LONDON, May 29, 2023 /PRNewswire/ -- Joint injuries, aches, and other related disorders affect the quality of life of the masses. These issues prevent individuals from performing several activities and impact their natural mobility. Some disorders may be treated by medications or therapies, but severe ones required surgical intervention. It is worth noting that open joint surgeries come with severe side effects and needs longer recovery times. This has created a requirement for non-invasive surgical methods like arthroscopy. In this process, medical providers can get a clear view of the damaged joint structures or affected area by making small incisions. This not only decreases the chances of side effects but also ensure shorter hospital stays, quicker recovery times, and faster return to normal activities. Arthroscopy has indeed transformed the experience of joint surgery, improving patient outcomes and satisfaction.
The business intelligence report on Arthroscopy Market by Brandessence Market Research provides deep dive insights to the crucial aspects related to this industry. It provides accurate statistical data on historical revenue, presence growth rate, and projected revenue of the marketplace. A scrutiny of the major segments and geographies is entailed in this report. Alongside, a 360-degree outlook of the competitive terrain with the elaborate portfolio of each list players is presented in this report.
Key Takeaways
- Growing prevalence of joint-related disorders along with the rising instances of injuries triggered by accidents, falls, and sports activities are primarily augmenting the industry outlook.
- By product type, the arthroscopic implants segment is reckoned to generate significant returns due to high demand for knee arthroscopic surgeries and growing adoption of biodegradable implants.
- MEA is projected to capture a substantial revenue share owing to the surge in the geriatric population base and influx of innovative technologies in the orthopaedic treatment sector.
The Arthroscopy Market is expected to witness phenomenal gains over the analysis timeline of 2022-2029.
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Elaborating The Key Trends and Dynamics of Arthroscopy Market
Growing prevalence of joint-related disorders along with the rising instances of injuries triggered by accidents, falls, and sports activities are primarily augmenting the industry outlook. Alongside, technological advances in the field and the escalating demand for non-invasive diagnostics and treatment methods are creating lucrative opportunities for this business vertical to prosper. Moreover, rise in the geriatric population base and growing awareness on the significant benefits offered by arthroscopy are adding momentum to the progression of this marketplace.
Major Growth Drivers
Increased pervasiveness of joint-based disorders- Joint related disorders like rheumatoid arthritis and osteoarthritis, among others are highly prevalent across the globe. These disorders may be caused due to age, injuries, or the onset of degenerative conditions. Such disorders lead to mobility issues and severe pain, thereby impacting quality of life. This has escalated the demand for proper diagnosis and treatment of these disorders.
Benefits of arthroscopy- Arthroscopy is a minimally invasive procedure and offers a wide range of benefits. To conduct this procedure, medical providers need to make small incisions to reach the target areas. This reduces the change of damage to the surrounding tissues. Unlike open surgeries, it ensures quicker recovery times, lesser infection risks, and shorter hospital stays. This in turn is stimulating the overall dynamics of this business vertical.
Challenges
High costs- This procedure is quite costly as compared to other joint disorder treatments. High end equipment, skilled professionals, and a proper infrastructure is required to conduct arthroscopy. Many people cannot afford it due to financial constraints. These factors are hindering the remuneration scope of this market.
Competitive Landscape of Arthroscopy Market
The prominent players defining the competitive terrain of this market space are Johnson & Johnson, Ortho Space, Arthrex Inc., Conmed Corporation, Smith & Nephew, Stryker Corporation, Zimmer Biomet Holdings Inc., Medtronic, Karl Storz, Braun, DePuy Synthes, Richard Wolf, MEDICON, Sklar, Millennium, GPC Medical, BioTek Instruments, Henke Sass Wolf, KARL STORZ GmbH, and Others.
Segmental Assessment
By product type, the arthroscopic implants segment is reckoned to generate significant returns over 2022-2029. This is attributable to the escalating demand for knee arthroscopic surgeries and growing adoption of biodegradable implants.
Based on application type, the hip arthroscopy segment is anticipated to amass notable gains over the estimated timeline. This is ascribed to the growing participation in physical activities like sports and fitness exercise along with the rising frequency of related injuries.
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Geographical Analysis and Landscape
MEA is projected to capture a substantial revenue share over 2022-2029. This is credited to the surge in the geriatric population base, influx of innovative technologies in the orthopaedic treatment sector, and increased awareness about the benefits of arthroscopy. Alongside, surging R&D investments in the field, rising disposable income levels, and rapidly evolving healthcare infrastructure are adding traction to the progression of this regional market.
The market in Europe has been showcasing significant growth over the forecast duration. This is because of the increasing healthcare expenditure, growing sports participation, and high frequency of trauma-based injuries, presence of noteworthy players, and growing pervasiveness of joint based disorders.
Opportunities in This Market
High occurrence of sports related injuries- Injuries are highly prevalent among athletes or individuals with active lifestyles. Hip labral tears, cartilage damage, and hip impingement are commonly encountered in these populations. Arthroscopy offers a minimally invasive approach for diagnosis and treatment, making it attractive to athletes and active individuals who aim to return to their desired level of physical activity quickly.
Major Developments in Arthroscopy Market
In November 2019, Stryker Corporation completed its acquisition of Wright Medical Group N.V with an aim to broaden its orthopedic product portfolio, including arthroscopy solutions.
In December 2020, Smith+Nephew announced its acquisition of Integra LifeSciences' Extremity Orthopedics business to strengthen its position in the extremities market, which includes shoulder, elbow, wrist, and ankle arthroscopy.
Porter's Five Forces Analysis
Threat of New Entrants: This market has a low threat of entrants since it presents significant barriers to entry. The primary barriers include the need for high investment in research and development, regulatory compliance, and established distribution channels.
Bargaining Power of Suppliers: The bargaining power of suppliers in the arthroscopy market is moderate. Suppliers of specialized arthroscopic instruments, imaging equipment, and other components hold some leverage, particularly if they provide unique or patented products. However, arthroscopy manufacturers often have the option to switch suppliers or negotiate favourable terms due to the presence of multiple suppliers in the market. Additionally, manufacturers may invest in developing in-house capabilities to reduce dependence on external suppliers.
Bargaining Power of Buyers: The bargaining power of buyers in the arthroscopy market is relatively high. Buyers, such as hospitals, healthcare facilities, and procurement organizations, have the ability to compare and negotiate prices, quality, and service agreements among multiple suppliers. The high competition among arthroscopy manufacturers and the availability of alternative treatment options also empowers buyers to seek favourable terms and pricing, which can put pressure on manufacturers to differentiate their offerings and provide value-added services.
Threat of Substitutes: The threat of substitutes in the arthroscopy market is moderate. While arthroscopy is a preferred method for minimally invasive joint diagnostics and treatment, alternative treatments such as open surgery, conservative management, or non-invasive therapies still exist. The choice of treatment depends on the specific condition, patient preferences, and healthcare provider recommendations. However, the growing preference for minimally invasive procedures, advancements in arthroscopic techniques, and positive patient outcomes contribute to the continued demand for arthroscopy, mitigating the threat of substitutes to some extent.
Competitive Rivalry: The competitive rivalry within the arthroscopy market is high. The market is dominated by several major players who compete based on product portfolio, brand recognition, pricing, quality, and innovation. Intense competition drives companies to continuously invest in research and development to develop advanced arthroscopic technologies, expand their product offerings, and enhance their market presence. The high level of competition fosters innovation and benefits customers by providing a wide range of options and driving improvements in quality and cost-effectiveness.
On Special Requirement Acute Repetitive Seizures Market Report is also available for below region:
- U.S, Canada
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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