Arthroscopic Devices Market to touch US$ 1,700 Mn by 2022
Hospitals are expected to remain the largest end-users of arthroscopic devices in the global market. Most of the patients prefer hospitals for arthroscopic procedure over other healthcare settings such as orthopedic clinics, and ASCs. This is mainly because hospitals procure medical products, consumables, and accessories in bulk quantity, engaging closely with manufacturers & suppliers, government agencies, and reimbursement authorities.
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Among various products in the global arthroscopic devices market, arthroscopes are expected to remain the most lucrative, with sales anticipated to register an impressive expansion through 2022. The number of arthroscopic procedures is witnessing a significant surge, owing to the rise in older population worldwide. In addition, requirement for accurate and early diagnosis of patient conditions have increased demand for cost-effective minimally-invasive procedures, such as arthroscopy. These factors are expected to spur demand for arthroscopes over the forecast period.
The market in Asia-Pacific excluding Japan (APEJ) is poised to gain a significant traction over the forecast period, particularly in the region’s developing economies such as China and India. Existence of better insurance schemes, favorable reimbursements, low taxation, increased sports activity and related injuries, and rise in purchasing power of population in the region are key drivers for growth of the market in APEJ.
Moreover the healthcare tourism in India and China is gaining popularity owing to a relatively lower expenditure requirement, and rising treatment success rates through use of technologically advanced systems. This will further influence expansion of the arthroscopic devices market in APEJ. However, the markets in North America and Europe are expected to remain comparatively more lucrative, owing to presence of leading market players, and relatively higher healthcare tourism attraction.
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Knee Arthroscopy is expected to remain the largest application of arthroscopic devices, with revenues accounting for over one-third share of the market during 2017 to 2022. Hip arthroscopy will stick to its position of being the second most lucrative application of arthroscopic devices. Between spine arthroscopy and shoulder & elbow arthroscopy, the former will account for larger revenues, whereas the latter will exhibit a higher CAGR through 2022.
High-volume commoditization of arthroscopic devices, owing to their constant replacement, is creating a steady revenue stream for medical device manufacturers. Various technological advancements are have been witnessed in arthroscopic devices since recent past. For instance, Zimmer Biomet introduced “Vanguard” in 2016, which revolutionized the total knee replacement procedure. In addition, a slew of innovations in arthroscopy visualization systems, such as development of high, and ultra-high definition systems providing an enhanced video quality, have facilitated visualization of patients’ anatomy.
Lower risk of infections associated with the arthroscopy procedures, coupled with faster recovery time of patients and rapid results obtained by the procedures are expected to propel demand for arthroscopic devices. Utilizing standardized imaging systems, arthroscopy has taken a digital leap to customized operation theatres, which have integrated fluid management systems, power instruments, cameras, and endoscopes. This will further influence demand for arthroscopic devices in the years to come.
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