Yahoo Finance Arthroscopy Market Value Anticipated To Reach US$ 16.3 Billion By 2027: Acumen Research and Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Arthroscopy Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, March 03, 2021 (GLOBE NEWSWIRE) -- The Global Arthroscopy Market is expected to grow at a CAGR of around 7.3% from 2020 to 2027 and reach the market value of over US$ 16.3 Bn by 2027.
North America is dominating region for arthroscopy market followed by Europe. This is attributed to high prevalence of joint related disorders highly integrating cases related to osteoarthritis, sports injuries, joint related disorders, and others. Such factors bolster the growth of arthroscopy market in North America. On the other hand, Asia Pacific will also gain a significant pace in the forthcoming years by recording a remarkable CAGR till the forecast period. This is highly supported by technological advancements through introduction of new products in the market. This highly supports the growth of APAC market for arthroscopy.
According to the American Orthopedic Society for Sports Medicine, approx. 1.6 million shoulder arthroscopic procedures are performed annually. With integration of several development in technology and introduction of improved versions, the volume of the arthroscopic procedures is estimated to rise substantially.
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LAMEA region witnessed significant growth in terms of adoption of arthroscopy devices and is projected to grow at a remarkable CAGR of 6.5% till the forecast period. Under LAMEA, Brazil is presumed to gain a high pace for the arthroscopy market. This is well contributed by growth in medical tourism industry witnessed in the country and rise of awareness pertaining to the utilization of arthroscopic technologies. Additionally, advancements in arthroscopic device manufacturing companies investing in LAMEA region drive the regional growth. Further, high growth witnessed in Brazil, Saudi Arabia, and South Africa, improvement in healthcare services is estimated to boost the adoption of diagnostic and therapeutic arthroscopy systems in the overall LAMEA region.
Segmental Outlook
Arthroscopy market is segmented based on product and application. By product, the market is segmented as powered shaver systems, visualization systems, fluid management systems, ablation systems, arthroscopies, arthroscopy implant, and accessories and disposables. By application, the market of arthroscopy is segmented into hip arthroscopy, knee arthroscopy, shoulder arthroscopy, foot and ankle arthroscopy, hand and wrists arthroscopy, elbow arthroscopy, and sports medicines.
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By product, arthroscopic implants will record significant market share for the arthroscopy market globally. This is well supported by surge in demand for knee arthroscopic surgery resulting in demand for biodegradable implants. This ultimately reduces the risk of infection and its ability to improve magnetic resonance imaging by diminishing interference. Based on application, hip arthroscopy and rapid advancements in 3D imaging, instrumentation, and surgical techniques are directing it to possibly perform open techniques through arthroscopy. Such factor bolsters the demand for global arthroscopy market.
Sports related injuries have gained a prominent pace for uplifting the arthroscopy market. According to the National Safety Council Fact Sheet, in 2017, about 500,000 injuries were recorded in the US due to basketball. Moreover, as per the estimates released by the Canadian Institute for Health Information (CIHI), during 2018-2019 in Canada, more than 74,888 patients underwent knee replacement surgery. Thus, rising cases of sports injuries further raise the demand for arthroscopy surgery witnessing the growth of arthroscopy market globally.
Competitive Landscape
Some of the leading competitors are Arthrex GmbH, CONMED Corporation, DePuy Synthes (Johnson & Johnson Family), Smith & Nephew plc, Stryker Corporation, Zimmer Biomet, and BioTek Instruments, Inc., and among others.
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Some of the key observations regarding Arthroscopy industry include:
In December 2020, Arthrex GmbH announced launching of new products namely, SwiveLock® ACL Repair Kit. The product is followed by the clearance of US Food and Drug Administration (USFDA). It is the first only FDA cleared kit for the primary repair of anterior cruciate ligament (ACL) tears.
In May 2018, DePuy Synthes announced launching of Truespan meniscal repair system, a knee arthroscopy solution created to simplify meniscal repair and to make arthroscopy surgeries more reproducible in the Middle East and Africa and Europe.
In December 2017, Stryker Corporation announced collaboration to provide high quality, innovative biologics for sports medicine procedures. The collaboration drives the companies to combined commitments to better serve the customers, assist patients in need and fully honor the gift of tissue donation.
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