Arthroscopy Instrument Market In-Depth Analysis Globally by Top Key Players
A number of factors such as increasing preference for
minimally invasive procedures, ongoing technological advancements, and
improving regulatory framework are fueling the growth of the global arthroscopy
instrument market. Additionally, increasing occurrences of sports-related
musculoskeletal disorders, such as the bone tumor, rheumatoid arthritis, and
osteoarthritis, are propelling the growth of this market. The world health
organization predicts the prevalence of rheumatoid arthritis to be between 0.3%
and 1% and more common in women and developed countries. Moreover, the
prediction also states that 9.6% of men and 18.0% of women aged over 60 years
have osteoarthritis.
It is estimated that the global arthroscopy
instrument market is expected to grow at a CAGR 6.5% during the forecast
period of 2018–2023.However, the high cost of arthroscopy instruments,
reimbursement challenges in the medical device industry, and poor healthcare
system in low and middle-income countries may hamper the growth of the market.
For instance, as per the National Center for Health Statistics, in the United
States, an approximate 650,000 arthroscopic lavage and debridement procedures
are performed for knee pain each year, at an average cost of USD 5,000 each.
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Key Players
Some of key the players in the global arthroscopy
instrument market Smith & Nephew
(U.K.), Arthex (U.S.), DePuy Synthes (U.S.), Stryker (U.S.), Conmed (U.S.),
Medtronic, Inc. (U.S.), Zimmer Biomet (U.S.), B. Braun (Germany), Olympus
(Japan), Karl Storz (Germany), Richard Wolf
(Germany), Medicon (Germany), Sklar (U.S.), GPC Medical (India), and
Millennium (U.S.).
Regional Analysis
The Americas dominates the global arthroscopy instrument
market owing to the presence of major market players, the high adoption rate of
minimally invasive devices, and increasing incidences of joint-related diseases
boost the market growth in this region. Further, according to the American
Orthopedic Society for Sports Medicine, in the United States, an estimated 4
million people undergo knee arthroscopies, whereas the number of patients
undergoing shoulder arthroscopies is 1.4 million per annum. Furthermore, rising
cases in arthroscopic surgeries along with rising population awazeness
regarding health are driving the growth of the arthroscopy instruments market.
Europe holds the second position in the global arthroscopy
instrument market. It is expected that the government support towards research
& development expenditure and rising prevalence bone disorders is likely to
drive the European market. According to
the Arthritis Research U.K. in 2016, around 10 million people in the U.K. have
a form of arthritis. Moreover, it was estimated that over 86,000 hip and over
90,000 knee replacements take place every year.
Asia Pacific is the fastest growing in the global
arthroscopy instruments market owing to a huge patient pool, increasing demand
for minimally invasive surgeries, and development in healthcare technology.
According to Osteoporosis Australia, around 4.74 million Australians over 50
years of age are suffering from either osteoporosis or poor bone health. Which
further fuels the need for arthroscopy surgeries. Healthcare expenditure is
found to be improving in various Healthcare expenditure is found to be
improving in various Asia Pacific regions. Moreover, the availability of
skilled physicians and nurse practitioners and the low cost of surgeries have
fueled medical tourism in India.
The Middle East and Africa holds the lowest share of the
global market due to low development, lack of technical knowledge, and poor
medical facilities.
Segmentation
The global arthroscopy instrument market is segmented on the
basis of the product, application, and end-user.
·
On the basis of product, the market is
classified into arthroscope, arthroscopic implants, fluid management systems,
visualization systems, radiofrequency system, power shavers and others. The
arthroscopic implants are further segmented as knee implants, hip implants,
shoulder implants, and others. The radiofrequency systems are further segmented
as RF generators, RF probes, and wands and footswitch.
·
On the basis of application, the market is
segmented knee arthroscopy, hip arthroscopy, spine arthroscopy, foot and ankle
arthroscopy, shoulder arthroscopy, and others.
·
On the basis of end-user, the market is
segmented into hospitals, ambulatory surgical centers, and others.
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