The arthroscopy market is projected to grow at a compound annual growth rate (CAGR) of 4.6% by 2023, according to a report by GlobalData.
Titled ‘MediPoint: Sports Medicine – Global Analysis and Market Forecasts’, the report, which covers 39 countries, forecasts the arthroscopy market to increase from $4.19bn in 2016 to $5.73bn by 2023.
The growth is attributed to the rise in sports injuries caused by intense and repetitive training in markets such as the US and China. In addition, rising obesity rates and an aging population are other drivers of the growth. A major trend noted in the report is the development of innovative minimally-invasive arthroscopic implants and equipment that is reducing cost and recovery time for patients.
The arthroscopy market is a technique and implant-based field, with new products continuously launched in the market. For example, meniscal repair products have been developed for knee cartilage injuries and biocomposite and bioresorbable interference screws have been developed for anterior cruciate ligament and posterior cruciate ligament injuries.
As a result, durable and biocompatible implant materials are constantly being developed and being sought after by physicians, explains Tobe Madu, MSc, GlobalData’s Analyst covering Medical Devices.
The report projects the growth in western countries to remain strong as healthcare spending falls and new indications increase the number of procedures. Growth in countries such as Brazil, China and India is also expected to continue as more arthroscopic products are adopted with better surgeon training and introduction of new and economical products. The hip arthroscopy area is expected to register the highest growth, at a CAGR of 14.5%.
Companies that deliver innovative and cost-effective products such as Arthrex and Stryker will remain at the forefront of the market, adds Madu.