North America Arthroscopy Devices Market Size

North America Arthroscopy Devices Market Analysis

The North America Arthroscopy Devices Market size is estimated at USD 732.21 million in 2024, and is expected to reach USD 850.08 million by 2029, growing at a CAGR of 3.03% during the forecast period (2024-2029).

The COVID-19 pandemic had a significant impact on the arthroscopy devices market. Diagnostic and treatment procedures were postponed at the beginning of the pandemic as hospitals and surgeons were advised to postpone or cancel elective courses. According to an article published by Springer Nature in November 2022, the COVID-19 pandemic strained the United States healthcare system, and associated policies resulted in the postponement or cancellation of many elective surgeries. While most orthopedic surgeons were aware of how the pandemic affected their patients' care, broader national trends in the operative treatment of orthopedic knee pathology were poorly characterized. The greatest decrease in knee procedures occurred early in the pandemic. This further impacted the growth of the arthroscopy device market during the pandemic. However, the sector has been recovering well since restrictions were lifted. An increase in orthopedic surgeries and a rise in marketing strategies to sell arthroscopy devices have led to the market's recovery over the last two years.

The other major factors driving the growth of the market include increasing incidences of sports injuries, a rising geriatric population, and technological advancements in arthroscopic implants. For instance, according to a National Safety Council update for 2021, the number of injuries in the United States in 2021 was 409,224; the age group with the highest injury rate is 15- to 24-year-olds; nearly twice as many males as females were injured (4,148,404 males vs. 2,158,887 females); and 91% of injury victims were treated in emergency departments and released.

Additionally, various initiatives taken by key market players, such as product launches, mergers, acquisitions, and partnerships, are expected to boost the market's growth during the forecast period. For instance, in January 2021, Smith+Nephew acquired Extremity Orthopedics for a deal amount of USD 240 million and expanded and strengthened its portfolio. Extremity Orthopedics is a company operating in the medical technology and arthroscopy devices and equipment market-based in the United States.

While the above-mentioned factors are expected to drive the market's growth across North America, the lack of skilled surgeons, stringent regulatory requirements, and the high cost of arthroscopy devices are expected to hamper its growth during the forecast period.