The global arthroscopy devices market is prognosticated to grow at a notable pace in forthcoming years. Some of the leading firms in the market are Smith & Nephew, ConMed Corporation, Stryker Corporation, Arthrex Inc, and DePuy Synthes. These firms are investing in coming up with more effective and affordable arthroscopy devices in the global market.
According to Transparency Market Research (TMR), the global arthroscopy devices market is anticipated to expand at a steady CAGR of 6% within the forecast period from 2013 to 2019. In 2012, the market was valued around worth of US$3.3 bn. This value is expected to reach around US$5.1 bn by 2019.
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On the basis of type the global arthroscopy devices market is segmented into fluid management, implants, shavers, radiofrequency, visualization system, and arthroscopes. Among these, the arthroscopic implants system held the maximum market share, with a valuation of nearly around US$2.0 bn back in 2012. On the basis of geography, the North America market is expected to dominate the entire market with highest amount of share in 2012. The region is trailed by Asia Pacific and Europe.
Rise in Geriatric Population to Boost Market Demand
The arthroscopic methodologies are applied majorly on shoulder and knees. Nevertheless, due to technological advancements, the hip implants are also gaining attention. Along with this, the rise in elderly population who are comparatively more prone to trauma and fall injuries is another factor propelling the growth in global arthroscopy market.
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The arthroscopic process possess various benefits for example, reduced recovery time, minimal incision, shorter hospital stay, and less complications after the surgeries. These are the minimum invasive techniques which are preferred by most of the population in the world. These are some more driving factors fueling the demand for arthroscopy devices in the market.
The arthroscopic devices market has risen as one of the alluring sectors in the medical equipment department. A few years back, the orthopedics sector has experienced private equity exchanges, creative product launches, and various mergers which goes about as the key drivers for global arthroscopic devices market. Increase in geriatric people alongside headway in innovation particularly in healthcare and medical industry is likely to boost the global arthroscopy devices market. A developing geriatric population all over market.
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Lack of Skilled Labor to Hinder Market Growth
Apart from this, the rise in the cases of obesity, which as a result is causing degradation of bones in the people’s body, surging the demand for arthroscopic treatment in developing nations, which provides a lucrative scope for business in future years. On the flipside, the lack of skilled professionals, along with increased cost of arthroscopic devices particularly in 3D implants and biodegradables are some of the factors hampering the over growth of market.
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