Market Overview
The Global Arthroscopy Devices Market is valued at US$ 5762.2 Mn in 2019 and is estimated to grow at a CAGR of 5.5% during the forecast period 2020-2027.
There is an increased demand for arthroscopy devices in individuals with orthopedic, arthritis, and other musculoskeletal disorders. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2014, more than 72 million people in the US had disc degeneration. The market is also driven by the growing older population in the US, Europe, and Japan. In developed markets such as the US and Germany, the availability of reimbursements for orthopedic procedures is likely to boost the market growth. Further, the market is driven by growing technological advances, increasing product approvals, favorable reimbursement policies, and increase in awareness programs. For instance, in September 2016, Zimmer Biomet launched Vanguard total knee arthroscopy system. Also, in February 2016, Arthrex announced its Synergy Extended Length Hip Arthroscopy sets.
Similarly, CONMED developed 3DHD Vision System, which offers 3D vision at low cost., 500XL Xenon light source system by Smith & Nephew offers a high range of illumination
in April 2016, St. Jude Medical announced that the company received first post-approval for its Medical Axium Neurostimulator System implants in the US for dorsal root ganglion (DRG) stimulation to treat patients with chronic pain.
Market Dynamics
Drivers
- Increasing prevalence of orthopedic disorders coupled with aging population
- Growing number of sports-related injuries and accidents
- Technological advancements
Restraints
- High cost of implants and instruments
- Risks and complications associated with arthroscopic surgery
Increasing prevalence of orthopedic disorders coupled with aging population
There has been a significant increase in the number of orthopedic disorders across the world over the last decade. Limited physical activity and eating habits can negatively influence the body's homeostasis. Arthritis, trauma, back pain, and osteoporosis are the most common joint problems worldwide. For instance, in the US, approximately 70% of the adults aged between 55 and 78 years suffer from osteoarthritis, which is expected to increase during the forecast period. The CDC estimated that in 2013, 52.5 million people in the US had arthritis, compared to 47.8 million people in 2005. Worldwide, rheumatoid arthritis affects 0.5%-1% of the total population each year
Growing number of sports-related injuries and accidents
Injuries that occur during any physical activity like athletics, playing games and exercising may be considered as sports related injuries. The common types of injuries are muscle sprains, ligament tears, tears of tendons, dislocated joints in the ankle, knee, shoulder, hip, spine, hand foot and ankle. In the US, according to the CDC 2014 report, around 35 children die every day due to sports injuries, on an average 9.2 million children under the age of 19 are more affected, and about 12,775 die because of such injuries. Due to advancement in sports activities, many youngsters are involved in sports that result in many sports injuries. The increasing incidence of musculoskeletal disorders acts as a fueling factor for this market, growing demand of the sports related injuries make way for the minimally invasive surgical procedures like arthroscopy devices. Orthopedic trauma imposes an extra burden on the healthcare infrastructure of developing countries when they have to provide care for patients suffering from feet and ankle injuries. During high trauma conditions, serious shoulder, knee, hip, and spine injuries are treated with arthroscopy devices where the damaged joints can be examined clearly with the arthroscopes and can be treated with arthroscopy implants, which enhances the survival of the patient's life.
Geographical Analysis
The North America arthroscopy devices market is valued at USD 2,276.2 Mn in 2019 and is estimated to grow at a CAGR of 6.2% over the forecast period to reach a USD *** Mn by 2027. The U.S. holds 79.2% of market share in 2019, and is expected to increase by 80.7% by 2027, for global arthroscopy devices market The collective revenue of North America is expected to generate US$18,981.2Mn by 2027. The growing orthopedic disorders are expected to increase the need for arthroscopy devices in North America, also the growing number of aging populations increase the demand for arthroscopy devices. The increasing technological advancement by the manufacturer for the treatment of orthopedic disorders is driving the North America arthroscopy devices market. For instance, in September 2016, Zimmer Biomet Holdings, Inc. a global leader in musculoskeletal healthcare, introduced the launch of Vanguard Individualized Design (ID), a first-of-its-kind total knee arthroplasty (TKA) construct designed to enable a personalized fit while simplifying soft tissue preservation and balance in Indiana. U.S. being the major market for arthroscopy devices market among the other North America countries due to increase in procedures of hip and knee arthroplasty. For Instance, the hip and knee arthroplasty procedures in the U.S has increased by 101% in 2019 compared to 2018. In the U.S there were 860,080 hip and knee replacement procedures in 2016. where 4,755 were carried out by surgeons, and 654 were handled by institutions.
In 2018, 9,400 hip and knee replacement surgeries were performed in Canada, which represents 8% of all hip and knee replacement surgeries. According to the American Association of Hip and Knee Surgeons (AAHKS), it is estimated that there will be 500,000 hip replacements each year by 2030.The increase in launch of new arthroscopy devices is driving the North America market. For instance, in July 2018, Stryker Corp. introduced its new reusable suture passing technology for use in rotator cuff repair. It is first-of-its-kind technology that leverages novel needle manufacturing and a jaw design to produce the first reusable needle technology in the U.S.
About Us:
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year, we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at DataM Intelligence
Email: [email protected]
Tel: +1 877 441 4866
Website: www.datamintelligence.com