Knee arthroscopy is set to dominate the market, driven by osteoarthritis prevalence and non-invasive surgery benefits, with a projected CAGR of 7.7% by 2031.
ESOMAR-certified consulting firm Future Market Insights, in its updated report, projects a steady growth of the arthroscopy procedures and products market between 2021 and 2031. The market is expected to reach a valuation of approx. US$ 6488.4 Mn in 2021. Rising prevalence of knee osteoarthritis among geriatric population and increasing number of knee arthroscopy conducted worldwide have augmented the market growth. Increasing application in sports medicine, and ease in regulatory approval such as the U.S. Food & Drug Administration are the factors driving growth.
Due to the non-invasive nature and benefits of arthroscopy, patients suffering from severe osteoarthritis are preferring knee arthroscopy, which is accelerating the market growth.
Growing incidence of osteoarthritis across the U.S., Germany, the UK, and China have propelled the adoption of knee arthroscopy surgeries in those regions.
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With such rising statistics, healthcare professionals and government are increasing the initiatives to provide rehabilitation and facilities to curb the additional cost. Based on such factors, the market is anticipated to witness healthy growth at over 7.7% CAGR during 2021 and 2031.
However, increasing risk of edema and other infections such as blood clots in the joints might restrict the market growth. Also, high cost of surgery and procedures across low economies such as Brazil, India and other countries in Latin America will hamper the market growth.
Key Takeaways from FMI’s Arthroscopy Procedures and Products Market Study
“Increasing prevalence of osteoarthritis and growing degenerative disease among elderly population have encouraged the leading players to engage in research & development activities to develop advanced procedure & instrument for non-invasive surgeries,” says the FMI analyst.
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Competitive Landscape
Prominent players in the market are focusing on strategic mergers and collaboration to expand their global footprint in the market.
New product launches coupled with increasing research & development activities for the development of advanced arthroscopy instruments & devices will also be one of the key strategy to enhance their customer base for market players.
For instance, couple of years back, leading player, Smith & Nephew entered into a distribution agreement with OrthAlign, a U.S. based private company to develop medical devices and distribute their Total-Knee Arthroplasty (TKA) technology across several countries in Africa and Middle East.
Also, in 2018, Ceterix® Orthopedics, Inc., a leader in the development of cutting-edge surgical tools for orthopedic surgeons announced the U.S. Food and Drug Administration (FDA) 510(k) clearance of NovoStitch® Pro Meniscal Repair System – a size 0 suture cartridge – offering surgeons more options to repair meniscal tears for arthroscopic surgeries.
More Insights on the Global Arthroscopy Procedures and Products Market
In its new offering, Future Market Insights, offers incisive coverage on global arthroscopy procedures and products market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is classified on the basis of products type (arthroscopes & visualization systems, arthroscopic resection systems, arthroscopic fluid management systems, arthroscopic implants, arthroscopy radiofrequency (RF) systems, arthroscopic drills & fixation systems, and others), and procedure type (shoulder arthroscopy, hip arthroscopy, knee arthroscopy, elbow arthroscopy, small joints arthroscopy, and others) across major regions (North America, Latin America, Eastern Europe, Asia Pacific excluding Japan, Western Europe, Japan and Middle East & Africa)
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.
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The article discusses the growth of the knee arthroscopy market, projected to dominate over 50% of the arthroscopy procedures and products market share by 2031.
Growth is driven by the rising prevalence of knee osteoarthritis and the increasing number of procedures worldwide.
Challenges include the risk of edema and infections, and high surgery costs in low-economy regions.
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