Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Shoulder Replacement Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The global shoulder replacement market is on a trajectory of substantial growth during the forecast period from 2024 to 2031.
Anatomical Shoulder Prosthesis Takes the Lead
In the global shoulder replacement market categorized by implant type, there are two segments: anatomical shoulder prosthesis and reverse shoulder prosthesis. The anatomical shoulder prosthesis segment is expected to exhibit robust growth, with a steady Compound Annual Growth Rate (CAGR) projected throughout the forecast period.
The anatomical shoulder prosthesis segment currently holds a dominant position in the global market, with a substantial market value recorded in 2024. It is estimated to further increase in value by the end of 2031, maintaining a significant market share. This dominance positions the anatomical shoulder prosthesis segment as the leading category in the global shoulder replacement market by implant type.
North America Emerges as a Lucrative Region
In terms of implant type, North America is expected to exhibit significant profitability within the global shoulder replacement market. The anatomical shoulder prosthesis segment is predicted to maintain its dominant position in the North American shoulder replacement market, showing strong growth during the forecast period. This growth presents a substantial opportunity for value increase between 2024 and 2031.
Meanwhile, the reverse shoulder prosthesis segment in the implant type category also demonstrates competitive growth, albeit with a market share by revenue that is approximately half that of the anatomical shoulder prosthesis segment. The anatomical shoulder prosthesis segment is particularly appealing in the North American region, as evidenced by a favorable market attractiveness index.
Driving Factors in the Shoulder Replacement Market
Several factors are contributing to the growth of the global shoulder replacement market, including advancements in technology leading to an increase in surgical procedures, the success of reverse total shoulder arthroplasty for rotator cuff arthropathy, expanding medical infrastructure, and shifting preferences towards higher-quality products.
International collaborations, a rise in medical tourism, a focus on cost-efficiency, utilization of robotics in surgeries, and the exchange of knowledge through alliance formations are also impacting the market positively.
Asia Pacific: An Opportunistic Region
Following North America, Asia Pacific (APAC) is emerging as an opportunistic region for the shoulder prosthesis market by implant type. The anatomical shoulder prosthesis segment is expected to witness robust growth in this region throughout the forecast period.
The APAC region exhibits a favorable environment for medical device manufacturers, and the healthcare spending in this region is on the rise. The increasing life expectancy and disposable income in APAC have turned it into an attractive hub for various industries, particularly healthcare. Additionally, the region's growing medical tourism, government regulations, and cost advantages are making it an attractive global destination for shoulder replacement procedures.
Market Segmentation
- Implant Type
- Anatomical Shoulder Prosthesis
- Reverse Shoulder Prosthesis
End User
- Hospitals
- Ambulatory Surgical Centers
- Orthopedic Clinics
Region
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East and Africa (MEA)
Companies Profiled
- DePuy Synthes
- DJO Surgical
- Integra LifeSciences
- Smith & Nephew
- Stryker Corporation
- Zimmer Biomet
- Arthrex Inc
- Lima Corporate
- Wright Medical Group
- Exactech and Tornier, Inc.
- B. Braun Melsungen AG
For more information about this report visit https://www.researchandmarkets.com/r/bw5qeu
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