The Arthroscopic Devices Market is expected to grow at a decent In Upcoming Years. The cutting-edge technologies, software, and automation are being efficiently driven by digital transformation. Everything – flexible hours of productivity and the evolution of new business is seeing the light of the day due to digital solutions being provided. Both – process and discrete industries would be able to lay their hands on the specific requirements of the end-users with digitization by their side. This would be the running trend in the forecast period.
The Arthroscopic Devices Market will reach US $10 Billion at a CAGR of 6% between 2019 to 2029. Analytics and big data process unstructured as well as the structured biomedical structure and medical data for generating new-fangled insights. As such, digital therapy experiences get an enhanced look with MR (mixed reality), AR (augmented reality), and VR (virtual reality). This would be the trend regarding the healthcare vertical in the forecast period.
Prominently driven by the increasing adoption in knee osteoarthritis, the global arthroscopic devices market is recently witnessing introduction of smaller and technologically advanced arthroscopic devices that have updated optics to match the capabilities of the latest HD systems. This will significantly benefit the growth of the global arthroscopic devices market over the course of following decade.
Integrated Endoscopy, a U.S-based medical devices company, recently launched its FDA-approved arthroscope NUVIS® with advanced optical design and high-definition visualization features.
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- Arthrex, Inc.
- Stryker Corporation
- Smith & Nephew Plc.
- CONMED Corporation
- KARL STORZ GmbH & Co. KG
- Olympus Corporation
- Richard Wolf GmbH
- Johnson & Johnson
This unique and battery operated arthroscopic device will effectively resolve the safety and sterility issues of reusable traditional arthroscopes, thereby creating multiple opportunities in the arthroscopic devices market.
Global sales of arthroscopic devices will surpass the market value of US$ 10 Bn by the end of 2029. As indicated by a new Persistence Market Research (PMR) study, arthroscopic devices market is set for a promising CAGR over the course of 2019 – 2029.
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Key Takeaways – Arthroscopic Devices Market Study
- Small manufacturers of arthroscopic devices are focusing on increasing their global footprint to expand business, internationally. Such activities are expected to fuel the arthroscopic devices market growth during the forecast period.
- For instance, in October 2018, MinInvasive an Israel based company launched OmniCuff rotator cuff repair system in the U.S. and expanded its business activities internationally.
- Increasing tie-ups between arthroscopic device manufacturers and distributors to outsource upstream services in emerging markets such as India, are expected to improve sales of arthroscopic devices in these markets.
- For instance, in November 2016, Stryker Corporation collaborated with Indo UK Institute of Health to deliver affordable arthroscopic care in India.
- Strategic acquisition of start-ups and mid-sized companies by key arthroscopic device companies to broaden their products and services is expected to propel the arthroscopic devices market growth.
- For instance, in 2019, Smith & Nephew acquired Ceterix Orthopaedics to enhance its product portfolio. The company added meniscal repair system ‘NovoStitch Pro’ in its product portfolio through this acquisition.
- North America is expected to be the prominent region in the arthroscopic devices market owing to growing incidences of arthritis knee pain and well-developed medical infrastructure.
- According to the National Centre for Health Statistics, about 650,000 arthroscopic lavage and debridement procedures are performed for arthritis knee pain each year in the U.S.
- Rise in arthroscopic device product recalls and retrieving of all faulty and defective arthroscopic device products from the market are restraining the arthroscopic devices market growth.
- In June 2018, Medicines and Healthcare Products Regulatory Agency (MRHA) UK, sent an urgent field safety notice to Stryker Corporation for initiating a lot-specific recall for Stryker hip implant products to reduce incidences associated with these arthroscopic devices.
Technological advancements such as advanced visualization and improved suturing techniques in arthroscopic devices will result in a market flourishing with ample growth opportunities, providing scope for a competitive advantage to market players in terms of innovation.
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Who Is Winning?
The arthroscopic devices market report tracks the key market players, which include Arthrex, Inc., Johnson & Johnson, Smith & Nephew Plc., CONMED Corporation, Olympus Corporation, KARL STORZ SE & Co. KG, Stryker Corporation, Richard Wolf GmbH, and others. Leading manufacturers of arthroscopic devices are focusing on collaborations with different organizations to enhance their arthroscopic devices product portfolio especially in sports medicine.
- For instance, in May 2017, at the Arthroscopic Association of North American Annual Meeting, Stryker’s Sport Medicine business announced a collaboration with AlloSource organization to offer high-quality, innovative biologics for sports medicine procedures.
Learn More About the Report Inclusions
Persistence Market Research offers a unique perspective and actionable insights on arthroscopic devices market in its latest study, presenting historical demand assessment from 2014 – 2018 and projections from 2019 – 2029 on the basis of arthroscopic devices product type (arthroscope and arthroscopic systems, arthroscopic shavers, arthroscopy implants, arthroscopy radio frequency systems and wands), and arthroscopic devices end user (hospitals, ambulatory surgical centers, orthopedic clinics) in five key regions.
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