Global Arthroscopy Devices Market Size (2024 - 2029)

Arthroscopy Devices Market Analysis

The Global Arthroscopy Devices Market size is estimated at USD 1.65 billion in 2024, and is expected to reach USD 2.18 billion by 2029, growing at a CAGR of 5.69% during the forecast period (2024-2029).

The COVID-19 pandemic was an unprecedented public health concern and has negatively impacted the studied market. Preserving essential health care resources was prioritized in the wake of COVID-19, starting from mid-March 2020, wherein the surgeons were instructed to perform only the essential surgical operations. For instance, In April 2020, as per the Journal of Arthroplasty, an estimated 30,000 primary and 3,000 revision knee replacement surgeries were canceled every week in the early 2020. These numbers showcase the profound impact of COVID-19 on joint disorders surgeries. However, intensive efforts were being undertaken by several healthcare authorities, hospitals, and surgeons to restore the flow of arthroplasty procedures to pre-pandemic levels. ERAS programs (Enhanced Recovery after Surgery) were developed during a pandemic to shorten hospital stay, morbidity, and surgical complications. Furthermore, with the restored regular operating volume of surgeries, there were significant patient inflow due to postponing and cancelation of surgeries earlier. Hence, such changes in surgical practices has assisted in restoring the surgical volume post-COVID-19 pandemic.

Certain factors that are driving the market growth include increasing incidences of sports injuries, the rising geriatric population, and technological advancements in arthroscopic implants. Fractures, strains, sprains, and dislocations are the most common sports injuries. The usual self-treatment recommended for these injuries includes rest, ice, compression, and elevation (RICE). For serious injuries that need more attention, an arthroscopy could be recommended, depending on the situation. Injuries can occur in various places and can be of various types. Some of the common injuries include shoulder, hip, knee, elbow, wrist, or ankle injuries; cartilage tears or ligament injuries; inflammation of the lining of the joints; removal of loose fragments of bone or cartilage that become lodged in a joint; and osteoarthritis caused by cartilage loss in a joint. Some of these may require arthroscopic surgery, as it is helpful in their diagnosis and treatment.

In September 2020, According to the United States Centers for Disease Control (CDC), participation in organized sports is increasing. Each year, approximately 30 million children and adolescents participate in youth sports in the United States. Out of them, athletes from high schools account for an estimated 2 million injuries, 0.5 million doctor visits, and 30,000 hospitalizations, every year. Moreover, more than 3.5 million kids under the age of 14 years receive medical treatment for sports injuries, every year. Children between the age of 5-14 years account for nearly 40% of all sports injuries treated in hospitals. In the United States, injuries associated with participation in sports and recreational activities accounted for 25% of all traumatic brain injuries among children, in 2020. The above-mentioned statistics exhibit an increased number of injuries that require arthroscopy procedures, which is expected to have a positive impact on the market studied.

However, the average standard cost of an outpatient treatment using arthroscopic surgery for complicated tears can cost about USD 7,400-9,000, or even more, depending on the age of the patient, the severity and exact location of the injury, the related injuries, and on the hospital where the procedure is performed. The Agency for Healthcare Research and Quality sponsors a series of medical databases. One such database, namely, Healthcare Cost and Utilization, shows that an outpatient arthroscopic surgery typically costs USD 8,970. For insured patients, out-of-pocket costs typically consist of a specialist co-pay, i.e., mostly a hospital copay of USD 100 or more, and coinsurance of 10%-50% for the procedure, which could reach the yearly out-of-pocket maximum. In April 2020, According to the Kaiser Family Foundation, the average hospital copay is USD 132 for outpatient surgery, and USD 232 for inpatient surgery, and the average coinsurance rate is 17-18%. This shows that the average cost of arthroscopic procedures is very high, which could lead to people not opting for the procedure. Hence, high cost proves to be a potential restraint for the market.

Arthroscopy Devices Industry Segmentation

As per the scope of the report, arthroscopy devices are used to examine the bone joints for specific conditions, such as osteoarthritis, rheumatoid arthritis, tendinitis, and bone tumor. The increase in the prevalence of musculoskeletal disorders, due to the rapidly aging population, is the prime factor driving the demand for arthroscopy procedures. The arthroscopy devices market is expected to register a CAGR of 6% over the forecast period (2022-2027). The Arthroscopy Devices Market is Segmented by Application (Knee Arthroscopy, Hip Arthroscopy, Spine Arthroscopy, Shoulder and Elbow Arthroscopy, and Other Arthroscopy Applications), Product ( Arthroscope, Arthroscopic Implant, Fluid Management System, Radiofrequency (RF) System, Visualization System, Other Products), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.