Arthroscopic Devices Market to Register a CAGR Growth of 5.1% throughout 2017 to

Posted by ashutosh sable on September 15th, 2017

The market for arthroscopic devices has been witnessing a paradigm shift from conventional open surgeries to the minimally invasive ones, on the back of complications pertaining to the former. Many governments around the world are taking initiatives associated with healthcare tourism via deals & packages, which include easier visa approvals, and post-operation follow-ups. These factors will positively influence the market for arthroscopic devices globally. Revenues from the market are expected to exceed US$ 1,700 Mn by 2022-end.

Hospitals are expected to remain the largest end-users of arthroscopic devices in the global market. Most of the patients prefer hospitals for arthroscopic procedure over other healthcare settings such as orthopedic clinics, and ASCs. This is mainly because hospitals procure medical products, consumables, and accessories in bulk quantity, engaging closely with manufacturers & suppliers, government agencies, and reimbursement authorities.

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Among various products in the global arthroscopic devices market, arthroscopes are expected to remain the most lucrative, with sales anticipated to register an impressive expansion through 2022. The number of arthroscopic procedures is witnessing a significant surge, owing to the rise in older population worldwide. In addition, requirement for accurate and early diagnosis of patient conditions have increased demand for cost-effective minimally-invasive procedures, such as arthroscopy. These factors are expected to spur demand for arthroscopes over the forecast period.

The market in Asia-Pacific excluding Japan (APEJ) is poised to gain a significant traction over the forecast period, particularly in the region’s developing economies such as China and India. Existence of better insurance schemes, favorable reimbursements, low taxation, increased sports activity and related injuries, and rise in purchasing power of population in the region are key drivers for growth of the market in APEJ.

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Moreover the healthcare tourism in India and China is gaining popularity owing to a relatively lower expenditure requirement, and rising treatment success rates through use of technologically advanced systems. This will further influence expansion of the arthroscopic devices market in APEJ. However, the markets in North America and Europe are expected to remain comparatively more lucrative, owing to presence of leading market players, and relatively higher healthcare tourism attraction.

Knee Arthroscopy is expected to remain the largest application of arthroscopic devices, with revenues accounting for over one-third share of the market during 2017 to 2022. Hip arthroscopy will stick to its position of being the second most lucrative application of arthroscopic devices. Between spine arthroscopy and shoulder & elbow arthroscopy, the former will account for larger revenues, whereas the latter will exhibit a higher CAGR through 2022.