Arthroscopic Devices Market: Overview
The market size of the arthroscopic devices market was USD 18.8 billion in 2021, and it is projected to grow at a CAGR of 8.1 percent during the forecast period. The development of musculoskeletal conditions like osteoarthritis and rheumatoid arthritis increases the need for arthroscopy procedures due to the aging population. The Market for arthroscopy devices is also driven by the increase in sports injuries requiring arthroscopic operations to prevent total joint replacements. The expansion of the worldwide industry is also projected to be aided by advantageous reimbursement policies in wealthy nations, a rise in medical tourism in developing nations, and improved healthcare infrastructure. Throughout the forecast period, arthroscopic implants are projected to maintain dominance worldwide in the Market for arthroscopy devices.
Sports and other physical activities with a high injury rate account for most of the arthroscopy device market. Due to advantages such as a decreased risk of muscular damage, a quicker recovery, and quicker rehabilitation, arthroscopy is increasingly preferred over standard surgeries. Key industry participants anticipate that arthroscopic gadgets for treating sports injuries will provide considerable prospects. The Market for arthroscopy devices will expand due to increased sports injuries throughout the forecast period. For instance, in August 2021, Persona IQ, the first smart knee in the world approved by the FDA for total knee replacement surgery, was created by Zimmer Biomet Holdings and Canary Medical. Persona IQ offers a wealth of factual information to monitor patients' post-operative development. With the introduction of Persona IQ, Zimmer Biomet Holdings and Canary Medical launched a captivating, ongoing collaboration to develop intelligent implant technologies that help patients with joint replacements regain and tenaciously preserve their mobility.
For instance, in July 2021, The InSpace balloon from Stryker, the first balloon implant for arthroscopic treatment of severe irreparable rotator cuff injuries, got FDA clearance. (RCTs). The InSpace balloon implant has been shown to improve shoulder mobility and function and was created to re-establish the subacromial space without the need for sutures or fixation devices.
Arthroscopic Devises Market: COVID-19 Impact
During the Covid-19 outbreak, there was a sharp increase in demand for medical goods. Manufacturers stopped or curtailed the manufacturing of arthroscopic devices to meet the rising demand for medical supplies like masks, gloves, and protective eyewear while starting the production of PPEs to guarantee a steady supply in the Market. Additionally, non-essential procedures and treatments were stopped or delayed due to the government's rigorous lockdowns and directives, which reduced the demand for arthroscopic devices. The Market for arthroscopy equipment was significantly impacted by the COVID-19 outbreak, although it rebounded as the situation worsened.
Arthroscopic Devices Market: Drivers
An Increase in Popularity of Less Invasive Treatment Methods to Drive Market Growth
The usage of arthroscopy devices has grown due to the general public's rising demand for minimally invasive (MI) treatment methods. Due to advantages such as a decreased risk of muscular damage, a quicker recovery, and quicker rehabilitation, arthroscopy is becoming more popular than standard surgeries. Throughout the projected period, demand for minimally invasive treatment methods will increase and fuel market expansion. The Market for arthroscopy devices will expand faster because of the increased sports injuries. Along with this, increasing rates of joint replacement procedures will impact how quickly the Market for arthroscopy equipment expands. Orthopaedic doctors employ arthroscopy equipment to evaluate diseases of the joints. Optical fibres deliver light, and the damaged joint or region is magnified using tiny lenses.
R&D Activities Increasing and Technological Advancements Driving Market Growth
A rise in R&D activity results from the rising demand for arthroscopy equipment. To enhance visibility, manufacturers are creating arthroscopy gadgets with high-definition cameras, enhanced suturing methods, and specially designed suturing materials. A promising market future is also being created by considerable advancements in sports medicine and the development of technologically advanced product versions. Shortly, the Market for arthroscopy devices will see faster expansion due to extensive research and technical developments in medical devices.
Arthroscopic Devices Market: Restraints
Strict Regulations and Manufacturing Problems to Hinder Market Growth
The rigorous FDA guidelines and regulations are one of the main things preventing the Market for arthroscopic devices from expanding. The expansion of the industry is being hampered by the US FDA's rising frequency of recalls resulting from product failures, component discrepancies, or concerns about compromised sterility. Inadequate storage conditions and major defects in manufacturing procedures further raise the danger of contamination and can lead to patient infection. As a result, it is anticipated that production problems or product failures may impede the market expansion for arthroscopic equipment.
Arthroscopic Devices Market: Segment Overview
Arthroscopes to Dominate Market due to their Vitality
Arthroscopes, Radiofrequency Systems, Fluid Management Systems, Arthroscopic Implants, Visualization Systems, Powered Shaver and Others are some of the markets for arthroscopy devices by product type. Arthroscopes are anticipated to account for a sizeable market share in the arthroscopy devices market's product type segment. A small tube with optics, a tiny video camera, and a light for watching the operative region is called an arthroscopy. The instrument is placed within the body and aids in seeing the operating space. Because they serve as a vital tool for viewing during arthroscopic treatments, arthroscopes are in great demand, which may be ascribed to this. The increased incidence of musculoskeletal illnesses, sports-related injuries, and other bone-related conditions increases the demand for arthroscopy operations. Adding high-definition cameras in arthroscopes, such as full HD arthroscopes by Endomed Systems that give a broader and crisper operating room viewing field, is another example of technical developments in enhanced visualization capabilities. The projected period supports the rising demand for arthroscopes in the arthroscopy devices market.
With an Increased in Bone Diseases among people, Knee Arthroscopy Dominated the Market
The Market is divided into four categories based on application: Shoulder and Elbow arthroscopy, Hip arthroscopy, Knee arthroscopy, and Others. In terms of revenue, the Knee arthroscopy segment led the arthroscopy devices market in 2021. This happened due to an increase in people with bone diseases, including arthritis. The MarketMarket is expanding due to the aging population and the number of sports-related injuries. During knee arthroscopy, a small camera is introduced into the knee joint. The surgeon uses the pictures from the camera to operate microscopic surgical tools visible on a television monitor. The prevalence of degenerative knee disease among the elderly increases as the global geriatric population increases. The World Health Organization estimates that 25% of people over 50 have degenerative knee disease, which causes knee pain. The crippling agony usually leaves knee replacement surgery as the last and only choice for relief.
Arthroscopic Devices Market: Regional Landscape
Due to the Region's Growing Reliance on Advance Technologies, North America Dominated Market for Arthroscopy Equipment
The Market is divided into four regions based on geography: North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. In terms of revenue, North America dominated the arthroscopy devices market in 2021. North America is anticipated to maintain a dominant position in the arthroscopy device market during the forecast period due to the increased prevalence of bone-related disorders, which is likely to drive demand for diagnostic testing equipment like arthroscopes. For instance, according to the article, The Injury Rate among National Football League Players Increased After Preseason Games Were Cancelled Throughout 4 NFL study seasons, 3,025 injuries were documented as a result of COVID-19, which Baker et al. published in 2021. (2016-2020). A total of 3.025 injuries were recorded, of which 582 (19%) happened in week 14 of the 2020–2021 regular season, 1292 (53%) in week 24 of the preseason, and 2.1.5 (2,356) in week 14 of the 2016–2017 regular season. American football is a highly competitive, contact sport linked to back, neck, shoulder, ankle, foot, and knee problems. As a result, the country's expanding patient population from sports-related injuries will also contribute to the region's increasing need for arthroscopy treatments, ultimately leading to increased demand for arthroscopy equipment.
Additionally, according to information supplied by the US Centres for Disease Control and Prevention (2018), the number of Americans with a medically confirmed case of arthritis is predicted to rise to 78 million by 2045, from an anticipated 67 million in 2018. Additionally, the North American area has one of the best healthcare infrastructures in the world, with helpful reimbursement systems that cover the expenses of both operations and gadgets. This also plays a significant role in the commercial adoption of arthroscopy devices.
Arthroscopic Devices Market: Competitive Landscape
In June 2021, DePuy Synthes signed a contract with the Australian startup business Navbit. Following the agreement, DePuy Synthes put Navbit Sprint into operating rooms around Australia. The agreement saw a fantastic chance to sell a doctor- and patient-centered service while advancing an Australian medical breakthrough.
Few of the players in the Industrial Arthroscopic Devices Market include Medtronic PLC, Johnson & Johnson, Smith & Nephew PLC, ConMed Corporation, Stryker Corporation, Zimmer Biomet Holdings, Inc., Karl Storz SE & Co. KG, Arthrex, Inc., Richard Wolf GmbH, Henke Sass Wolf GmbH.
Arthroscopic Devices Market is Segmented as Below:
Key Elements Included In The Study: Global Arthroscopic Devices Market
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