Wilmington, Delaware, United States, July 25, 2023 (GLOBE NEWSWIRE) -- The global shoulder replacement market stood at US$ 2.24 billion in 2021 and the global market is projected to reach US$ 4.1 billion in 2031. Global shoulder replacement market is anticipated to expand at a CAGR of 6.9% between 2022 and 2031.
Manufacturers who invest in developing advanced and customized prosthetics will likely continue to appeal to end-users and generate significant sales opportunities. Governments too are playing a major role in assisting surgeons in expanding their skill sets, thereby increasing the number of expert surgeons.
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Growing trust among consumers about advanced surgeries, such as reverse shoulder replacement surgery, has encouraged manufacturers to invest in research and development activities aimed at improving patient outcomes and lowering failure rates, while investment in emerging markets could yield long-term benefits.
Key Takeaways of Market Report
- Global shoulder replacement market to generate absolute dollar opportunity worth US$ 4.1 billion until 2031.
- The global shoulder replacement market is currently valued at US$ 2.24 billion in 2021.
- The global shoulder replacement market stood at US$ 3.32 million in 2022.
- Market value of the global shoulder replacement market management from 2018 to 2022 is 5.36%
- North America is expected to accumulate a market share of 63%
- The Asia Pacific is estimated to procure a revenue share of 42.7%.
Global Shoulder Replacement Market: Growth Drivers
- Global geriatric population is rising at an unprecedented rate. Rise in prevalence of symptomatic shoulder arthritis and proximal humerus rupture among the population is propelling the global shoulder replacement market. Rise in prevalence of arthritis is the primary cause of disability among adults.
- The National Institute for Health and Care Research (NIHR) conducted an analysis in 2021 based on nine studies, including 6 articles about patient-reported outcomes and 529 total and 364 partial shoulder replacements (of 530 shoulder replacements). It included a national joint registry for Australia that offered 10-year follow-up on 7,651 total, 7,953 reverse total, and 1,395 partial shoulder replacements. The NIHR analysis indicated that nine in 10 shoulder joint replacements last at least ten years. This is likely to propel the global shoulder replacement market size in the next few years.
- Rise in the prevalence of shoulder joint disorders and increase in geriatric population are driving the demand for surgical shoulder arthroplasty procedures. Preference for reverse shoulder arthroplasty is increasing among orthopedic surgeons and patients. It is a surgical procedure in which the locations of the ball and socket in the shoulder joint are switched or reversed. The glenoid is replaced by a metal ball and the humeral head is replaced by a plastic socket.
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Global Shoulder Replacement Market: Regional Landscape
- North America dominated the global shoulder replacement market in 2021. The trend is expected to continue during the forecast period. Presence of major international medical device companies has made the U.S. and Canada the largest medical device hotspots. Advances in healthcare system in the two counties are driving the shoulder replacement market in North America.
- According to World Bank 2020 data, around 16.9% of the population of the U.S. was 65 or older in 2020, and the figure is expected to rise to 22% by 2050. The number of adults with doctor-diagnosed arthritis in the country is expected to rise by 49% to reach 78.4 million (25.9% of all adults). According to a report published in March 2020 by Weinstein Legal, nearly 30 million children and adolescents participate in youth sports in the U.S. each year, which is expected to drive the demand for shoulder replacement devices in the country.
- Asia Pacific has witnessed high healthcare spending in the last few years, which would translate into high growth opportunities for global and local medical device players. Rise in disposable income and increase in life expectancy have transformed Asia Pacific into a hub favorable for several industries, particularly healthcare, attracting more foreign companies to invest in the region.
Global Shoulder Replacement Market: Key Players
- DePuy Synthes, the orthopedics company of Johnson & Johnson, announced the launch of INHANCE Shoulder System, a first-to-market, fully integrated shoulder arthroplasty system. The surgical method used in the system is intuitive and aligned with how surgeons approach patient care. INHANCE Shoulder System is the first shoulder system to provide surgeons the option to switch between stemless and stemmed implants with ease while performing different types of shoulder replacement surgery.
- Geisinger and Medacta, a high-growth, pure-play orthopedics company, announced that it would offer a two-year guarantee for total hip, knee, and shoulder replacement surgeries
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Global Shoulder Replacement Market: Segmentation
- Procedure
- Total Shoulder Replacement
- Reverse Shoulder Replacement
- Partial Shoulder Replacement
- Shoulder Resurfacing
- Revision Shoulder Arthroplasty
- End-user
- Hospitals
- Ambulatory Surgical Centers
- Orthopedic Clinics
- Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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