An arthroscope is a medical device used to visualize, examine, and execute therapeutic interventions inside the body joints, including knee, hip, spine, shoulder, and elbow. Arthroscopy devices can examine bone joints for specific conditions, such as osteoarthritis, rheumatoid arthritis, tendinitis, and bone tumor.
The prevalence of musculoskeletal disorders, including osteoarthritis and rheumatoid arthritis, due to the geriatric population is driving the demand for arthroscopy procedures. Moreover, increasing number of sports injuries requiring arthroscopy to avoid total joint replacement is driving the growth of arthroscopy devices market. Moreover, arthroscopic implants dominate the global arthroscopy devices market and are expected to maintain their dominance during the forecast period. This can be attributed to the diverse applications of these implants with improved designs, including smart and customized implants for the treatment of various conditions and the increasing use of implants in arthroscopy procedures of damaged joints.
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𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
Arthrex, Inc., Conmed Corporation, Henke Sass Wolf GmbH, Johnson & Johnson, Karl storz GmbH & Co. KG, Medtronic plc, Richard Wolf GmbH, Smith & Nephew plc, Stryker Corporation, Zimmer Biomet Holdings, Inc.
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, Uk, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, Rest Of Asia Pacific)
- LAMEA (Latin America, Middle East, Africa)
According to the World Health Organization, the number of people aged 60 years and older was 1 billion in 2019, and it is expected to increase to 1.4 billion by 2030 and 2.1 billion by 2050. As a result, the number of patients suffering from musculoskeletal conditions will increase, and so will the demand for arthroscopy devices. In addition, as of 2021, 1.71 billion people suffer from musculoskeletal disorders, which are the leading cause of disability worldwide. This creates demand for medical devices that can effectively examine and treat bone and joint diseases. In addition, spending on healthcare facilities is increasing significantly in emerging markets. For instance, according to the India Brand Equity Foundation, the hospital industry in India is expected to reach $132.84 billion in FY22, up from $61.79 billion in FY17, representing a CAGR of around 16-17%. Moreover, the use of arthroscopy devices enables patients to recover quickly with minimal complications.
The novel coronavirus rapidly spread across various countries and regions, causing an enormous impact on lives of people and overall community. It began as a human health condition and has now become a significant threat to global trade, economy, and finance. The COVID-19 pandemic increased importance of government healthcare facilities, thereby increasing healthcare expenditure across the globe. Furthermore, number of COVID-19 cases is expected to reduce in the future as vaccine is introduced in the market. This has led to reopening of research facilities for arthroscopy devices at their full-scale capacities. This will help the market to recover by start of 2022. Companies involved in manufacturing of arthroscopy devices must focus on protecting their staff, operations, and supply networks to respond to urgent emergencies and establish new methods of working post pandemic.
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Q1. What are the key growth strategies of arthroscopy devices industry players?
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