New York, US, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Endoprosthesis Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Endoprosthesis Market Information by Product, and Region - Forecast till 2027”, the market is projected to reach USD 45,134.19 Million by 2027 registering a CAGR of 11.58%
Market Scope:
The market scope of the report reveals that the endoprosthesis market growth would be relentless throughout the review period, largely due to the surging cases of osteoarthritis among elderly patients, technological advances in endoprosthesis devices and the rising awareness among people about the latest treatment options.
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Competitive Landscape:
The industry leaders named in the MRFR report include
- Johnson & Johnson Services Inc. (US)
- Zimmer Biomet Holdings Inc. (US)
- Stryker (US)
- Smith & Nephew (UK)
- Corin Ltd (UK)
- Medacta International SA (Switzerland)
- Exactech Inc. (US)
- MicroPort Orthopedics Inc. (US)
- Baumer S.A. (Switzerland)
- B. Braun Melsungen AG (Germany)
Companies expand substantially on exhaustive R&D activities to design advanced treatment solutions and devices with crucial applications to enhance their share in the global industry. A few other strategies they employ include FDA approvals, joint ventures, acquisitions, expansions, collaborations, to mention a few. For instance, in March 2021, Gore & Associates Inc. has successfully commercialized the use of its USFDA-approved conformable Excluder abdominal aortic aneurysm endoprosthesis featuring an Active Control system. The company claims that the device has a conformable stent graft, along with optional angulation control, as well as enhanced device positioning. The endoprosthesis’s angulation control allows the interventionalists to help attain orthogonal placement with respect to the aortic blood flow lumen for optimum conformability.
Major Growth Inducers
Burgeoning elderly populace and the surge in orthopedic disorders worldwide works in favor of the endoprosthesis industry. Ageing individuals are generally prone to accidents like slips and falls that could result in fractures and other severe injuries, while also being at a higher risk of developing osteoarthritis, which fosters the demand for endoprosthesis. Technical innovations coupled with the high success rate of this treatment form further enhances the market size. Availability of favorable medical insurance schemes, surge in R&D expenditure for designing cutting-edge products and devices and the increase in sports-related injuries as well as road accidents should also boost the business growth in subsequent years.
Emergence of technically sophisticated devices such as robotic surgical tools, and the escalating acceptance of these devices also add to the market value. Introduction of new tools like bioresorbable implants and internal fixation devices will present attractive opportunities to the leading manufacturers in the years to come.
With the growing prevalence of unhealthy lifestyle-related habits including lack of physical activity and early burnout, there has been a sharp rise in bone degeneration among people. This is resulting in a higher need for endoprosthesis.
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Market Restraints:
Substandard and poor-quality medical facilities, particularly in underdeveloped economies coupled with unsupportive governments can pose a major threat to the global industry in the next few years.
COVID 19 Analysis
The COVID-19 outbreak is working against the endoprosthesis industry, given that the healthcare industry is under immense pressure to curb the pandemic. This has left patients affected by osteoarthritis in a lurch, with lesser availability of medical staff and appropriate medical services. Also, due to the social distancing practise, numerous hospitals are able to focus only on non-elective procedures and surgeries, thereby resorting to providing video conferencing and remote monitoring services to patients afflicted with disabilities or injuries. This has been significantly unfavorable for the global market.
Market Segmentation
The endoprosthesis industry can be considered for products, further divided into knee, hip, shoulder, elbow, finger/hand, and ankle/foot products.
The knee, hip, and shoulder segment caters to partial replacement, primary replacement, revision replacement, tumor, and custom-made replacements.
The elbow-based segments are radial head replacement, total elbow replacement, custom-made replacements, and tumor.
Depending on finger/hand, the segments include PIP, MCP finger prosthesis, and total wrist.
The ankle/foot category can be split into great toe implant segments as well as total ankle.
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Regional Insights
North America, with the biggest portion of 29.57% in the global market, is well in the lead. On top of that, the North American market can procure a CAGR of 11.26% over the ensuing period, thanks to the alarming rise in knee & hip osteoarthritis cases, especially among the expanding elderly patients. Well-established manufacturers in the region find lucrative opportunities in the form of surging lifestyle diseases, high disposable incomes of people and their willingness to sought treatment.
South America’s share in the global market is around 14.6% and it is quite likely that the region would attain a growth rate of 10.38% in the next few years. Inexpensive medical treatments, soaring cases of musculoskeletal diseases, and the blossoming geriatric patient base strengthen the market position in the region.
Asia Pacific will record the highest growth rate of 12.78% between 2021 and 2027, with significant contribution from India, China, and Japan. The enormous pool of aging patient base in Japan and China affected by bone disintegration as well as arthritis coupled with the rapidly improving medical infrastructure are responsible for the region’s strong position in the global market.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
