Rise in Demand for Minimal Invasive Procedures, and Rapidly Aging Global Population are Uplifting the Arthroscopy Visualization Systems Market: Future Market Insights
According to Future Market Insights’ latest industry analysis, the market size for the global arthroscopy visualization systems market is expected to reach US$ 453.8 Mn in 2022. It is projected to exhibit growth at a CAGR of 7.1% over the forecast period, with estimated market size of US$ 902.5 Mn in 2032.
The high demand for arthroscopy visualization systems due to an increase in arthroscopic surgical procedures has resulted in a growth in the demand for new, innovative solutions with distinctive features and USPs. FDA approvals must be obtained in order to guarantee the effectiveness and safety of new products and devices before they are developed and marketed. Therefore, it is anticipated to fuel market expansion in the projected years.
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The major factors driving the market’s expansion are the aging population, which increases the prevalence of musculoskeletal conditions like osteoarthritis and rheumatoid arthritis, technological advancements, and an increase in sports injuries for which arthroscopy procedures can avoid total joint replacements.
According to CDC research, there are around 35 children who pass away in the US every day as a result of sports-related injuries. Children under the age of 19 are disproportionately affected, accounting for 9.2 million of these deaths.
The development of sporting activities has led to an increase in the number of young people participating in sports that cause accidents. According to the National Health Service (NHS), the majority of hip replacement surgeries are performed on patients between the ages of 60 and 80, since the elderly population has grown.
These factors thus present opportunities for the expansion of the overall arthroscopy visualization systems market.
Key Takeaways from Market Study
- Visualization systems are the leading segment as products, and hold approximately 8% market share in 2021, owing to the growing incidence of chronic illness & joint issues, particularly in the elderly population.
- Knee arthroscopy is the leading segment as application, and held about 7% market share in 2021, as the market has been driven by the rising incidence of osteoarthritis and the rise in sports-related injuries.
- Orthopedic clinics are the leading end-users, withholding about 1% of the total segment market share due to the presence of advanced healthcare facilities and patients’ preference for specialty clinics over other healthcare facilities.
- By region, North America is leading in the global arthroscopy visualization systems market, and is expected to continue to do so with a projected CAGR of 7% during the forecasted years.
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“Increasing prevalence of osteoarthritis, and the technological advancements in arthroscopic visualization, are set to propel the sales of the arthroscopy visualization systems across the globe,” says an analyst of Future Market Insights.
In order to stay competitive, key competitors are implementing strategies like new product launches, mergers and acquisitions, partnerships, and collaborations. Manufacturers of arthroscopy visualization systems should benefit financially from the growth of the soft tissue and anterior cruciate ligament repair markets.
- In February 2022, Stryker Corporation acquired a digital care coordination and communication company called Vocera Communications, Inc. With this acquisition, Stryker is enabled to progress its inventions, speed up its digital ambitions, provide safer patient care, and help clients achieve better results.
Key Companies Profiled:
- Arthrex, Inc.
- Stryker Corporation
- Smith & Nephew Plc.
- CONMED Corporation
- KARL STORZ GmbH & Co. KG
- Olympus Corporation
- Richard Wolf GmbH
- Johnson & Johnson
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Key Market Segments Covered In The Arthroscopy Visualization Systems Industry Research
- Visualization Systems
- Consumables & Accessories
- Knee Arthroscopy
- Hip Arthroscopy
- Shoulder Arthroscopy
By End User:
- Ambulatory Surgical Centers
- Orthopedic Clinics
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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