The US Market For Arthroscopy Devices Will Expand Quickly To Surpass $1 Billion By 2021
Increasing Preference for Minimally Invasive Treatments and the Growing Use of Biologics during Arthroscopy will Support Procedure Volumes, According to Millennium Research Group
TORONTO, Aug. 8, 2013 /PRNewswire/ — According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, demand for arthroscopy procedures will grow steadily in the United States through 2021, supported by the aging population and increasing obesity rates.
Members of the elderly or obese populations are particularly prone to degenerative conditions such as osteoarthritis, and more arthroscopic procedures will therefore be required to meet the needs of these patients. Compounding this trend, an increasing number of elderly individuals wish to maintain an active lifestyle, making them more likely to seek out treatments for osteoarthritis and other degenerative conditions.
Although joint arthroplasty was a popular treatment for degenerated joints in the past, many patients now wish to avoid this procedure because it can be invasive and painful, and they will instead choose arthroscopic options, which are less invasive. Minimally invasive surgery results in faster recovery times, a lower risk of complications, reduced patient pain and lower costs for facilities because these procedures can often be performed on an outpatient basis. In addition, as more surgeons become comfortable performing arthroscopic procedures, outcomes of procedures will improve and further encourage adoption.
“This market will also be supported by the increasing use of biologics in arthroscopic procedures,” said MRG Senior Analyst Lexie Code. “Biologics are used to promote healing and facilitate bone growth, which ultimately improves the success of many procedures. Clinical studies are currently examining the effectiveness of biologics, and if results are positive, the studies will support not only sales of these devices, but arthroscopy procedure volumes as well.”
Procedural growth will be somewhat restricted by more stringent clinical guidelines. The American Academy of Orthopaedic Surgeons (AAOS) recently issued clinical practice guidelines, which will influence the decisions of insurance providers to reimburse certain procedures; procedures that are shown to lack sufficient clinical support, such as hip arthroscopy, may be denied reimbursement more frequently than was the case before the publication of the guidelines, limiting overall procedure volumes to some extent.
Millennium Research Group’s US Markets for Arthroscopy Devices 2013 report includes unit, procedure, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for powered shaver disposables, radiofrequency probes, fluid management disposables, arthroscopes and hand instruments in the United States.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack(TM) projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group