Arthroscopy is one of the most common out-patient procedures. In recent years, there has been an increasing number of arthroscopies being performed in physician-owned ambulatory surgery centers (ASCs). Previously the U.S. arthroscopic device market was valued at nearly $1.5 billion and is expected to reach $2.1 billion by 2025. What is causing the market to increase by almost $600 million over the forecast period? Find out below.
WHAT ARE ARTHROSCOPIC DEVICES?
Devices covered in this report are used for closed technique treatments of worn or injured joints. The majority of such treatments are performed on knee and shoulder joints, although there is an increasing interest in the surgical community regarding hip and small joint arthroscopy. iData’s full report suite on the U.S. market for arthroscopic devices includes,
- Arthroscopes
- Arthroscopes are visualization instruments that allow for minimally invasive joint surgeries by enabling the surgeon to see into the joint.
- Disposable cannulas
- Disposable cannulas are used in many arthroscopic procedures to aid in keeping the site of incision open and accessible.
- Hand instruments
- Hand instruments are mostly non-disposable, unpowered, metallic instruments that are used as hand tools for surgery.
- Fluid management
- Joint distention is maintained by a fluid management system that can either be gravity or pump controlled.
- Shaver blades
- There are three main types of capital equipment associated with the power shaver market: shaver consoles, hand instruments and footswitches.
- Radiofrequency (RF) probes
- RF probes come in two varieties, monopolar or bipolar, specific for two different functions, ablation or shrinkage.
- Drill guide systems and disposables
- Drill guides are used during the reconstruction of the ACL and PCL.
- Suture passers
- Suture passers are arthroscopic devices that are used to pass sutures through a variety of tissues, such as rotator cuff and labrum.
WHAT MAJOR TREND IS INFLUENCING THE U.S. ARTHROSCOPIC DEVICE MARKET?
One major trend within this U.S. arthroscopic device market is the increase in the number of procedures performed. Additionally, the market is shifting towards hip arthroscopy procedures, which are now in high demand. However, there is one underlying trend that is crucial to this market’s growth. The number of surgeons capable of performing arthroscopy procedures is increasing which consequently increases the number of procedures and devices required. As mentioned before, there is a significant increase in the number of procedures being performed which is allowing the market to grow. Because of this, the increases in procedures and surgeons capable of performing certain procedures is the most influential trend within this market.
WHAT OTHER FACTORS ARE CONTRIBUTING TO THE INCREASE?
In addition to the large number of surgeries encouraging market growth, the radio-frequency probe market is contributing as well. The RF probe segment was the largest segment of the market, accounting for over 25% of the total market value in 2018. The majority of the RF probe market is composed of bipolar radiofrequency probes, which are more technologically advanced than their monopolar counterparts. Bipolar RF probes are expected to continue to dominate the market in coming years. The RF probe market is also segmented by device function instead of by device type. The vast majority of the market consists of ablation probes. Alongside this, the fastest-growing segments were fluid management, disposable cannulas and suture passers. Among these, the suture passers segment will have the highest CAGR. Fluid management and disposable cannulas will see increasing demand over the forecast period as procedure volumes continue to grow.
WHAT FACTORS ARE LIMITING THE U.S. ARTHROSCOPIC DEVICE MARKET?
Several factors are involved in limiting growth within the U.S. arthroscopic device market. Some of which include, capital equipment, reprocessed equipment, and competitive pressures. Most capital equipment is provided free of charge which helps to drive the sale of disposables. However, it requires manufacturers to forego potential revenue on otherwise expensive capital equipment and therefore limits the total market for arthroscopy devices over the forecast period. Similarly, reprocessed equipment is a growing portion of the market with a twofold effect. Reprocessed equipment has an increased operational lifespan with lower average selling prices. Therefore, should a manufacturer of new equipment add a reprocessing division, the amount of revenue gained would likely not be enough to recoup the lost new equipment sales.
WANT TO RECEIVE FURTHER INSIGHTS?
iData’s analysis further breaks down the U.S. arthroscopic device market by unit sales, average selling prices, procedures performed, and more. In addition, the report includes an extensive competitive examination of the top companies and those with products within the market. Want to learn more about this market and the companies benefitting from the market increase? Follow the link below.
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