It is anticipated that in 2023, the worldwide arthroscopy procedures and products market will be valued at US$6,860.8 million.
Osteoarthritis (OA) is becoming more common in older people, and this is driving the market revenue, which is expected to grow at a compound annual growth rate (CAGR) of more than 6.2% between 2023 and 2033.
Due to the ageing population’s growing predilection for arthroscopic procedures, particularly in the US and Germany, growth is still strong throughout North America and Europe. Together, North America and Europe make up more than 77% of the world’s revenue.
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Key Takeaways:
- In terms of procedure type, knee arthroscopy will account for over 50% of the global market share
- Arthroscopic implants segment will account for highest share of the arthroscopy procedures & products market during the forecast period
- The U.S. will emerge as the most lucrative market backed by the rising prevalence of degenerative disease among the geriatric population
- Germany and the U.K., collectively, will emerge as the most lucrative market across Europe in the upcoming decade
- Japan is anticipated to emerge as a lucrative market backed by the high prevalence of rheumatoid arthritis and osteoarthritis among elderly
“Increasing prevalence of osteoarthritis and growing degenerative disease among elderly population have encouraged the leading players to engage in research & development activities to develop advanced procedure & instrument for non-invasive surgeries,” says the FMI analyst.
The prevalence of knee osteoarthritis in the senior population is rising, and there are more knee arthroscopies being performed globally, which has boosted market growth. Growth is being fueled by expanding applications in sports medicine and simple regulatory approval processes like those used by the US Food & Drug Administration.
Patients with severe osteoarthritis are favouring knee arthroscopy because to its non-invasiveness and benefits, which is propelling market growth.
The adoption of knee arthroscopy surgeries in the U.S., Germany, the UK, and China has been prompted by the rising prevalence of osteoarthritis in those countries.
Healthcare professionals and the government are expanding their efforts to provide rehabilitation and amenities in order to reduce the additional expense in light of the rising figures. Based on these variables, the market is expected to expand at a rate of over 7.7% CAGR between 2021 and 2031.
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The market’s expansion could be hampered by the rising danger of edoema and other illnesses such blood clots in the joints. Additionally, high surgical and treatment costs in developing nations like Brazil, India, and other Latin American nations would restrain market expansion.
Key Takeaways:
- In terms of procedure type, knee arthroscopy will account for over 50% of the global market share
- Arthroscopic implants segment will account for highest share of the arthroscopy procedures & products market during the forecast period
- The U.S. will emerge as the most lucrative market backed by the rising prevalence of degenerative disease among geriatric population
- Germany and the U.K., collectively, will emerge as the most lucrative market across Europe in the upcoming decade
- Japan is anticipated to emerge as a lucrative market backed by the high prevalence of rheumatoid arthritis and osteoarthritis among elderly
“Increasing prevalence of osteoarthritis and growing degenerative disease among elderly population have encouraged the leading players to engage in research & development activities to develop advanced procedure & instrument for non-invasive surgeries,” says the FMI analyst.
Competitive Landscape:
Prominent players in the market are focusing on strategic mergers and collaboration to expand their global footprint in the market.
New product launches coupled with increasing research & development activities for the development of advanced arthroscopy instruments & devices will also be one of the key strategy to enhance their customer base for market players.
For instance, couple of years back, leading player, Smith & Nephew entered into a distribution agreement with OrthAlign, a U.S. based private company to develop medical devices and distribute their Total-Knee Arthroplasty (TKA) technology across several countries in Africa and Middle East.
Also, in 2018, Ceterix® Orthopedics, Inc., a leader in the development of cutting-edge surgical tools for orthopedic surgeons announced the U.S. Food and Drug Administration (FDA) 510(k) clearance of NovoStitch® Pro Meniscal Repair System – a size 0 suture cartridge – offering surgeons more options to repair meniscal tears for arthroscopic surgeries.
Key Companies:
- Arthrex Inc.
- CONMED Corporation
- Johnson & Johnson
- KARL STORZ GmbH & Co. KG
- Olympus Corporation
- Richard Wolf GmbH
- Stryker Corporation
- Others
Arthroscopy Procedure and Product Market by Category
By Product Type:
- Arthroscopes and Visualization Systems
- Arthroscopic Resection Systems
- Arthroscopic Fluid Management Systems
- Arthroscopic Implants
- Knee Implants
- Shoulder Implants
- Hip Implants
- Other Implants
- Arthroscopy Radiofrequency (RF) Systems
- Arthroscopic Drills and Fixation Systems
- Other Arthroscopy Instruments and Accessories
By Procedure Type:
- Shoulder Arthroscopy
- Hip Arthroscopy
- Knee Arthroscopy
- Elbow Arthroscopy
- Small Joints Arthroscopy
- Others
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