by Endoprosthesis are orthopedic implants that are placed inside the body to replace missing bones or joints. The key products in the endoprosthesis market include knee replacement implants, hip replacement implants, shoulder replacement implants, elbow & ankle replacement implants. These endoprosthetic devices are made up of biocompatible metals like titanium and its alloys, surgical-grade plastics and ceramics. They help restore mobility and relieve pain in patients suffering from arthritic conditions or joint injuries.
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The growing global geriatric population prone to musculoskeletal disorders acts as a key driver for the endoprosthesis market. As per the United Nations, the number of people aged 60 years or above is expected to more than double by 2050 and reach around 2 billion. Also, sedentary lifestyles and rising obesity rates have increased the incidence of conditions like osteoarthritis thereby augmenting the demand for joint replacement surgeries. Additionally, technological advancements in the field of computer-assisted surgeries, robotics and 3D printing have allowed for customization and improvement of implant designs. This has improved surgical outcomes for patients and boosted the adoption of endoprosthetic devices.
Segment Analysis
The global endoprosthesis market is segmented into lower extremity and upper extremity. The lower extremity segment dominates the market and is expected to witness faster growth over the forecast period due to increasing cases of arthritis and joint replacement surgeries globally. Within the lower extremity segment, knee replacement dominates due to increasing prevalence of osteoarthritis.
PEST Analysis
Political: Regulations regarding use of medical devices vary across countries that impact the market. Recently FDA approved certain knee implants requiring more clinical data.
Economic: Developed markets account for majority share due to advanced healthcare infrastructure and higher affordability. Emerging markets offer robust growth opportunities with improving access and infrastructure.
Social:Growing aging population coupled with obesity has increased incidence of orthopedic conditions boosting demand. Rising health awareness also augments acceptance ofsurgeries.
Technological: Advancements in biomaterial coatings and 3D printingare helping develop personalized and durable implants with less rejection rates.
Key Takeaways
The global Endoprosthesis Market Size is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period 2023 to 2030, due to the increasing incidence of bone conditions and the adoption of surgeries.The market size for 2023 is US$ 21.50 Bn.
The North America region dominates the market owing to the presence of major players and developed healthcare sector in the US and Canada. Asia Pacific is expected to exhibit fastest growth attributed to large patient pool, increasing healthcare spending and rising medical tourism.
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. Major players are focused on developing advanced implant designsusing cutting-edge technologies like 3D printingto gain competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
