Report Predicts Arthroscopy Market to Surpass $5.7 Billion by 2023

The arthroscopy market, which covers 39 countries and includes implant and capital equipment, is set to rise from $4.19 billion in 2016 to $5.73 billion by 2023, representing a compound annual growth rate (CAGR) of 4.6 percent, according to research and consulting firm GlobalData.
 
The company’s latest report claims this growth will be driven by the rising prevalence of sports injury, which is growing at a CAGR of 6.3 percent and is primarily caused by intense and repetitive training in major markets like the United States and China. Other drivers include rising obesity rates, an aging population and the trend towards more innovative minimally-invasive techniques, reducing cost, and recovery time for patients.
 
“Sports medicine technology is built on minimally-invasive arthroscopic implants and equipment, and these will continue to drive the market, as well as other orthopedic segments. As both a technique-driven and an implant-based field, there are arthroscopic products continuously entering the market for difficult-to-access joints, and smaller implants for smaller repairs,” said Tobe Madu, MSc, GlobalData’s Analyst covering medical devices.
 
“Materials development has been a key interest for physicians, as they look for more durable and biocompatible implant materials,” Madu continued. “For example, knee cartilage injuries have driven the development of products for meniscal repair, while anterior cruciate ligament and posterior cruciate ligament injuries have inspired biocomposite and bioresorbable interference screws.”
 
While healthcare spending as reflected by reimbursement rates is expected to go down globally, the market outlook remains strong in western countries, as substantial growth in new indications will drive up procedure numbers. Meanwhile, countries such as Brazil, China, and India will continue to see adoption of arthroscopic products as surgeon training improves and newer economical products are introduced in the market, according to GlobalData.
 
“As disposable surgical products turn into commodities, buyer decision will become increasingly price sensitive,” said Madu. “Despite this development, market leaders such as Arthrex and Stryker, who maintain a culture of innovation and service while delivering cost-effective products, will stay ahead of competitors. The most significant area of growth is in hip arthroscopy, where global revenue is expected to increase by a CAGR of 14.5 percent during the forecast period.”
 
GlobalData is a global research and consulting firm offering advanced analytics based on the knowledge of more than 700 business analysts and 25,000 interviews conducted with industry insiders annually. The company provides strategic business intelligence for various industries, including healthcare.