Arthroscopy Devices Market to Grow with a CAGR of 5.56% through 2028
The increasing prevalence of musculoskeletal
disorders, a surge in sports-related injuries, and the appeal of minimally
invasive techniques are expected to drive the Global Arthroscopy Devices Market
growth in the forecast period, 2024-2028.
According to TechSci Research report, “Arthroscopy
Devices Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Arthroscopy Devices Market stood at
USD 6.01 billion in 2022 and is anticipated to grow with a CAGR of 5.56% in the
forecast period, 2024-2028. This can be attributed to advancements in technology.
Continuous advancements in arthroscopic technology have been a game-changer in
the field. High-definition cameras, 3D imaging systems, and precision
instruments have improved the accuracy of arthroscopic procedures, enhancing
surgical outcomes and patient satisfaction. Surgeons now have access to better
tools and equipment, making arthroscopy an attractive option for many joint
surgeries.
Additionally, sustainability is becoming a
consideration in the medical device industry, including arthroscopy.
Manufacturers are focusing on reducing the environmental footprint of their
products, from production to disposal. Sustainable practices are also extending
to packaging and materials used in devices.
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The COVID-19
pandemic presented an unprecedented public health crisis, significantly
impacting the market under consideration. To prioritize essential healthcare
resources, directives were issued in mid-March 2020, instructing surgeons to
perform only critical surgical procedures. For example, in April 2020, the
Journal of Arthroplasty reported that around 30,000 primary and 3,000 revision
knee replacement surgeries were being canceled every week during the early part
of 2020. These figures underscore the profound effect of COVID-19 on surgeries
related to joint disorders. However, dedicated efforts were made by various
healthcare authorities, hospitals, and surgeons to restore arthroplasty
procedures to pre-pandemic levels. During the pandemic, Enhanced Recovery after
Surgery (ERAS) programs were introduced to reduce hospital stays, morbidity,
and surgical complications. Moreover, with the return to regular surgical
volumes post-COVID-19, a significant influx of patients occurred due to
postponed and canceled surgeries. Thus, changes in surgical protocols have
played a role in restoring surgical volumes after the pandemic.
Several factors
are driving market growth, including the increasing incidence of sports
injuries, a rising geriatric population, and advancements in arthroscopic
implant technology. Common sports injuries include fractures, strains, sprains,
and dislocations, often treated with rest, ice, compression, and elevation
(RICE). However, in cases of severe injuries, arthroscopy may be recommended
for diagnosis and treatment. These injuries can affect various body parts and
may involve cartilage tears, ligament injuries, joint lining inflammation, or
the removal of loose bone or cartilage fragments lodged in a joint.
Arthroscopic surgery is valuable for diagnosing and treating these conditions.
In September
2020, the United States Centers for Disease Control (CDC) reported an increase
in organized sports participation. Approximately 30 million children and
adolescents participate in youth sports annually, with high school athletes
accounting for around 2 million injuries, 0.5 million doctor visits, and 30,000
hospitalizations each year. Moreover, over 3.5 million children under 14
receive medical treatment for sports injuries annually, with children aged 5-14
accounting for nearly 40% of all sports-related hospital-treated injuries in
the United States in 2020. Sports and recreational activities also contributed
to 25% of all traumatic brain injuries among children in the same year. These
statistics point to a growing number of injuries necessitating arthroscopic
procedures, which is expected to positively impact the market.
However, the
average cost of outpatient arthroscopic surgery for complex tears can be
significant, ranging from approximately USD 7,400 to 9,000 or more. This cost
varies based on factors such as patient age, injury severity, location,
associated injuries, and the healthcare facility where the procedure is
performed. According to the Agency for Healthcare Research and Quality's
Healthcare Cost and Utilization database, outpatient arthroscopic surgery
typically costs around USD 8,970. Insured patients typically face out-of-pocket
expenses consisting of specialist co-pays, often exceeding USD 100 for hospital
co-pays, and coinsurance ranging from 10% to 50% for the procedure, potentially
reaching annual out-of-pocket maximums. As of April 2020, the Kaiser Family
Foundation reported an average hospital co-pay of USD 132 for outpatient
surgery and USD 232 for inpatient surgery, with an average coinsurance rate of
17-18%. These high costs can discourage individuals from opting for
arthroscopic procedures, presenting a potential market restraint.
The Global Arthroscopy
Devices Market is segmented into application, product, end-user, regional
distribution, and company.
Based on its end-user,
hospitals and clinics are poised to dominate the Global Arthroscopy Devices
Market for several compelling reasons. Firstly, these healthcare institutions
serve as the primary hubs for diagnosing and treating a wide range of
musculoskeletal disorders and joint-related conditions, which are the core
areas of arthroscopic procedures. The well-established infrastructure, access
to specialized orthopedic surgeons, and state-of-the-art surgical facilities
within hospitals and clinics make them ideal settings for performing
arthroscopy surgeries. Moreover, these institutions often have the financial
resources to invest in advanced arthroscopy equipment, ensuring that they can
offer cutting-edge diagnostic and treatment options to their patients.
Additionally, the trust and credibility associated with hospitals and clinics
play a crucial role in patient decision-making, further cementing their
dominance in the arthroscopy devices market.
Based on region,
North America is poised to take the lead in the Arthroscopy Devices Market.
Over the last two decades, there has been a significant upswing in the volume
of arthroscopic procedures conducted in the region, with knee and hip
arthroscopy experiencing the most substantial growth. According to data gleaned
from the Humana Claims database, the number of hip arthroscopies has surged
nearly seven-fold from 2009 to 2021, with the highest incidence occurring among
individuals aged 35-44. The region continues to witness a rise in hip
arthroscopies, accompanied by an escalation in both the complexity and
diversity of these procedures. This diversity reflects the advancements in
arthroscopy products and the robust research ecosystem dedicated to arthroscopic
applications.
The surge in
arthroscopy procedures in North America is primarily attributed to the
increasing prevalence of chronic diseases and orthopedic conditions,
particularly among the region's aging population. For instance, a February 2021
article by the Centers for Disease Control and Prevention revealed that
musculoskeletal diseases afflict more than half of all individuals in the
United States aged 18 and above, with the majority of cases related to trauma,
back pain, and arthritis. These conditions necessitate frequent healthcare
visits, contributing to the escalating healthcare burden. With the aging
demographic in the United States, musculoskeletal diseases are imposing a
growing healthcare burden each year, further fueling the demand for arthroscopy
devices and driving market growth.
Major companies
operating in Global Arthroscopy Devices Market are:
- Arthrex Inc
- CONMED Corp
- Johnson & Johnson
- Karl Storz SE &
Co KG
- Medtronic PLC
- Richard Wolf GmbH
- Smith & Nephew
PLC
- Stryker Corp
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“The Global
Arthroscopy Devices Market is undergoing a transformation driven by innovation,
patient-centric care, and the adoption of advanced technologies. The novel
advancements represent the future direction of arthroscopy, with a focus on
precision, efficiency, and improved patient experiences. As the market
continues to evolve, it is crucial for manufacturers, healthcare providers, and
regulators to adapt to these trends to ensure that arthroscopy remains at the
forefront of orthopedic medicine,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Arthroscopy Devices Market By Application
(Knee Arthroscopy, Hip Arthroscopy, Spine Arthroscopy, Shoulder and Elbow
Arthroscopy, Others), By Product (Arthroscope, Arthroscopic Implant, Fluid
Management System, Radiofrequency (RF) System, Visualization System, Others),
By End-User (Hospitals & Clinics, Ambulatory care Centers, Others), By
Region, By Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Arthroscopy Devices Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Arthroscopy Devices Market.
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