The arthroscopic devices market in Asia is estimated to grow and exceed $700 million by 2018, according to a new MicroMarket Monitor report.
Here are five things to know:
1. The market is expected to grow at a compound annual growth rate of 6.5 percent from 2013 to 2018.
2. The increased income levels of the population in Asia have enabled patients to afford expensive treatments where arthroscopic devices are used, because of which the market is growing.
Another reason for the growth of the arthroscopic market is the rising awareness among patients about the benefits of the devices, such as reduced hospitalization and less traumatic surgical experience.
3. Moreover, rise in obese and the aging population as well as the consequent rise in prevalence of musculoskeletal disorders has accelerated the growth of the arthroscopic devices market in this region.
4. The North American arthroscopic device market is also expected to grow rapidly in the near future. It is expected to reach $3.9 billion by 2018, at a compound annual growth rate of 6.9 percent over the next four years. North America is currently the largest market for arthroscopic devices.
5. Several companies have released or are planning to release new arthroscopic devices, further compounding competition in this market. Earlier this year, Rotation Medical announced that it has received 510(k) clearance from the U.S. Food and Drug Administration for its implantable collagen scaffold technology. The new technology is intended for use during arthroscopic and mini-open procedures to treat rotator cuff tears.
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