Worldwide Sales of Arthroscopic Devices to Exceed $10B by 2029

Prominently driven by the increasing adoption in knee osteoarthritis, the global arthroscopic devices market is witnessing the introduction of smaller and technologically advanced arthroscopic devices that have updated optics to match the capabilities of the latest HD systems. This will significantly benefit the growth of the global arthroscopic devices market over the course of following decade.
 
Integrated Endoscopy, a U.S-based medical devices company, recently launched its U.S. Food and Drug Administration-approved arthroscope NUVIS with advanced optical design and high-definition visualization features. This battery operated arthroscopic device will effectively resolve the safety and sterility issues of reusable traditional arthroscopes, thereby creating multiple opportunities in the arthroscopic devices market, according to data from Persistence Market Research.
 
Global sales of arthroscopic devices will surpass the market value of $10 billion by the end of 2029. As indicated by Persistence Market Research’s new research study, arthroscopic devices market is set for a promising compound annual growth rate over the course of 2019 – 2029.  
 
Small manufacturers of arthroscopic devices are focusing on increasing their global footprint to expand business internationally. Such activities are expected to fuel the arthroscopic devices market growth during the forecast period. For instance, in October 2018, MinInvasive, an Israel based company, launched the OmniCuff rotator cuff repair system in the United States and expanded its business activities internationally.

Increasing tie-ups between arthroscopic device manufacturers and distributors to outsource upstream services in emerging markets such as India, are expected to improve sales of arthroscopic devices in these markets. For instance, in November 2016, Stryker Corporation collaborated with Indo U.K. Institute of Health to deliver affordable arthroscopic care in India.

The strategic acquisition of startups and mid-sized companies by key arthroscopic device companies to broaden their products and services is expected to propel the arthroscopic devices market growth. For instance, in 2019, Smith + Nephew acquired Ceterix Orthopaedics to enhance its product portfolio. The company also added meniscal repair system ‘NovoStitch Pro’ in its product portfolio through this acquisition.

North America is expected to be the prominent region in the arthroscopic devices market owing to growing incidences of arthritis knee pain and well-developed medical infrastructure. According to the National Centre for Health Statistics, about 650,000 arthroscopic lavage and debridement procedures are performed for arthritis knee pain each year in the United States.

A rise in arthroscopic device product recalls and retrieving of all faulty and defective arthroscopic device products from the market are restraining the arthroscopic devices market growth. In June 2018, Medicines and Healthcare Products Regulatory Agency (MRHA) U.K. sent an urgent field safety notice to Stryker Corporation for initiating a lot-specific recall for its hip implant products to reduce incidences associated with these arthroscopic devices.

Technological advancements such as advanced visualization and improved suturing techniques in arthroscopic devices will result in a market flourishing with ample growth opportunities, providing scope for a competitive advantage to market players in terms of innovation.
 
Persistence Market Research’s arthroscopic devices report tracks the key market players, which include Arthrex Inc., Johnson & Johnson, Smith + Nephew plc., CONMED Corporation, Olympus Corporation, KARL STORZ SE & Co. KG, Stryker Corporation, Richard Wolf GmbH, and others. Leading manufacturers of arthroscopic devices are focusing on collaborations with different organizations to enhance their arthroscopic devices product portfolio, especially in sports medicine. For instance, in May 2017, at the Arthroscopic Association of North American Annual Meeting, Stryker’s Sport Medicine business announced a collaboration with AlloSource organization to offer biologics for sports medicine procedures.
 
These insights are based on a report on Arthroscopic Devices Market by Persistence Market Research.
 
Persistence Market Research is a third-platform research firm. Its research model is a collaboration of data analytics and market research methodology to help businesses achieve optimal performance.