Shoulder, Wrist, Elbow and Foot & Ankle Replacement Market Gets a Huge Boost From Technology
LONDON, February 28, 2018 (Newswire.com) - Growth in the market for minor orthopedic replacement implants has recently accelerated to 6.8 percent year on year, a report from The Business Research Company shows, so will be worth over $2 billion in 2021.
All these minor joint replacements are highly complex and have previously suffered from a high failure rate so it has taken technological advances in both the implants themselves and the surgery to make this market grow. For example, metals such as titanium, cobalt, chromium, molybdenum and other new materials such as polyethylene have replaced the plastics and ceramics that were earlier being used in the design and manufacture of implants. The metals have a porous surface which enhances osteo-integration, thus reducing revision rates. Polyethylene reduces wear and improves the longevity of the minor joint replacement implants. This shift towards new high-quality materials in implants has driven the market since 2013. Longer life for implants makes them suitable for use in younger fracture patients, for whom they were previously not recommended owing to the need for replacement every 10 to 15 years.
By far the largest segment of the minor orthopedic implants market is shoulder replacement, currently worth 86 percent of the total. Second largest, at 7.9 percent, is the foot & ankle replacement implant market. Growth in all four segments - shoulder, wrist, elbow and foot & ankle implants - has accelerated recently.
North America is by far the world's largest market for minor orthopedic replacement implants. It currently accounts for 62 percent of global minor orthopedic replacement implant sales by value. The major driver of the market in the region is the growing number of Americans who suffer with arthritis. In the USA, the arthritis population of 54.4 million adults in 2013-15 will rise to 78.4 million by 2040. Of these 78.4 million adults, 34.6 million adults will report arthritis-based activity limitations. Procedure volumes in the USA are currently over five times as great as those in the second-largest market, Germany.
Implant prices are highest in Asia - over $7,000 in China and over $6,000 in India. These high prices, especially in emerging economies, have supported the growth of generic manufacturers, following the expiry of patents for implants. For example, around 16 generic companies have entered the orthopedic replacement implants market in the USA, including Orthosolutions, Covenant Orthopedics, Ortho Direct USA and Emerge Medical. These generic companies are making copies of legacy implants with proven designs and biomaterials. They offer lower prices than those of branded implants and are thus a big threat for the big orthopedic device manufacturers such as Stryker, J&J/DePuy/Synthes, Zimmer/Biomet, Smith & Nephew and Medtronic Spine.
Where to Learn More
Read Minor Orthopedic Replacement Implants Global Market Report 2018 report from The Business Research Company for information on the following:
Markets Covered: Shoulder Replacement Implants, Wrist Replacement Implants, Elbow Replacement Implants, Foot & Ankle Replacement Implants
Companies Mentioned: Zimmer Biomet, DePuy Synthes, Wright Tornier, Exactech, Stryker, Integra, Smith & Nephew
Countries: China, Japan, India, Australia, USA, Canada, Brazil, U.K., Germany, France, Russia
Regions: Asia-Pacific, North America, South America, Western Europe, Eastern Europe, Middle East & Africa.
Time series: Historic and Forecast 2013 to 2021
Data: Market value in $ Million
Data segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report are sourced using endnotes.
About The Business Research Company
Visit TheBusinessResearchCompany.com. The Business Research Company is a market research and intelligence company which excels in company, market and consumer research. It has research professionals at its office in the U.K., India and the U.S. as well as a network of trained researchers globally. It has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services and technology. The Business Research Company’s management has more than 20 years of varied business research experience. They have delivered hundreds of research projects to the senior management of some of the world’s largest organizations. The Business Research Company’s Consultants have master’s qualifications from top institutes and include MBAs, MSCs, CFAs and CAs. The Business Research Company’s Consultants gain training and qualifications from the Market Research Society and are trained in advanced research practices, techniques and ethics.
Media Contact:
Oliver Guirdham
The Business Research Company
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Source: The Business Research Company
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