Arthroscopy Instruments Market Size, 2022 Supply-Demand, Market Research and End User Analysis, Outlook 2030
Arthroscopy Instruments Market Outlook
The Arthroscopy Instruments Market is expected to reach USD 5.69 Billion by 2030 at 6.20% CAGR during the forecast period 2022-2030.
Arthroscope is a trusted and well-developed form of surgery used by numerous surgeons and physicians throughout the world. This system has a camera, a fiber optic light, a small lens, and a monitor that is inserted into the patient's bones to inspect and treat the damaged region. This technique is usually used to treat injuries to the knee, back, elbows, knees, wrists, and ankles.
Key Players
Some of major the Arthroscopy Instruments Market Players include are Conmed (U.S.), Smith & Nephew (U.K.), Medtronic, Inc. (U.S.), Arthex (U.S.), DePuy Synthes (U.S.), Stryker (U.S.), Zimmer Biomet (U.S.), B. Braun (Germany), Karl Storz (Germany), Olympus (Japan), Richard Wolf (Germany), Medicon (Germany), Sklar (U.S.), GPC Medical (India), Millennium (U.S.), and others.
Segmentation
The global Arthroscopy Instruments Market Research segmented on the basis of product, application, and end-user.
· Based on the product, the market is divided into arthroscopes, arthroscopic implants, fluid management systems, visualization systems, radiofrequency systems, power shavers, and others. In addition, arthroscopic implants are segmented as knee implants, hip implants, shoulder implants, and others. Radiofrequency systems are further segmented as RF probes, RF generators, and wands and footswitches.
· On the basis of application, the market for arthroscopy instrument is divided into knee arthroscopy, hip arthroscopy, foot and ankle arthroscopy, spine arthroscopy, shoulder arthroscopy, and others (wrist and hand arthroscopy).
· On the basis of end-user, the market for arthroscopy instrument is segmented into hospitals, ambulatory surgical centres, and others.
Market Dynamics
A variety of factors, such as growing preference for minimally invasive procedures, increasing technological advancements, and improving the regulatory environment, are fuelling the growth of the global market for arthroscopy instruments. In addition, the rise in the incidence of sport-related musculoskeletal disorders, such as a bone tumor, rheumatoid arthritis, and osteoarthritis, is driving the development of this sector. The World Health Organization estimates that the prevalence of rheumatoid arthritis is between 0.3% to 1% and is more severe in women and developed countries. In addition, the projection also indicates that 9.6% of men and 18.0% of women over 60 years of age have osteoarthritis.
Despite these factors, the rising cost of arthroscopy instruments, the challenges of reimbursement in the medical device industry, and the weak healthcare system in low and middle-income countries may hinder the market growth. As stated in National Center for Health Statistics in the United States, nearly 650,000 arthroscopic lavage and debridement procedures are conducted annually for knee pain at an average cost of USD 5,000 each.
Regional Analysis
Geographically, the global Arthroscopy Instruments Market Report has been segmented into the Americas, Europe, the Asia Pacific, and the Middle East and Africa.
The Americas dominates the global market for arthroscopy instruments due to the presence of significant players in the industry, the high rate of adoption of minimally invasive devices and the rising incidence of joint-related diseases are boosting the market growth in this area. However, according to the American Orthopedic Society for Sports Medicine in the United States, an estimated 4 million individuals undergo knee arthroscopies, although the number of patients undergoing shoulder arthroscopies is 1.4 million each year. In addition, growing cases of arthroscopic surgery, along with rising health awareness, are driving the growth of the demand for arthroscopic instruments.
Europe is the second-largest arthroscopic instrument market in the world. Government support for research and development spending and increasing prevalence of bone disorders is expected to drive the European market. In fact, according to Arthritis Research U.K., around 10 million people had a form of arthritis in the U.K. in 2016. In addition, it has been projected that over 86,000 hip replacements and over 90,000 knee replacements take place every year.
The Asia Pacific is the fastest-growing region in the global market for instruments for arthroscopy due to a vast patient pool, rising demand for minimally invasive surgeries, and the advancement of healthcare technology. According to Osteoporosis Australia, about 4.74 million Australians over the age of 50 suffer from either poor bone health or osteoporosis, which further fuel the need for arthroscopy surgery. Healthcare spending has been increased in different regions of the Asia Pacific. Moreover, the availability of qualified physicians and nurse practitioners and the low cost of surgery have fuelled medical tourism in India. Most main players are expanding their business in emerging economies in the Asia Pacific region.
The Middle East & Africa has the lowest market share in the world due to low growth, lack of technical expertise, and weak medical facilities.
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