Arthroscopy Devices Market – Insights
A procedure for diagnosing and treating internal body parts is known as arthroscopy, and the devices used for examination are known as arthroscopy devices. Arthroscopy is a minimally invasive procedure and is performed by inserting a small probe through an incision. The primary application of arthroscopy is diagnosis of inner structure of the body. As the name suggests, surgical arthroscopy is the use of these devices during surgical procedures. Arthroscopy is widely used by orthopedic doctors to treat bone disorders and joint problems such as knee, shoulder and elbow related disorders.
Arthroscopy devices include mechanical instruments, motorized instruments, electrosurgical instruments, and special instruments such as probes, punches, shavers, electrocautery electrodes, laser, ACL sets, and meniscus repair sets. Arthroscopy procedures are minimally invasive which can prevent post-surgery complications, infections during surgery, and also help in reducing patient recovery time.
The global arthroscopy devices market was valued at US$ 4,310.3 million in 2018, and is expected to witness a CAGR of 6.0% over the forecast period (2019 – 2027).
Global Arthroscopy Devices Market Share (%) Analysis, By Product Type, 2019
Source: Coherent Market Insights Analysis (2019)
High Cases of Joint Replacement Surgery and Increasing Geriatric Population is Expected to Drive Growth of the Arthroscopy Devices Market
Increasing demand for joint replacement procedures in North America is driving growth of the arthroscopy devices market. According to data of Canadian Institute for Health Information (CIHI) published in June 2019, around 130,000 knee and hip surgeries are performed in Canada annually. According to the same source, during the period 2009 to 2015, knee replacement surgery and hip replacements surgery increased by 20.3% and 20% respectively. According to the Centers for Disease Control and Prevention (CDC), in the U.S. during 2013-2015 nearly 54.4 million adults were diagnosed with arthritis, and the number is expected to reach 78.4 million by 2040. Such factors are expected to facilitate demand for arthroscopy devices in the near future.
Furthermore, increasing geriatric population is a major factor driving growth of the arthroscopy devices market around the globe owing to increasing knee and joint related issues among the geriatric population. According to data published in 2014 by the Australian Commission on Safety and Quality in Health Care, in 2012-13, 33,682 patients over 55 years of age were admitted to hospitals for knee arthroscopy.
Arthroscopy Device Market - Restraints
One of the factors restraining growth of the arthroscopy devices market is the increasing number of FDA recalls due to product failures, component inconsistency or compromised sterility issues. For instance, in October 2014, the U.S. FDA recalled 'Shoulder Arthroscopy Pack' manufactured by Customed, Inc. because of significantly damaged sterility and packaging. Serious deficiencies in manufacturing processes, and uncontrolled and inadequate storage conditions increase risk of contamination and may result in patient infection. Thus, manufacturing issues or product failures are expected to hamper growth of the arthroscopy devices market.
Arthroscopy Device Market - Regional Insights
On the basis of region, the global Arthroscopy Device market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is projected to hold a dominant position in the global arthroscopy device market during the forecast period, owing to increasing prevalence of bone related disorders, which, in turn, are expected to increase demand for diagnostic testing devices such as arthroscopes. For instance, according to data published by the Centers for Disease Control and Prevention (CDC) in 2017, around 54.4 million people in the U.S. had some form of arthritis and rheumatoid arthritis during 2013-2015. This number is expected to increase to around 78 million by 2040.
Asia Pacific is expected to witness rapid growth in the arthroscopy devices market. The market in Asia Pacific is expected to gain momentum during the forecast period, owing to increasing aging population in the region. For instance, according to the Ministry of Statistics and Program Implementation, in 2016, 103 million people in India were over 60 years of age.
Global Arthroscopy Devices Market Value (US$ Mn) & Y-o-Y Growth (%), 2017-2027
Source: Coherent Market Insights Analysis (2019)
Arthroscopy Devices Market - Competitive Landscape
Key players operating in the global arthroscopy devices market include Smith & Nephew Plc, Olympus Corporation, Johnson & Johnson (DePuy Synthes Inc.), Stryker Corporation, CONMED Corporation, Vimex Sp. z o.o., and Karl Storz SE & Co. KG.