Global Arthroscopy Market Overview:
The Global Arthroscopy Market is expected to grow at a CAGR of about 6% over the forecast era 2018-2023 . For circumstances such as osteoarthritis, rheumatoid arthritis, tendinitis, and bone tumor, arthroscopy devices are used to examine bone joints. The main factor driving demand for arthroscopy processes is the increased incidence of musculoskeletal disorders owing to the quickly aging population.
Increasing Sports Incidences:
Fractures, strains and sprains are the most prevalent sport injuries. Recommended self-treatment for these wounds involves rest, ice, compression, and elevation RICE . For severe wounds requiring more attention, an arthroscopy may be suggested, depending on the scenario. Injuries can happen in different locations and of different kinds. Some prevalent injuries include shoulder, hip, knee, elbow, wrist, or ankle injuries; cartilage tears or ligament injuries; joint lining inflammation; removal of loose bone or cartilage fragments lodged in a joint; and osteoarthritis triggered by cartilage failure. Some of these may involve arthroscopic surgery, as it helps in diagnosis and therapy. According to US Disease Control Centers CDC, involvement in organized sports is growing. About 30 million kids and adolescents engage in U.S. youth sports each year. High school athletes account for an estimated 2 million injuries, 0.5 million doctor visits, and 30,000 hospitalizations each year. More than 3.5 million children under the age of 14 receive annual medical treatments for sport injuries. Children aged 5-14 account for approximately 40% of all sport injuries treated in hospitals.
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In the United States, sports and recreational accidents accounted for 21% of all traumatic brain injuries among kids in 2017. The above stats show an enhanced amount of injuries requiring arthroscopy processes, which is anticipated to have a beneficial effect on the industry studied.
High-cost arthroscopy devices:
Depending on the patients era, severity and precise place of the injury, whether associated injuries are present, and the hospital where the operation is conducted, the average standard cost of outpatient therapy using arthroscopic surgery for complex tears can price about $7,400-9,000 or more. Healthcare Research and Quality Agency sponsors a series of medical databases. One such database, Healthcare Cost and Utilization, indicates that outpatient arthroscopic surgery usually costs USD 8,970. For insured patients, out – of-pocket costs typically consist of a specialist co-pay, i.e., mostly a hospital co-payment of $100 or more, and 10-50 percent co-insurance for the procedure that could reach the annual out – of-pocket maximum. According to the Kaiser Family Foundation, the average hospital copay is USD 132 for outpatient surgery and USD 232 for inpatient surgery. This demonstrates that the average price of arthroscopic processes is quite high, leading to individuals not opting for the operation. High costs, therefore, are a prospective market restraint.
Knee Arthroscopy Leads the Market in Application Segment:
The knee arthroscopy segment leads the worldwide arthroscopy industry. Arthroscopic knee surgery is the most prevalent orthopedic procedure in the United States and most other developed countries. CDC estimates show that healthcare spending on arthroscopic processes for degenerative knee disease amounted to over USD 3 billion in 2015. Demand for knee arthroscopy is also growing worldwide owing to the growing incidence of sport injuries, especially in contact sports.
Global Arthroscopy Market Competitive Landscape:
Oct 2017: Arthrex announced plans to construct a state-of – the-art surgical device and implant factory in Anderson County, South Carolina. Construction on the $30 million, 200,000-square-foot plant is planned to start early 2019 in the first quarter of 2018. This investment is component of Arthrexs global expansion strategy to promote growth and creation of fresh, innovative goods that assist surgeons better treat their patients.
Global Arthroscopy Market Major Players:
Arthrex Inc., Conmed Corporation, Johnson & Johnson, Karl Storz GmbH & Co. KG, Medtronic Plc., Richard Wolf GmbH, Smith & Nephew Plc., and Stryker Corporation among others.
Reasons to Purchase Global Arthroscopy Market Report:
Current and future Global Arthroscopy in advanced and emerging economies. Analyzing multiple market views with Porters five-force assessment. Segment expected to dominate the market. Regions expected to experience highest development during the forecast period. Identify the recent trends, market shares, and strategies of significant market players. 3-Month Analyst Support and Market Estimate Sheet Excel.
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