by The global Endoprosthesis Market is estimated to be valued at US$ 21.50 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Endoprosthesis refers to an artificial device that is implanted to replace a damaged or diseased joint in the body. These devices are primarily used for joint replacement surgeries, such as hip or knee replacements. They offer advantages such as pain relief, improved mobility, and the restoration of joint function. The increasing prevalence of joint disorders, such as osteoarthritis and rheumatoid arthritis, is driving the demand for endoprostheses worldwide. Additionally, the growing geriatric population and the rise in the number of orthopedic procedures are further fueling market growth.
Market Key Trends:
One key trend in the Endoprosthesis Market is the adoption of minimally invasive surgical procedures for joint replacement surgeries. Minimally invasive surgeries offer benefits such as smaller incisions, reduced post-operative pain, shorter hospital stays, and faster recovery times. These advantages have led to an increased demand for minimally invasive procedures, thereby driving the market growth. Moreover, technological advancements in the development of endoprostheses, such as the use of 3D printing and bioactive materials, are also contributing to the market expansion.
Porter’s Analysis
Threat of new entrants: The endoprosthesis market has a moderate threat of new entrants due to the high level of investments required for research and development, manufacturing capabilities, and regulatory approvals. Additionally, existing key players hold strong brand recognition and have established distribution networks, making it challenging for new entrants to compete effectively.
Bargaining power of buyers: The bargaining power of buyers in the endoprosthesis market is moderate. Although buyers have access to information and can compare products and prices, the highly specialized nature of endoprosthesis products limits their bargaining power. Moreover, the importance of quality and safety in implantable medical devices reduces the likelihood of buyers switching to cheaper alternatives.
Bargaining power of suppliers: The bargaining power of suppliers in the endoprosthesis market is relatively low. Key players in the market have established long-term relationships with suppliers and have the advantage of bulk purchasing, which allows them to negotiate favorable prices and terms. Additionally, the market has multiple suppliers offering similar raw materials and components, reducing the supplier’s bargaining power.
Threat of new substitutes: The threat of new substitutes in the endoprosthesis market is low. The market is driven by the growing aging population, increasing prevalence of chronic diseases, and advancements in medical technology. Substitutes for endoprosthesis, such as conservative treatment options or alternative surgical procedures, have limited effectiveness in addressing complex medical conditions. As a result, the demand for endoprosthesis remains high.
Competitive rivalry: The competitive rivalry in the endoprosthesis market is intense. Key players, including Medtronic, Boston Scientific, Abbott Laboratories, and Johnson & Johnson, are engaged in continuous product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge. Price competition and brand differentiation are also prominent factors driving the competitive landscape.
Key Takeaways
The global endoprosthesis market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period (2023-2030). This growth can be attributed to the increasing prevalence of musculoskeletal disorders, such as osteoarthritis and osteoporosis, coupled with the rising geriatric population. Furthermore, advancements in minimally invasive surgeries and the development of innovative endoprosthesis materials are expected to drive market growth.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the endoprosthesis market. The region has a well-established healthcare infrastructure, favorable reimbursement policies, and a high prevalence of musculoskeletal disorders. Additionally, the presence of key market players and ongoing technological advancements contribute to the region’s market dominance.
Key players operating in the endoprosthesis market include Medtronic, Boston Scientific, Abbott Laboratories, Edwards Lifesciences, Johnson & Johnson, Stryker, Zimmer Biomet, Smith & Nephew, BD, and Teleflex. These companies dominate the market through strategic partnerships, product launches, and mergers and acquisitions. Their strong brand recognition, wide product portfolios, and extensive distribution networks allow them to maintain a competitive position in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
