Rise in demand for minimal invasive procedures, rapidly aging global population, surge in the number of sports-related injuries, shorter recovery time, and minimal postoperative complications drive the growth of the global arthroscopy devices market. On the other hand, high cost of arthroscopic devices & implants impedes the growth to some extent. However, upsurge in the obesity rate among people is expected to create lucrative opportunities in the industry.
The global arthroscopy devices market size was valued at $18.0 billion in 2020, and is projected to reach $41.9 billion by 2030, growing at a CAGR of 8.5% from 2021 to 2030.
The arthroscopy devices market size witnessed significant growth in the past decade, owing to increase in number of patients suffering from bone & joint disorders and rapid growth of healthcare industry. Number of players in the arthroscopy devices industry are expanding their business to strengthen their foothold in the global market. By product, the arthroscopes segment dominated the arthroscopy devices market share in 2020, in terms of revenue. Depending on application, the shoulder and elbow arthroscopy segment is expected to grow at a higher CAGR during the forecast period, owing to rise in geriatric population.
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Impact of Covid-19 on Arthroscopy Devices Market-
- Lockdown in several countries across the world gave way to distorted supply chain and slanted manufacturing activities, which in turn, impacted the global arthroscopy devices market negatively, especially during the initial period.
- However, the market has already started recovering and is expected to get back on track soon.
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In 2020, North America dominated the global arthroscopy devices market forecast, in terms of revenue, accounting for around 41% share of the arthroscopy devices industry, followed by Europe and Asia-Pacific. Moreover, the market in Asia-Pacific region is growing with high CAGR, owing to advantages of arthroscopy devices such as short recovery time and minimal postoperative complications. In addition, increased FDI opportunities in many countries of Asia-Pacific region, propels the growth of the market.
Key Findings of the Study
- The report provides an extensive analysis of the current and emerging arthroscopy devices market trends and dynamics.
- Depending on product, the arthroscopes segment dominated the arthroscopy devices market, in terms of revenue in 2020 and the radiofrequency systems segment is projected to grow at a significant CAGR during the forecast period.
- By application, the shoulder and elbow arthroscopy segment registered highest revenue in 2020.
- Asia-Pacific is projected to register highest growth rate in the coming years.
- Key players within the arthroscopy devices market are profiled in this report and their strategies are analyzed thoroughly which help understand competitive outlook of the arthroscopy devices industry.
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