In 2020, the global arthroscopy products market had a valuation exceeding $6.2 billion, and it is anticipated to expand by 1.9 times over the next decade, reaching a market value of $11.7 billion by 2031.
The arthroscopy products market represents a dynamic and flourishing segment within the global healthcare industry. It is primarily propelled by advancements in medical technology and the increasing prevalence of musculoskeletal disorders. Arthroscopy, a minimally invasive surgical procedure, enables orthopedic surgeons to diagnose and treat joint-related conditions with a high degree of precision. This approach has gained significant popularity due to its shorter recovery times, minimal scarring, and reduced risk of infections.
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Market Opportunity:
The arthroscopy products market exhibits significant growth potential. One of the primary drivers is the rising aging population, which is more prone to joint-related issues like osteoarthritis. Additionally, the growing awareness of the benefits of arthroscopy, coupled with technological innovations, creates new opportunities for market expansion. Emerging markets in Asia and Latin America also offer untapped potential due to their increasing healthcare infrastructure and a growing middle-class population.
Market Challenges:
Despite its promising outlook, the arthroscopy products market faces several challenges. Cost considerations, both for patients and healthcare providers, can limit the adoption of arthroscopic procedures. In some cases, insurance coverage may not fully support these procedures, causing financial barriers for patients. Additionally, the intricate nature of arthroscopy demands skilled surgeons, which may not be readily available in some regions. Competition and pricing pressures also pose challenges for manufacturers, who need to strike a balance between innovation and affordability.
Key Players:
- Arthrex Inc.
- Conmed Corporation
- Johnson & Johnson
- KARL STORZ GmbH & Co. KG
- Olympus Corporation
- Richard Wolf GmbH
- Stryker Corporation
- Smith & Nephew plc
- Zimmer Biomet Holdings
- Stryker Corporation
- Medtronic plc
- B Braun Melsungen AG
Competitive Landscape:
Manufacturers of arthroscopy products prioritize the development of technologically advanced and innovative products through substantial investments in research and development. This strategic approach allows them to gain a competitive advantage in the market. Simultaneously, smaller manufacturers in this industry are concentrating on expanding their global presence to grow their businesses.
The enhancement and streamlining of regulatory processes, along with the facilitation of FDA approval, are anticipated to have a positive impact on the product portfolio and overall development of leading arthroscopy wand manufacturers. Additionally, the availability of increased funding for life science research in developing nations further contributes to this growth.
In December 2020, Arthrex Inc. introduced the SwiveLock® ACL Repair Kit, which stands as the sole FDA-cleared primary repair kit for addressing anterior cruciate ligament (ACL) tears.
Furthermore, in March 2019, Stryker acquired OrthoSpace, Ltd., an Israeli medical device company, to complement its existing portfolio in arthroscopy and sports medicine. OrthoSpace’s product, InSpace, offers a highly distinctive technology for the treatment of rotator cuff tears and the realignment of the shoulder’s natural biomechanics.
Moreover, in October 2018, MinInvasive launched the OmniCuff rotator cuff repair system in the United States, aiming to expand its business operations on an international scale.
Lastly, in February 2018, Johnson & Johnson Medical Devices acquired Orthotaxy, a privately-held developer of software-enabled surgery technologies, including innovative robotic-assisted surgery solutions. This acquisition enabled the company to broaden its application across various orthopaedic surgery procedures.
Key Segments Covered in Arthroscopy Products Industry Survey
- Product
- Arthroscope and Visualization Systems
- Arthroscopic Resection Systems
- Arthroscopic Fluid Management Systems
- Arthroscopic Implants
- Arthroscopic RF Systems
- Arthroscopic Drills and Fixation Systems
- Other Arthroscopy Instruments & Accessories
- Procedure
- Shoulder Arthroscopy
- Hip Arthroscopy
- Knee Arthroscopy
- Elbow, Wrist, Digits & Ankle Arthroscopy
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