Rising awareness of sports coupled withgrowing indulgence in outdoor activities of youngsters as well as ageing population has led to increase in incidence of sports injuries. Moreover, rise in ageing and obese population has concurrently led to increase in prevalence of musculoskeletal disorders such as osteoarthritis, rheumatoid arthritis, bone tumor and others. All the aforementioned factors are responsible for fuelling the growth of arthroscopic procedures, resulting in overall growth of arthroscopic devices market.
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Lack of reimbursement and unfavorable taxation policies of the U.S. and European governments have negatively affected the growth of this market. Cost containment for healthcare sector with introduction of Patient Protection and Affordable Healthcare Act in the U.S. are expected to be the major impediments for growth of arthroscopic devices market. The European region still grappling with Euro crisis is expected to have the slowest growth during the forecast period. The OEMs are now struggling to remedy their balance sheets through expansions in emerging economies such as India, China and Brazil. Rising disposable income, growing awareness of sports and favorable government policies has boosted the total growth of this market. Companies are profoundly investing on R&D to come up with innovative products that are user friendly for the physicians. Moreover, to retain their market position companies are coming up innovative marketing strategies such as cross selling of arthroscopic products along with other orthopedic procedures. In addition, few companies are also providing rental services of their arthroscopic devices to various hospitals to gain cost arbitrage. For instance, Conmed has initiated a rental program for small hospitals that have not been able to justify high costs of the arthroscopes.
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The arthroscopy devices market was valued to be USD 3.3 billion in year 2012 and is expected to grow at a growth rate of 6.0% from 2013 to 2019. The arthroscopic visualization system market is expected to grow at the highest growth rate of approximately more that 9% from 2013 to 2019. This growth has been attributed to demand for high-tech devices such as videos and better quality pictures not only for physicians but also for patients.
Geographically the North American market accounted for the largest share of arthroscopy devices and was valued to be more than USD 1.5 million in 2012. However, Asian countries namely India and China are witnessing fast growth and are predicted to emerge as dominating markets in the near future. A rise in disposable incomes in these countries has boosted the confidence of OEMs towards these regions. Moreover investment friendly environment and low taxation is also encouraging the growth in these regions.
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The indomitable players of this market are Smith & Nephew, Conmed, Arthrex, Depuy Synthes and Stryker. Recently, Arthrex launched a new web-based software platform, which further expands the functionality of its existing SynergyHD3 endoscopic visualization system to provide unique and powerful set of tools to increase surgeon and OR efficiency, reduce growing infrastructure costs and enhance patient satisfaction.
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