Keyhole Orthopedic Surgery Market Trends

Growth Drivers

• Spiking Prevalence of Orthopedic Surgery Procedure to Boost the Market Growth – In the recent period, the prevalence of orthopedic conditions including arthritis, bursitis, osteoporosis, tumors, and pain has considerably gone up owing to the indulgence in unhealthy lifestyles, or encounter with accidents. Thus, the number of orthopedic surgeries is increasing which is generating a demand for keyhole orthopedic surgery in the next few years. A recently published report of 2021 stated that in the United States, almost 7 million orthopedic surgeries take place every year.
• Increment in the Orthopedic Device Sector – As the number of orthopedic diseases is increasing, the count of orthopedic surgeries is also rising which is attributed to bringing a high demand for orthopedic devices such as keyhole orthopedic devices. Hence, with the expansion of the orthopedic device sector, the expansion of keyhole orthopedic surgery is anticipated to expand during the forecast period. The total value of the global orthopedic device sector was approximately USD 40 billion in 2022.
• Increasing Knee Replacement Across the Globe - As of 2020, around 1.5 million knee replacement was performed worldwide.
• Growing Geriatric Population Worldwide with Severe Joint Conditions – The bones of elderly people are weak and thus are more prone to get fractures even with small accidents and diseases such as arthritis. Thus, with the expanding geriatric population, the demand for keyhole orthopedic surgery is also expected to rise and create a positive outlook for market growth. As per the data provided by the World Health Organization (WHO), the share of the population of age 60 or above in the world increased from 1 billion to 1.4 billion in 2022 and is projected to double by 2050 reaching around 2.1 billion.
• Spiking per Capita Healthcare Expenditure – As a result of the growing economies, the spending capacity of people is also escalating. Therefore, people are propelled to opt for keyhole orthopedic surgery for effective surgery and treatment. Based on the report published by the World Bank, the healthcare expenditure per capita of the world rose from USD 987.27 in 2015 to USD 1,115.01 in 2019.

Challenges

• Expensive Keyhole Orthopedic Surgical Procedures – Although the demand for numerous keyhole orthopedic surgeries is increasing day by day, owing to the utilization of technologically developed equipment and medical products, the cost of the procedure of keyhole orthopedic surgical procedure becomes expensive. As a result, the population with low to middle income is pushed farther away from opting for keyhole orthopedic surgery which ultimately lowers the adoption rate and hampers market growth.
• Higher Requirements for Costly Surgical Accessories and Equipment
• Lack of Skilled Medical Professionals