically performed when the joint is worn out or becomes dysfunctional due to injuries. Surgeries are primarily carried out to restore mobility and relieve pain. In minimally invasive surgery, a smaller surgical incision is made, and fewer muscles around the joint are detached or cut. Despite this difference, both traditional and minimally invasive joint replacement are technically demanding due to the outcomes and are dependent on the operating team with considerable experience.
According to analysis, North America accounted for the largest share of the global arthroscopy devices market in 2018. The primary reasons behind the market's growth in the Americas are rise in the aging population, increasing incidences of osteoporosis, advanced healthcare infrastructure, and rising demand for minimally invasive surgeries. The Asia Pacific region is expected to witness the fastest growth rate due to large patient pool, increasing awareness, and rising healthcare expenditure.
Market Dynamics
Drivers
- Increase in the Prevalence of Osteoporosis
- Increasing Popularity of Arthroplasty
- Rise in Elderly Population
- Rise in the Number of Outpatient Procedures
Restraints
- Complications and Risks Associated with Arthroplasty Procedures
- High Cost of Arthroplasty Procedures
- Inadequate Reimbursement Policies
- Dearth of Skilled Professionals
Opportunities
- Growing Popularity of Minimally Invasive Surgeries
- Increase in Healthcare Spending in Improvising Healthcare Facilities
- Increase in Mergers & Acquisitions
- Market Expansion Opportunities in Emerging Nations
Segmentation by Product Type
- Arthroscopes
- Arthroscopy Implants
- Arthroscopy Visualization Systems
- Arthroscopic Shavers
- Arthroscopic Radio frequency Systems
- Arthroscopy Fluid Management Systems
In 2018, the arthroscopy implants segment occupied the largest share due to increase in the incidence of musculoskeletal disorders, demand for artificial knee/hip implants, and awareness about the supreme quality range of implants available in the market. Further, the radio frequency and fluid management arthroscopy systems are expected to gain the highest volume sales during the forecast period.
Segmentation by Application
- Knee
- Hip
- Spine
- Shoulder
- Ankle
- Sports Medicine
In 2018, the knee segment accounted for the maximum share with increased use of arthroscopy procedures for total knee replacement.
Segmentation by End-user
- Hospitals
- Ambulatory Care
- Trauma Centers
In 2018, hospitals gained the highest share in the arthroscopy devices market with the largest diagnostic volumes globally.
Segmentation by Region
- North America
- Europe
- APAC
- RoW
The arthroscopy devices market in Rest of the World is growing at a moderate pace. Despite the relevant consequences of the increasing utilization of orthopedic devices, the awareness and prevention of various ortho-related diseases are less known in South America. Middle East and Africa has significant opportunities for various orthopedic procedures. Extremities, knee, hip, foot and ankle, and sports injuries have become common and have revolutionized the early treatment of various chronic disorders.
The global arthroscopy devices market has a broad range of surgical procedures that lead to stiff competition among vendors. The increasing awareness and availability of arthroscopic procedures are driving the competition in the market. It has a potential opportunity to grow in both developed and developing regions. The sales of arthroscopy devices are expected to increase through physician-owned orthopedic implant distributorships.
Further, this model will help companies to enter partnerships with physicians, who obtain orthopedic implants from manufacturers at a low price compared to their market price. This helps companies in saving costs by eliminating the concept of the direct sales force. The growing importance of minimally invasive procedures has led to increased adoption of arthroscopy devices, resulting in the development of safe and easy to operate process and quick treatment in less time.
The competitive advantage is primarily due to the increase in mergers & acquisitions that have increased the product launch and product portfolio expansion in leading companies. For instance, in November 2018, Stryker announced the acquisition of K2M; and similarly in October 2018, it completed the acquisition of Invuity Inc. Further, customized implants are gaining benefits in premium pricing with less annual pressure.
Key Vendors
- Johnson & Johnson (DePuy Synthes Inc.)
- Stryker
- Zimmer Biomet Holdings Inc.
- Smith & Nephew Inc.
- Arthrex Inc.
Companies to Watch For
- Orthofix International N.V.
- B. Braun
- Wright Medical Group N.V.
- OMNIlife Science
Competitive Facts
- The market is highly competitive with all the players competing to gain the market share. Intense competition, rapid advancements in technology, frequent changes in government policies, and the prices are key factors that confront the market.
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The requirement of high initial investment, implementation, and
maintenance cost in the market are also limiting the entry of new
players.
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