A new report from Micro Market Monitor examines the North American arthroscopic device market, with several important trends to know.
The trends include:
1. The North American arthroscopic devices market is expected to reach $3.9 billion by 2018.
2. The market is expected to grow at a compound annual growth rate of 6.9 percent over the next four years.
3. As patients become more aware of arthroscopic surgery benefits, including reduced hospitalization, the demand for arthroscopic devices in North America will increase. Patients will also appreciate arthroscopy's less traumatic, minimally invasive procedures.
4. Technological innovation in arthroscopic procedures for orthopedic conditions is quickly replacing open surgery where possible because arthroscopy causes less trauma to the connective tissue.
5. Visualization and monitoring equipment development facilitate greater precision in joint and spine surgeries, which provide better imaging quality.
6. Arthroscopes can reduce surgical incisions required for joint replacement and spine surgery as well as shorten recovery time and hospital stays. The shorter recovery time makes patients happier and reduced hospital stays save the healthcare system hundreds — if not thousands — of dollars per procedure.
7. The increased obese and aging population will also enhance demand for orthopedic procedures, subsequently increasing the opportunity for arthroscopy. These patient populations are at high risk for osteoarthritis, now treated with arthroscopy.
8. North America is the largest market for arthroscopic devices because surgeons are increasingly adopting them in joint replacement and spine procedures.
9. The arthroscopic devices are made of expensive materials, including platinum, titanium and cobalt. The high cost could limit some growth in the future.
10. Europe is also expecting growth in the arthroscopic device market, but procedure volume growth is significantly higher there because of disease progression, improved healthcare infrastructure, economic growth, broadening insurance coverage and the expanding healthcare sector.