April 24, 2024
Elbow Replacement

Global Elbow Replacement Market is Estimated to Witness High Growth Owing to Technological Advancements

Market Overview
Elbow replacement, also known as elbow arthroplasty, is a surgical procedure used to replace damaged or diseased elbow joint with an artificial implant. The elbow joint consists of three bones – ulna, radius and humerus. The replacement implants are manufactured using high grade metals, ceramics or plastics. Elbow replacement helps restore range of motion and relieve pain caused by osteoarthritis, trauma, or rheumatoid arthritis. It allows patients to carry our daily tasks more easily.

 The Global Elbow Replacement Market is estimated to be valued at US$ 144.2 MN in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in The Global Elbow Replacement Market are Wright Medical Group N.V., Integra LifeSciences Corporation, Zimmer Biomet, Johnson & Johnson Service, Inc., Corin Group, Stryker, Smith+Nephew, DJO, LLC, Arthrex, Inc., Limacorporate S.p.A., Acumed LLC, CONMED Corporation, implantcast GmbH, BioMedtrix, LLC, Meril Life Sciences Pvt. Ltd., and RCH ORTHOPAEDICS. Key opportunities in the market include growing geriatric population suffering from arthritis and untapped potential in developing economies. Technological advancements like 3D printed implants, use of advanced biomaterials for implants and robot-assisted surgeries are gaining popularity in elbow replacement procedures.

Market Drivers
The key driver for the market growth is increasing prevalence of arthritis among the elderly population globally. It is estimated that over 300 million people worldwide suffer from osteoarthritis due to aging and joint strain over the years. Elbow replacement surgeries help people with elbow joint disorders regain mobility and reduce pain. Growing popularity of minimally invasive elbow replacement procedures is also boosting the market as it allows for shorter hospital stays and quicker recovery time.
Current challenges in Global Elbow Replacement Market
The Global Elbow Replacement Market is facing various challenges that are restraining its growth. Factors like high procedure costs, longer duration of rehabilitation period post surgery, and dearth of skilled orthopedic surgeons are some of the major challenges. Also, lack of awareness about elbow replacement procedures in some developing regions is limiting the market expansion. Additionally, risks of complications and infections associated with implants are deterring patients from opting for elbow replacement surgeries.

SWOT Analysis
Strength: Advanced implants with ability to mimic natural joint movement and longevity. Weakness: High costs of procedures and implants. Opportunity: Increasing orthopedic disorders and trauma cases worldwide. Threats: Risks of complications, infections and implant failures.

Geographical regions with concentration in terms of value
North America dominates the elbow replacement market in terms of value, owing to rising prevalence of arthritis, favorable reimbursement policies, and availability of advanced healthcare infrastructure in the US and Canada. Europe holds the second largest market share due to growing aging population and increasing healthcare expenditures.

Fastest growing region
Asia Pacific exhibits the fastest growth in the global elbow replacement market attributed to expanding medical tourism industry, improving access to healthcare facilities, and rising incomes. Also, growing incidences of post-traumatic osteoarthritis and rheumatoid arthritis are propelling the demand for elbow replacement procedures in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it