The new report by Expert Market Research titled, ‘Global Shoulder Replacement Market Report and Forecast 2023-2028’, gives in-depth analysis of the global shoulder replacement market, assessing the market based on its segments like procedure, end-use, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028):
- Forecast CAGR (2023-2028): 7.5%
- Forecast Market Size (2028): USD 3.47 billion
Because of the many benefits that these procedures provide, the global shoulder replacement market has expanded over time. Restoration of function, mobility, and motion, as well as pain relief, are all advantages of these procedures. The increased popularity of this procedure, which helps patients heal faster, is expected to have an effect on the global shoulder replacement market. The global shoulder replacement market is expected to see significant growth as the incidence of arthritis-related disorders such as rheumatoid arthritis and osteoarthritis rises.
Industry Definition and Major Segments
The surgical operation in which a prosthetic implant replaces all or part of the glenohumeral joint is known as shoulder replacement. This procedure is normally performed to relieve arthritis pain or to repair severe physical joint injury.
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On the basis of the procedure, the shoulder replacement market can be divided into:
- Resurfacing Hemiarthroplasty
- Reverse Total Shoulder Replacement
- Stemmed Hemiarthroplasty
- Total Shoulder Replacement
The shoulder replacement market is segmented on the basis of end use into:
- Hospitals
- Orthopaedic Centres
- Others
Based on region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The rising prevalence of arthritis is the leading cause of disability among adults. According to the Centers for Disease Control and Prevention, the incidence of doctor-diagnosed arthritis is expected to rise in the coming years as the US population ages. By 2040, it is projected that 78.4 million people aged 18 and up would have been diagnosed with arthritis, up from 54.4 million adults in 2013-2015. Women make up two-thirds of those who suffer from arthritis. As a result, the number of arthritis patients is that around the world, and as the patient pool grows, so does the demand for shoulder replacements. As a result, the increasing number of people with arthritis is likely to drive up demand for shoulder replacements. The medical device industry in North America is one of the world’s biggest, with much of the device production done in-house in countries like the United States. With the involvement of major foreign medical device companies, the United States and Canada are becoming the medical device industry’s most important hotspots. Furthermore, the growth of the healthcare system in the United States and Canada is driving the market studied, as there are some advantageous reimbursement programmes that enable patients to receive treatment at a low cost. As a result of these factors, North America currently dominates the industry and is expected to continue to do so in the future.
Key Market Player
The major players in the market are Arthrex Inc., Depuy Synthes (Johnson & Johnson), DJO Global, Inc., Integra LifeSciences Corporation [NASDAQ: IART], Smith & Nephew, Stryker Corporation, Wright Medical Group N.V., Zimmer Holdings Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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