Procedure volumes will more than double over the next 5 years, according to Millennium Research Group
July 8, 2009—Waltham, Massachusetts—
According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, over 30,000 hip arthroscopy procedures were performed in 2008 — a number set to grow at an average annual growth rate of over 15% over the next five years. This will catapult procedure volumes to more than 70,000 annually by 2013, according to MRG’s new US Markets for Arthroscopy Devices 2009
This notable growth will result from the increasing number of physicians being trained to perform hip arthroscopy, which is used for indications ranging from the diagnosis and treatment of hip pain to the removal of loose bodies in the hip joint. The expanding number of trained surgeons performing hip arthroscopy is driven in part by the establishment of more sports medicine fellowship programs. Performing hip arthroscopy is also very lucrative for surgeons due to favorable reimbursement rates for hip procedures.
“As a result of several factors, more surgeons will be trained to offer hip arthroscopy, increasing patient accessibility to procedures,” says Lexie Code, Manager of MRG’s Endoscopy division. “Companies such as ArthroCare, CONMED Linvatec, Smith & Nephew, and Stryker have also been developing specialized devices for hip arthroscopy, including extended-length arthroscopes, radiofrequency probes, and power shaver blades. Increased use of these higher-priced specialty devices will have a positive effect on market value over the next five years.”
MRG’s US Markets for Arthroscopy Devices 2009
report covers the markets for shoulder suture anchors, knee ligament reconstruction, powered shaver disposables, radiofrequency (RF) probes, fluid management disposables, meniscus repair devices, arthroscopes, rotator cuff reinforcement (RCR) grafts, knee cartilage repair, hand instruments, and reprocessed arthroscopic devices. This report allows clients to gain valuable insight into this rapidly evolving market and understand what new technologies will propel market growth over the next five years.