Global Arthroscopy Devices Market
Number of pages: 100 | Report Format: PDF | Published date: January 25, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market Size Value in 2021 |
US$ 5.8 billion |
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Revenue Forecast in 2030 |
US$ 10.75 billion |
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CAGR |
7.1% |
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Base Year For Estimation |
2021 |
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Forecast Period |
2022-2030 |
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Historical Year |
2020 |
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Segments Covered |
Product, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global arthroscopy devices market was valued at US$ 5.8 billion in 2021 and is expected to register a revenue CAGR of 7.1% to reach US$ 10.75 billion by 2030.
Arthroscopy Devices Market Fundamentals
Arthroscopy is a surgical procedure used by orthopedic surgeons to visualize and treat abnormalities within the joints. An orthopedic surgeon performs arthroscopic surgery by making a minor incision in the skin's surface and inserting pencil-sized instruments that have a miniature lens and illumination system to amplify and highlight the structures within the joints. Light is transmitted using fiber optics to the tip of the arthroscopy devices that are put into the joint. After connecting the arthroscope to a compact camera, the surgeon may view the inside of the joint through this extremely small incision instead of the larger incision required for open surgery. The surgeon can view the image of the joint on a video monitor with a camera that is attached to the arthroscope. This enables the surgeon to see the ligaments under the kneecap and the cartilage. The surgeon can assess the degree or nature of the damage before making any necessary repairs or corrections. To determine whether to perform arthroscopy, most of the time, the doctor performs a physical examination, requests imaging procedures, typically x-rays, and thoroughly reviews the patient's medical history before making a diagnosis. An additional imaging test, such as computed tomography (CT) scan or magnetic resonance imaging (MRI) scan, is also required in some conditions. The doctor chooses the best course of treatment for the problem after establishing a diagnosis. Arthroscopy devices are used to access nearly all joints, such as the wrist, ankle, hip, shoulder, and elbow.
Inflammation and acute or chronic injuries are commonly treated with arthroscopic procedures. The inflammation includes conditions such as synovitis, which causes the tissues surrounding the knee, shoulder, elbow, wrist, and ankle joint to become inflamed. Similarly, acute or chronic injuries comprise conditions such as rotator cuff tendon tears, meniscal cartilage tears in the knee, chondromalacia a wearing or injury of the cartilage cushion in the knee, anterior cruciate ligament (ACL) tears with instability in the knee, carpal tunnel syndrome in the wrist, and recurrent dislocation in the shoulder.
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Arthroscopy Devices Market Dynamics
The market revenue for arthroscopy devices is driven by the rising prevalence of musculoskeletal conditions, such as osteoarthritis and rheumatoid arthritis. According to WHO, around 1.71 billion people globally are affected by musculoskeletal conditions. The expanding sports industry is increasing the number of sports injuries, which is fueling the demand for arthroscopy procedures to prevent joint replacement surgeries. The arthroscopy procedure is a minimally invasive surgical procedure, thus reducing the overall hospital stay of a patient with a quick recovery. The advantages of this surgery are propelling revenue growth in the arthroscopy devices market.
The growing incorporation of advanced technology in arthroscopy devices, such as new fiberoptic technology to improve visualization, is also playing a significant role in the revenue growth of the arthroscopy devices market. Furthermore, the growth in the geriatric population, which is more prone to musculoskeletal disorders, and a rise in the adoption of unhealthy lifestyles, and increase in the obese population are expected to boost the revenue growth of the arthroscopy devices market.
However, the high cost associated with arthroscopy devices is the major restricting factor of the arthroscopy devices market revenue growth. Moreover, possibilities of complications related to the arthroscopy that may occur during the procedure or after the procedure, such as infection, blood clots of a vein, excessive swelling or bleeding, damage to blood vessels or nerves, and instrument breakage, are likely to hinder the revenue growth of the arthroscopy devices market in the next few years.
Arthroscopy Devices Market Ecosystem
The global arthroscopy devices market has been analyzed from four perspectives: product, application, end-user, and region.
Arthroscopy Devices Market by Product
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Based on the product, the global arthroscopy devices market is segmented into arthroscope, arthroscopy implants, radiofrequency (RF) systems, fluid management systems, visualization systems, arthroscopic drills and fixation systems, and others.
The arthroscope segment dominates the arthroscopy devices market owing to the wide use of arthroscopes for various arthroscopy procedures. The implementation of advanced technologies in arthroscopes, such as laser and advanced light sources, increases the demand for the arthroscope. Holmium laser is the most extensively used laser in arthroscope, as it is clinically useful for meniscal cutting and ablation, lateral retinacular release, the release of posttraumatic fibrosis, chondroplasty, and synovectomy. Moreover, arthroscopes are also used in anterior cruciate ligament (ACL) tears and meniscal tears. Hence, a rise in the adoption of arthroscopes is propelling revenue growth in the segment. Furthermore, increase in the R&D activities related to arthroscopes, such as laser tissue photo agglutination and tissue welding, is also expected to fuel revenue growth in the segment.
Arthroscopy Devices Market by Application
Based on the application, the global arthroscopy devices market is segmented into knee arthroscopy, hips arthroscopy, spine arthroscopy, foot & ankle arthroscopy, shoulder & elbow arthroscopy, and others.
The knee arthroscopy segment accounts for the largest market revenue share. The rise in the number of knee arthroscopy surgeries globally due to increase in the prevalence of knee disorders is boosting revenue growth in the segment. Arthroscopy is a minimally invasive procedure used in knee ligament or meniscus treatment in sports injuries, which reduces the time of recovery and overall hospital stay. Arthroscopy is used in knee surgery as its success rate is higher as compared to other procedures. According to the Joint Replacement Institute, knee arthroscopy has around 90% success rate. Thus, increasing demand for arthroscopy in knee treatments is propelling revenue growth in the market.
Arthroscopy Devices Market by End-user
Based on end-user, the global arthroscopy devices market is segmented into hospitals and ambulatory surgical centers.
The hospitals segment dominates the arthroscopy devices market with the largest revenue share. One of the main drivers of the segment's revenue growth is the rise in overall footfall of patients in hospitals, which can be attributed to post-operative care and the accessibility of qualified experts in the hospitals. Moreover, the availability of more advanced equipment with a good reimbursement policy in hospitals has resulted in an increase in their preference in comparison to other end-users.
Arthroscopy Devices Market by Region
Based on the region, the global arthroscopy devices market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America accounts for the largest revenue share of the global market, followed by Europe and Asia Pacific. The substantial market revenue share of North America in the global market for arthroscopy devices is due to increase in the number of musculoskeletal disorders and the geriatric population in the region. According to Direct Orthopedic Care, 51.8 million Americans aged 65 and more, or 50% of American adults, have arthritis, making it the most common cause of disability. This aside, the increasing number of sports injuries due to growing participation in sports activities is also boosting the market revenue growth in North America. According to the Centers for Disease Control and Prevention (CDC), around 7 million sports-related injuries occur every year in the U.S. Moreover, the rising number of knee arthroscopy procedures is also boosting regional revenue growth. Additionally, the presence of the major players is also expected to boost regional revenue growth in the next few years.
Arthroscopy Devices Market Competitive Landscape
The prominent players operating in the arthroscopy devices market are:
Arthroscopy Devices Market Strategic Developments
Arthroscopy is a surgical procedure used by orthopedic surgeons to visualize and treat abnormalities inside joints for specific conditions, such as osteoarthritis, rheumatoid arthritis, tendinitis, and bone tumor.
The increasing prevalence of musculoskeletal issues, growing geriatric population, and rising number of sports injuries are driving revenue growth in the global arthroscopy devices market.
The high cost associated with arthroscopy devices and the complications related to arthroscopy procedures are limiting the revenue growth of the global arthroscopy devices market.
Stryker Corporation, DePuy Synthes (Johnson & Johnson), CONMED Corporation, Arthrex Inc, Zimmer Biomet, and Smith & Nephew Plc are among the prominent market players.
The arthroscope segment accounts for the largest revenue share of the global arthroscopy devices market.
*Insights on financial performance are subject to the availability of information in the public domain