Number of pages: 100 | Report Format: PDF | Published date: April 21, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global arthroscopic shavers market was valued at US$ 1.88 billion in 2022 and is expected to register a revenue CAGR of 5.3% to reach US$ 3.0 billion by 2031.
Arthroscopic Shavers Market Fundamentals
Arthroscopic shavers are medical devices used in arthroscopic procedures to remove damaged tissue or bone in joints. Arthroscopic shavers are used in various orthopedic surgeries, including knee, shoulder, and hip procedures. The market for arthroscopic shavers is driven by the increasing prevalence of joint disorders such as osteoarthritis and rheumatoid arthritis and the growing demand for minimally invasive surgeries. The rising geriatric population and advancements in arthroscopic technologies are also contributing to the growth of this market revenue. One of the current trends in the arthroscopic shavers market revenue is the development of innovative technologies that improve the precision and safety of arthroscopic shavers. For example, some shavers now come with integrated suction systems to remove debris and reduce the risk of injury to surrounding tissues.
Additionally, some shavers can now be controlled with greater precision using robotics, which could reduce the risk of complications during surgery. Another trend in the market is the increasing use of arthroscopic shavers in emerging markets such as Asia and South America. As these regions continue to develop their healthcare infrastructure and increase access to minimally invasive surgeries, demand for arthroscopic shavers is expected to grow. Some key players operating in the arthroscopic shavers market include Arthrex, Inc., Stryker Corporation, Smith & Nephew plc, CONMED Corporation, DePuy Synthes Companies, Zimmer Biomet Holdings, Inc., and Medtronic plc. These companies are constantly investing in research and development activities to introduce new and innovative arthroscopic shavers.
Arthroscopic Shavers Market Dynamics
The increasing prevalence of orthopedic disorders, such as osteoarthritis, rheumatoid arthritis, and other degenerative joint diseases, drives the demand for arthroscopic shavers. As these conditions require surgical intervention to alleviate symptoms, arthroscopic shavers are essential for minimally invasive procedures. The aging population is at an increased risk of developing joint disorders requiring surgical intervention. Joint-associated disorders account for an estimated 50.0% of chronic diseases in the geriatric population. The growing geriatric population is thus driving the demand for arthroscopic shavers. The arthroscopic shavers market is constantly evolving, with manufacturers introducing new and innovative products to cater to the needs of surgeons and patients. Advancements in technology, such as the development of high-definition cameras and specialized blades, are also contributing to the growth of this market revenue. There is a growing preference for minimally invasive surgeries, which offer faster recovery times, fewer complications, and shorter hospital stays. Arthroscopic shavers are essential for such procedures and thus witness increased demand. Rising healthcare expenditure and increased healthcare facilities drive the global demand for the arthroscopic shavers market. The increased availability of healthcare facilities and favorable reimbursement policies are expected to drive the revenue growth of the global arthroscopic shavers market during the forecast period.
However, the high cost of arthroscopic shavers makes them less accessible to patients and healthcare providers. Additionally, the need for specialized training and expertise to use arthroscopic shavers safely and effectively could limit their adoption in certain settings. Regulatory hurdles and safety concerns could also be restraints in the global arthroscopic shavers market. Strict regulations and safety requirements could limit the entry of new players into the market, making it difficult for smaller companies to compete. Safety concerns could also discourage some healthcare providers from using arthroscopic shavers, particularly if there are reports of complications or adverse events associated with their use. All these factors thus lead to slowing down the revenue growth of the global arthroscopic shavers market.
Arthroscopic Shavers Market Ecosystem
The global arthroscopic shavers market is analyzed from four perspectives: type, application, end-user, and region.
Arthroscopic Shavers Market by Type
Based on type, the global arthroscopic shavers market is segmented into plastic, polycarbonate, stainless steel, and others.
The stainless-steel segment accounts for the largest revenue share in the global arthroscopic shavers market. The blade material is more critical than the shaver's body material. The blade material must be strong, durable, and sharp enough to cut through tissue or bone without causing any damage to the surrounding tissues. Thus, this is the most preferred one.
Arthroscopic Shavers Market by Application
Based on application, the global arthroscopic shavers market is segmented into hips, spine, and knee arthroscopy, among others.
Knee arthroscopy is expected to record a high revenue CAGR in the global arthroscopic shavers market during the forecast period. This can be attributed to various benefits of the device. During the forecast period, there will likely be an increase in the demand for knee arthroscopy. This rise in revenue share is due to the increased incidence of knee-related conditions, including meniscus tears, cartilage tears, and many others. Age, osteoarthritis, sports-related injuries, and other factors are just a few causes of knee-related illnesses. For example, according to CDC 2021, osteoarthritis was estimated to affect approximately 1 in 4 US adults (23.7%), or 58.5 million people, in 2020. Also, In February 2021, According to World Health Organization, approximately 28% of people older than 50 suffered from knee pain due to degenerative knee disease. Osteoarthritis emerges due to the progressive degeneration of the protective cartilage that cushions the ends of bones. Even though osteoarthritis can harm any joint, it most frequently impacts the hands, feet, and fingers. According to the Centers for Disease Control and Prevention's most recent National Health Statistics Report, over 1,8572,000 knee arthroscopies were carried out in 2021. Many of these procedures were performed to treat pain attributed to knee osteoarthritis. As a result, the global arthroscopic shavers market revenue is driven by the rising incidence of knee osteoarthritis.
Arthroscopic Shavers Market by End User
Based on the end user, the arthroscopic shavers market is segmented into hospitals, ambulatory surgical centers, and orthopedic clinics.
The hospital segment accounts for the largest global arthroscopic shavers market revenue share. This sizable revenue share is due to the skilled professionals performing many orthopedic surgeries in hospital settings. Arthroscopic surgery is a minimally invasive procedure that allows surgeons to diagnose and treat joint problems using a small camera and surgical instruments. Such procedures require a sterilized environment which is possible in hospitals with proper post-op care. Although arthroscopic surgery is often performed in a hospital setting, it can also be performed in an outpatient clinic or surgery center. Thus, orthopedic clinics and ambulatory surgical centers account for a low market revenue share, but both segments are expected to grow significantly during the forecast period.
Arthroscopic Shavers Market by Region
Based on region, the global arthroscopic shavers market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest global arthroscopic shavers market revenue share. In North America, the number of arthroscopies performed has dramatically increased during the last 20 years, in which knee and hip arthroscopy were largely suggested. The rising prevalence of chronic illnesses and orthopedic conditions in the area, particularly among its aging population, is causing a surge in arthroscopy procedures. For instance, according to a February 2021 article from the Centers for Disease Control and Prevention, three out of four Americans 65 and older and more than one in two Americans over the age of 18 are affected by musculoskeletal illnesses. Centers for Disease Control and Prevention (CDC) estimates that around thirty million children and teenagers in the US participate in organized sports each year, resulting in more than 3.5 million injuries. These wounds could be orthopedic or brain related. The injury needs to be surgically repaired. When cutting bone or cartilage during surgery, arthroscopic shears are employed.
As a result, there will be a rise in the market revenue for arthroscopic shavers due to the rising frequency of sports-related injuries in the United States and the growing elderly population. According to the Government of Canada 2021, by 2030, the number of seniors in Canada is estimated to reach over 9.5 million, or 23% of the population. Additionally, according to the same source, by 2036, the average life expectancy at birth for women will increase from 84.2 years to 86.2 years, and for men, it will increase from the current 80 years to 82.9 years. Orthopedic diseases are more common in elderly persons. A rise in demand for arthroscopic shavers is observed in the market during the forecast period in the area as the number of elderly individuals increases.
The Asia Pacific region is expected to record a high revenue CAGR during the forecast period. This is due to the increasing prevalence of orthopedic disorders and the rising demand for minimally invasive surgeries. The increasing adoption of arthroscopic surgeries drives the market revenue growth, the growing geriatric population, and the rising awareness about the benefits of minimally invasive procedures. Moreover, technological advancements in arthroscopic shavers, such as developing single-use disposable shavers, are also expected to contribute to market revenue growth. However, regulatory challenges and a lack of skilled healthcare professionals may challenge some countries' market revenue growth.
Arthroscopic Shavers Market Competitive Landscape
The prominent players operating in the global arthroscopic shavers market are,
Arthroscopic Shavers Market Strategic Developments
The expected size of the global arthroscopic shavers market in 2031 is US$ 1.88 Billion.
The expected revenue CAGR for the arthroscopic shavers market is 5.3% during the forecast period.
Stryker Corporation, Smith & Nephew plc, Zimmer Biomet Group, Johnson & Johnson, and Arthrex are key players operating in the arthroscopic shavers market.
The Asia Pacific region is expected to register a high revenue CAGR in the global arthroscopic shavers market.
One potential restraint for the global arthroscopic shavers market revenue is the increasing popularity of non-surgical or minimally invasive treatments for joint conditions. As more patients seek less invasive alternatives to surgery, the demand for arthroscopic shavers is also likely to decrease.
*Insights on financial performance are subject to the availability of information in the public domain