Arthroscopy Devices Market Overview
The Global Arthroscopy Devices Market is estimated to grow at a CAGR of 5.5% over the forecast period 2022-2029.
There is an increased demand for arthroscopy devices in individuals with orthopedic, arthritis, and other musculoskeletal disorders. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2014, more than 72 million people in the US had disc degeneration. The market is also driven by the growing older population in the US, Europe, and Japan. In developed markets such as the US and Germany, the availability of reimbursements for orthopedic procedures is likely to boost the market growth.
The growing technological advances are expected to fuel the arthroscopy devices market. Advances in surgical procedures and changing needs of the target population have led the manufacturers to introduce products with innovative technological platforms. The usage of disruptive/cutting-edge technologies will increase the adoption of advanced devices in the coming years, thereby enabling surgeons to treat many orthopedic disorders and defects of the shoulder, knee, hip and other small joint areas. Bioabsorbable implants are similar to traditional metallic devices and demonstrate similar usefulness in terms of retaining stability and acting as carriers for grafting materials as well. Microprocessor-based joints, hydraulic controls, and greater shock absorption are some of= the improvements being witnessed in arthroscopic implants. Materials such as carbon fiber, stainless steel, and titanium are being used to develop implants to cater to the customized needs of each patient.
- By Product Type
- By Application
- By End User
- By Region
By Product Type – Arthroscopic Implants :
The average implants cost varies from $1,000-$15,000 depending on the patient condition and the severity of the damaged area. Most of the implants are implanted through minimally invasive techniques such as arthroscopy owing to the existence of many advantages compared to open surgeries.
Some of the benefits of MI surgeries include cost-effectiveness in the long-run, speedy recovery, less surgery time, fast post-surgery recovery, and improved quality of life. Due to these advantages, many insurance companies especially private health insurance companies are offering reimbursement programs and encouraging the usage of arthroscopy implants.
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Geographical Analysis – North America
The growing orthopedic disorders are expected to increase the need for arthroscopy devices in North America, also the growing aging population increases the demand for arthroscopy devices.
The increasing technological advancement by the manufacturer for the treatment of orthopedic disorders is driving the North American arthroscopy devices market.
For instance, in September 2016, Zimmer Biomet Holdings, Inc. a global leader in musculoskeletal healthcare, introduced the launch of Vanguard Individualized Design (ID), a first-of-its-kind total knee arthroplasty (TKA) construct designed to enable a personalized fit while simplifying soft tissue preservation and balance in Indiana.
Arthrex is a medical device company that develops, manufactures, and markets medical devices. The company offers a broad range of products which include shoulder, knee, elbow, hand & wrist, foot & ankle, hip, and orthobiologics.
It has around 10,000 products and surgical procedures in the field of minimally invasive procedures for orthopedic disorders alone. The company has a wide distribution network in more than 100 countries, and its major geographic regions/countries include Europe, Asia- Pacific, Latin America, the US, Middle East-Africa, and the Western hemisphere.