Arthroscopy Procedures and Products Market to Grow at a CAGR of 5.7% by 2023
The global minimally invasive surgery devices market is forecast to surpass US$ 30 Bn by 2018, and the growth is expected to rub off on the arthroscopy market. Increasing application in sports medicine, demographic trends, rising prevalence of osteoarthritis and ease in FDA clearance are key factors driving growth of the global arthroscopy procedures and products market. On the other hand, risk of edema due to irrigation fluids and increasing pricing pressures are anticipated to hamper market growth during the forecast period.
Arthroscopy Procedures and Products Market Segmentation
By product type, the global arthroscopy procedures and products market is segmented into arthroscopes and visualisation systems, arthroscopic resection systems, arthroscopic fluid management systems, arthroscopic implants, arthroscopy radiofrequency (RF) systems, arthroscopic drills and fixation systems and other arthroscopy instruments and accessories.
The arthroscopic implants segment is further sub-segmented into knee implants, shoulder implants, hip implants and other implants. The arthroscopic implants product type segment accounts for highest share of the arthroscopy procedures and products market currently, and is expected to remain the leading segment in terms of value during the forecast period. Increase in clinical evidences related to the safety, efficacy and economic benefits of arthroscopic implants in younger patients is expected to boost growth of arthroscopic implants segment during the forecast period.
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By procedure type, the knee arthroscopy segment is expected to hold more than half the global market share, and the revenue from the segment is projected to expand at the highest CAGR over the forecast period as compared to other segments.
By region, North America is the largest market in terms of value currently and is expected to retain its position through the forecast period. Increasing number of ambulatory surgical centres, developing techniques and equipment, and increasing usages of arthroscopic instruments used in hips, shoulders, ankles and wrists procedures are factors expected to boost growth of the North America market over the forecast period.
Markets in the Americas and Europe collectively accounted for over 75% revenue share of the global arthroscopy procedures and products market in 2015. The market in APAC region is projected to exhibit an above average CAGR in terms of value during the forecast period from 2015 to 2023. Increase in preference of arthroscopic surgeries and technological advancement in arthroscopic instruments are factors expected to fuel demand for arthroscopy products over the forecast period.
Key market players covered in this report are Arthrex, Inc., CONMED Corporation, Johnson & Johnson, KARL STORZ GmbH & Co. KG, Olympus Corporation, Richard Wolf GmbH and Stryker Corporation. Collaboration with partners to maintain market leadership in sports medicine in different regions, engaging in R&D activities that focus on orthopaedic surgical treatments, leveraging core expertise to strengthen business plans and acquisitions to strengthen the arthroscopy manufacturing business units in order to enhance market foothold over the next four to five years are the key strategies adopted by the arthroscopy products manufacturers.
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