Arthroscopy Devices Market Growth
As per the report, the global arthroscopy devices industry was accounted for $18.0 billion in 2020, and is expected to reach $41.9 billion by 2030, growing at a CAGR of 8.5% from 2021 to 2030.
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Drivers, restraints, and opportunities-
Rise in demand for minimal invasive procedures, rapidly aging global population, surge in the number of sports-related injuries, shorter recovery time, and minimal postoperative complications drive the growth of the global arthroscopy devices market. On the other hand, high cost of arthroscopic devices & implants impedes the growth to some extent. However, upsurge in the obesity rate among people is expected to create lucrative opportunities in the industry.
Prevalence of musculoskeletal disorders, including osteoarthritis and rheumatoid arthritis, owing to geriatric population, drives the demand for arthroscopy procedure. Moreover, increase in number of sport injuries requiring arthroscopy procedure to prevent complete joint replacements propels the arthroscopy market growth. In addition, arthroscopic implants dominate the global arthroscopy devices market share, and is expected to maintain its dominance during the forecast period. This is attributed to diverse applications of these implants with improved designs, including smart and customized implants to treat different conditions and increase in adoption of implants in arthroscopy procedures of damaged joints.
The arthroscopes segment held the lion’s share-
Based on type, the arthroscopes segment held the major share in 2020, generating around two-fifths of the global arthroscopy devices market. This is due to rise in demand for minimal invasive procedures across the world.
The visualization systems segment, on the other hand, is projected to cite the fastest CAGR of 10.4% during the forecast period. This is owing to advancements in visualization technology.
The knee arthroscopy segment held the highest share in 2020-
Based on application, the knee arthoscopy segment held the highest share in 2020, generating nearly half of the global arthroscopy devices industry. Rise in geriatric population boosts the segment growth. The shoulder and elbow arthroscopy segment, however, would cite the fastest CAGR of 10.1% from 2021 to 2030. This is attributed to surge in sports related injuries across the world.
North America, held the major share-
Based on region, the market across North America accounted for the major share in 2020, contributing to more than two-fifths of the global arthroscopy devices market, owing to advanced health care facilities across North America. The Asia-Pacific region, simultaneously, is expected to cite the fastest CAGR of 10.3% throughout the forecast period. Increase in demand for healthcare facilities fueled by rapid growth of population propels the market growth.
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Prominent market players-
- Johnson & Johnson
- Zimmer Biomet Holdings, Inc.
- Medtronic plc
- Richard Wolf GmbH
- Smith & Nephew plc
- Conmed Corporation
- Henke Sass Wolf GmbH
- Arthrex, Inc.
- Karl storz GmbH & Co. KG
- Stryker Corporation
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