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IN THE NEWS
The global keyhole orthopedic surgery market is estimated to garner a robust revenue by the end of 2031 by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Further, the market generated remarkable revenue in the year 2021. The growth of the market is primarily attributed to the higher demand for joint treatment across the globe. As of 2020, approximately 1.5 million knee replacements were observed across the globe.
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Furthermore, the global keyhole orthopedic surgery market is also projected to grow on the back of an escalating number of people receiving knee surgeries. keyhole orthopedic surgery, also known as arthroscopic, is a surgical method that allows a surgeon to reach inside the pelvis. Abdomen, and joints without making any large incisions on the upper layer of skin. A surgeon requires a tube-guided camera or arthroscope connected to a monitor via fiber-optic to perform keyhole orthopedic surgery. The rising inclination of keyhole orthopedic surgery is interlinked with the significant risk rate of open surgery. For instance, the failure rate of open surgery is projected to be approximately 15% to 35%.
National Library of Medicine (NLM) showed that almost 1,330,477 hospital discharges were noticed in 2020, out of which, 99,33 of them were associated with orthopedic surgery.
The total value of the orthopedic device sector was valued at approximately USD 40 billion in 2022.
As of 2020, around 1.5 million knee replacement was performed worldwide.
As per the data provided by the World Bank, the global geriatric population is stated to be 723,484,054.
Based on the report published National Library of Medicine (NLM), the healthcare expenditure per capita was stated to be USD 1,121.97 in 2019.
Challenges
The global keyhole orthopaedic surgery market is segmented and analyzed for demand and supply by surgery type into inflamed synovial tissue, patella misalignment, torn meniscus, and others, out of which, the torn meniscus segment is anticipated to hold the notable share in the global keyhole orthopaedic surgery market during the forecast period on account of its higher success rate. Torn meniscus surgery is very common that is performed to repair or remove pieces of cartilage in the knees. For instance, the success rate of torn meniscus surgery is projected to be about 85% to 95%.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global keyhole orthopedic surgery market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2031. The market in the North America region is estimated to witness remarkable growth over the forecast period on the back of a higher prevalence of minimally invasive medical procedures. Furthermore, the presence of major key players and increasing advancement in the associated technology are also expected to drive the growth of the market in the region over the forecast period. An up-surged manufacturing process of novel tools and other assistive equipment can also be observed in North America. Additionally, the rising number of knee replacement surgery in North America is also estimated to foster the market growth in the region over the forecast period. For instance, knee replacement surgery in the United States is estimated to be performed approximately 0.8 million times every year. All these factors are anticipated to drive the market growth in the region over the forecast period.
The global keyhole orthopedic surgery market is further classified on the basis of region as follows:
Our in-depth analysis of the global keyhole orthopedic surgery market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increment in the orthopedic device sector and increasing knee replacement across the globe are estimated to majorly boost the market growth.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.
Expensive keyhole orthopedic surgical procedures and higher requirements for costly surgical accessories and equipment are estimated to challenge the market growth.
The market in the North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Wright Medical Group N.V., Stryker Corporation, NuVasive, Inc., Surgical Holdings, Globus Medical, Inc., Geister Medizintechnik GmbH, Integra LifeSciences Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by surgery type, application, and by region.
The torn meniscus segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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