NEW YORK, Sept. 21, 2016 /PRNewswire/ -- Global arthroscopy market is anticipated to reach USD 6.34 billion by 2024, according to a new report by Grand View Research, Inc. Increasing geriatric population base and rising obesity levels are the major factors driving the growth.
Rising medical tourism, cost efficiency and faster recovery rate are some of the factors resulting in increased adoption. As a result, demand for arthroscopy is increasing, since it's used in the diagnosis of joint conditions. In addition, constant decline in the price coupled with reimbursement coverage is spurring the adoption of arthroscopy in the treatment of injuries.
Presently, the sector is fragmented in nature with presence of many players competing with each other. The key players are implementing mergers and acquisition strategies to strengthen their position by the expansion of customer base and reduce the number of competing players.
Further key findings from the study suggest:
Arthroscopic implant segment dominated globally and is estimated to remain dominant throughout the forecast period. Increasing adoption of implants for diagnosis is mainly driving the growth of the segment.
The arthroscopic visualization systems are anticipated to witness strong demand during the forecast period due to their ability to provide clear high definition resolution of internal organs.
The demand for Fluid Management Systems is going to increase considerably during the forecast period with new products entering the sector especially in emerging countries such as Brazil, Mexico and South Africa.
The key players have faced challenges due to severe pricing pressures and stringent regulatory guidelines. The existing companies are finding it difficult to garner strong revenues.
Rising demand for minimally surgeries is also supporting the revenue growth since arthroscopy supports the same.
China, India, Brazil and South Africa are anticipated to register significant growth over the forecast period owing to rising patient awareness related to arthroscopy, presence of largest pool of geriatric population prone to injuries and the surging prevalence of chronic diseases such as osteoarthritis, bone tumor and rheumatoid arthritis.
Lenient regulatory approval procedures in Asia Pacific are offering easy entry of the new products in the region.
Some of the key players operating at the global level include but are not limited to ConMed Corporation, Arthrex Inc, Stryker Corporation, Olympus Corporation, Smith & Nephew plc, DePuy Synthes and Zimmer Biomet.
North America dominated the global scenario with regional share of over 40.0% in 2015. Technological advancements, such as introduction of advanced visualization systems, primarily led to highest revenue generation in the region. Visualization systems help in minimally invasive surgery by providing 3D image of the joint.
In addition, favorable reimbursement structure, presence of large target patient population and well defined regulatory framework are few factors that are positively affecting the market.
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