Arthroscopy Devices – Increasing Geriatric Population Provides a Sea of Opportunities
The examination of inside structures of the body is known as arthroscopy and the devices used for examination are known as arthroscopy devices. It is a minimally invasive procedure and is performed by using small probe through an incision. The primary application of arthroscopy is diagnosis of inner structure of the body. As the name suggests, surgical arthroscopy is the use of these devices during surgical procedures. Arthroscopy is widely used by orthopedic doctors to treat bone disorders and joint problems such as knee, shoulder and elbow related disorders.
Arthroscopy devices include mechanical instruments, motorized instruments, electrosurgical instruments and special instruments such as probes, punches, shavers, electrocautery, laser, ACL sets, meniscus repair sets respectively.
As the arthroscopy procedure is minimally invasive, it helps avoid post-surgery complications, infection during surgery and significantly reduces patient recovery time.
Increase in joint replacement surgery leading the growth of the arthroscopy devices market in developed regions
As per the stats of Canadian Institute for Health Information (CIHI), around 113,000 knee and hip surgeries are performed in Canada annually. The number of knee replacement surgery increased by 20.3% and hip replacements surgery increased by 20% in between 2009 to 2015 in the country. Furthermore, as per Centers for Disease Control and Prevention (CDC), in U.S., 54.4 million adults were diagnosed with arthritis during 2013-2015 and the number is expected to reach 78.4 million by 2040. This in turn would increase number of knee and joint surgeries and consequently, drive growth of the arthroscopy devices market in the near future.
Integration of various technologically advanced features such as wireless camera heads and high-definition monitors will help increase adoption of these devices across the globe. Companies are increasingly inclined towards offering customizable solutions to doctors in order to enhance their market presence. For instance, Olympus offers multi-specialty digital imaging platform to specialize each procedure along with maintained standards and enables healthcare professional to record, store and share high quality moving images.
Also, some companies such as Smith & Nephew provide enhanced design of arthroscopic device that allows for steam sterilization of whole equipment and also offers complex camera system for autoclave sterilization.
The global arthroscopy devices market was valued at US$ 2234.1 million in 2016 and is expected to witness a robust CAGR of 4.7% during the forecast period (2017 – 2025).
Figure 1. Global Arthroscopy Devices Market Size and Forecast, By Region, (US$ Million) and Y-o-Y Growth (%), 2016–2025
SOURCE: COHERENT MARKET INSIGHTS ANALYSIS (2016)
Increase aging population is expected to be one of the primary factor for the growth of arthroscopy devices market
According to the data of Ministry of Statistics and Programme Implementation, in 2016, 103 million people in India were over 60 years of age. Also, as per data published by Organization for Economic Co-operation and Development (OECD), the geriatric population accounted for 17.26% and 14.50% of the overall population in the U.K. and U.S., respectively in 2014 and the number is expected to steadily increase.
As the rate of knee replacement and hip replacement surgical procedures is high among the geriatric population, it is expected that the aging population will be the major factor for the growth of arthroscopy devices market in the near future.
Increase in arthroscopic surgeries is expected to fuel the growth in arthroscopy devices market
Continuous rise in aging population is the major factor leading to rise in arthroscopic surgery procedures around the globe. As per the stats published by Australian Commission on Safety and Quality in Health Care, in 2012-13, 33,682 patients aged over 55 years were admitted in hospitals for knee arthroscopy.
Furthermore, according to the United Nations Department of Economic and Social Affairs (U.N. DESA), in 2015, 1 in 8 people were aged over 60 years, which is expected to increase to 1 in 6 people by 2030. It is expected that this high increase in aging population will support the growth in number of arthroscopic procedures worldwide.
The technological advancements in arthroscopic devices such as high definition camera, LCD touch panel interface, deflectable tip and flexible endo-eye video scopes are also the factors supporting to increase the adoption of arthroscopy devices in healthcare facilities around the globe.