The global arthroscopy devices market has been forecast to increase at a compound annual growth rate (CAGR) of 4.9% over the next five years, increasing from a value of approximately $3.1 billion in 2011, to reach a total of $4.2 billion by the year 2018.
Arthroscopy is a minimally invasive surgical procedure in which an examination and sometimes treatment of damage of the interior of a joint is performed using an arthroscope, a type of endoscope that is inserted into the joint through a small incision.
Arthroscopic procedures can be performed either to evaluate or to treat many orthopaedic conditions including torn floating cartilage, torn surface cartilage, ACL reconstruction, and trimming damaged cartilage.
The market is primarily driven by the increasing prevalence of osteoarthritis, due itself to a growing elderly population worldwide. This has led to a surge in the number of arthroscopy procedures being performed.
Increasing preference for minimally invasive techniques and better implant material is another major growth driver, as is the rising number of sports injuries due to increased participation, particularly from children and adolescents, in sporting activities.
Adults aged 40 years and above are also more likely to sustain sports injuries through participation in sporting activities than the younger population. The reimbursement scenario for arthroscopy remains unfavourable, especially in the US, due to multiple changes to Relative Value Units (RVUs).
Smith and Nephew and Arthrex dominated the global arthroscopy devices market in 2011 with a share of 21% each. DePuy Synthes (12%), Conmed (10%), Stryker (8%) and ArthroCare (7%) also had significant market presence.
An unfavourable reimbursement environment combined with pricing pressure is the major barrier to companies sustaining revenue growth in dollar terms. However, technical advances that allow for better procedure outcomes and cost-effectiveness will continue to drive arthroscopy procedure volumes.
Companies are expected to focus on direct-to-consumer campaigns to create awareness of the various treatment options available to patients and their benefits. An increase in awareness of minimally invasive arthroscopy procedures will continue to drive market growth over the coming years.
For more information on the arthroscopy devices market, see the latest research: Arthroscopy Devices Market
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