Arthroscopy Procedures and Products Market Size will Observe Substantial Growth by 2024
The global arthroscopy market is slated to tread on a solid path in the coming years, finds a report by Transparency Market Research. Arthroscopy, a surgical procedure leveraged by orthopedic surgeons to diagnose and treat joint problems such as torn cartilage, ACL, etc., is minimally invasive. To conduct an arthroscopic examination, an orthopedic surgeon makes a small incision in the patient’s skin through which they insert pencil-sized instruments embedded with tiny lens and lighting system to magnify and reveal structures inside the joint. Arthroscopy finds application particularly in treating professional athletes, who suffer from joint injuries pretty. Arthroscopic procedures can be carried out on almost any joint in the human body.
The global Arthroscopy Procedures and Products Market can be segmented on the basis of procedures and products. For example, there are arthroscopy procedures conducted for hip, knee, shoulder, spine, ankle, wrist, and elbow. Among them, hip and knee arthroscopy are the commonest arthroscopic procedures, performed especially on professional sportsmen and the elderly. Depending upon the type of products, the market can be classified into arthroscopes, fixation devices, hand instruments, cannulae, fluid management systems, patient positioning systems, and radiofrequency probes.
The report, prepared after extensive research, is a compilation of facts and figures related to the global arthroscopy market. Utilizing historical data and current market events and trends, the research analysts have attempted to predict the market’s future prospects. The report also brings to the fore valuable market insights derived through the use of analytical tools such as Porter’s Five Forces analysis and a SWOT analysis.
The unique perceived benefit of arthroscopy is its non-invasive nature. It does not require complete opening of the joint and hence recovery time for patients is significantly reduced along with the risk of infection. It costs less too compared to open surgical methods. Hence its popularity has been soaring, providing a solid boost to its market. As per the American Academy of Orthopedic Surgeons, an estimated 4 million knee arthroscopic surgeries that helps patients to avoid knee replacements, are conducted globally. Other factors driving up demand in the market are the rising instances of musculoskeletal disorders, particularly on account of a growing geriatric population highly susceptible to osteoarthritis and arthritis. In fact, joint related disorders account for a substantial proportion of chronic diseases occurring in the geriatric population.
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Besides, the rising ability of people around the world to spend on better healthcare is also spurring demand. In the near future, technological advancements leading to improved arthroscopic procedures will continue boosting demand. For instance, fluid management systems would likely generate demand on account of their ability to optimize the visualization process. The global arthroscopy procedures and products market holds out a strong promise in terms of better facilities in the form of state-of-the-art operation theaters equipped with tailor-made imaging components and other amenities such as cameras, fluid management systems, and endoscopes.
Regionally, the global market for arthroscopy can be segmented into Europe, North America, Asia Pacific, and the Rest of the World. North America, among them, holds a dominant position in the market and going forward too will likely retain its stronghold. The increasing number of ambulatory surgical centers, better equipment and techniques will result in the growth of the market in the upcoming years. One factor likely to inhibit the market’s growth would be the upping of excise tax on medical devices in the U.S. With most of the manufacturers of arthroscopes being centered in the country, the increased tax hike will drive up prices thereby slowing down the uptake of arthroscopy products.
On account of tremendous improvement in the healthcare infrastructure in the developing nations situated in it, Asia Pacific is slated to exhibit a robust growth pace in the near future. Japan in Asia Pacific is one of the major markets for arthroscopy procedures and products alongside the U.S. in North America.
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Key players operating within the global arthroscopy procedures and products market, listed in the report include Stryker Corporation, Arthrex, Inc., Synthes, KARL STORZ. GmbH & Company, DePuy, and Smith & Nephew Plc.