The Endoprosthesis Market size is expected to register a CAGR of 11.58% during the forecast period 2021-2027, to reach USD 45,134.19 million by 2027.
Endoprosthesis is a surgery that involves using an implant to replace a joint in the body that has lost functionality due to damage or disease, in part or whole. Degenerative joint disease, fractures, and malignancies are all common markers for endoprosthesis use. The growth of the global endoprosthesis is driven by factors such as the increasing prevalence of osteoarthritis among the geriatric population, technological advancements in endoprosthesis devices enabling effective treatment, and increasing awareness among the population. However, adverse effects and high costs associated with endoprosthesis are likely to restrain the market growth.
Johnson Johnson Services, Inc.(US), Zimmer Biomet Holdings Inc.(US), Stryker(US), Smith Nephew(UK), Corin Ltd (UK), MedactaInter national SA (Switzerland), Exactech, Inc.(US), MicroPortOrthopedics, Inc.(US), Baumer S.A. (Switzerland), and B. Braun Melsungen AG (Germany).
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MRFR recognizes the following companies as the key players in the global Endoprosthesis
The global endoprosthesis market is segmented into products, further categorized into the knee, hip, shoulder, elbow, finger/hand, and ankle/foot endoprosthesis products. The knee, hip, and shoulder segments are further segmented into primary replacement, partial replacement, custom-made replacements, revision replacement, and tumor. The elbow segment is categorized into total elbow replacement, radial head replacement, tumor, and custom-made replacements. The finger/hand segment is segmented into the total wrist, PIP, and MCP finger prosthesis. Lastly, the ankle/foot segment is categorized into the total ankle and great toe implant segments.
The global endoprosthesis market, based on region, has been divided into North America, South America, Europe, Asia-Pacific, and the Middle East Africa.
The North American market accounted for the largest share of 29.57% in 2020 and is expected to increase at a CAGR of 11.26% during the forecast period. This is due to the rise in prevalence of knee hip osteoarthritis among the geriatric population, the presence of key players and lifestyle diseases, technological developments in healthcare applications, and increasing adoption of technically advanced healthcare products.
The South American market held a market share of 14.6% in 2020 and is expected to register a CAGR of 10.38%. Factors like inexpensive treatments, a rise in musculoskeletal diseases, and an increasing geriatric population will drive the market in the forecast period.
Europe accounted for a market share of 24.59% in 2020 and is expected to exhibit a CAGR of 12.41% during the forecast period. Factors such as the increase in the prevalence of joint disorders, improved healthcare infrastructure in the region, the rising geriatric population, and growing awareness about the use of prosthetics in orthopedic injuries are propelling the regional market growth. For instance, according to the Eurostat data published in 2020, 90.4 million older people aged 65 and above were living in the EU-27 in 2019.
Asia-Pacific is expected to register the highest growth rate over the forecast period from 2021to 2027 at a CAGR of 12.78%. Factors like the growing incidence of osteoarthritis and a booming aging population are projected to boost the market growth in the region over the forecast period. In addition, growing expenditure on healthcare infrastructure and rising affordability of the surgery are likely to drive the region’s market growth.
The Middle East Africa region accounted for a market share of 10.93% in 2020. It is expected to have a CAGR of 9.66% in the forecast period. The market growth is less due to slowly improving economies. However, factors like the growing aging population and improving healthcare infrastructure will drive the growth of the endoprosthesis market.
Key Findings of the Study
- The global endoprosthesis market is estimated to reach USD 45,134.19 million by 2027 at a CAGR of 11.58% during the assessment period of 2021to 2027.
- North America will hold the largest share of the global endoprosthesis market during the forecast period due to prominent US players, rising arthritis cases, and technological developments in healthcare infrastructure.
- Based on product, the knee segment accounted for the largest market share and the highest CAGR of 12.73%in 2020.
- On the basis of the knee, the primary knee replacement segment held the highest share of 31.85% in 2020.
- Based on hip, the primary hip replacement segment held the highest share of 32.08% in 2020.
- Based on elbow, the total elbow replacement segment dominated the market with a market share of 35.40%in 2020.
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