PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437504
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437504
Total Wrist Replacement Market size was valued at USD 171.87 Million in 2023, expanding at a CAGR of 7.5% from 2024 to 2032.
A total wrist replacement, also known as total wrist arthroplasty, is a surgical procedure in which the damaged or arthritic wrist joint is replaced with an artificial joint or prosthesis. This procedure is typically performed to alleviate pain, improve function, and enhance the overall quality of life for individuals with severe wrist arthritis or other conditions that have led to significant joint damage.
Total Wrist Replacement Market- Market Dynamics
Increasing incidence of arthritis drives market demand
The increasing prevalence of arthritis is expected to drive the total wrist replacement market during the forecast period. Arthritis, particularly osteoarthritis, is a common condition leading to joint degeneration.
Approximately 528 million individuals worldwide suffered from osteoarthritis in 2019; this is a 113% rise from 1990.
Approximately 53% of those with osteoarthritis are over 55, and 60% of them are female.
The knee is the most often impacted joint, accounting for 365 million cases; the hip and hand are the next most common affected joints.
Osteoarthritis affects 344 million individuals, with mild to severe symptoms that may benefit from rehabilitation.
Thus, the aforementioned stats are expected to drive the market size of total wrist replacement.
Total Wrist Replacement Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.5% over the forecast period (2024-2032)
Based on fixation type segmentation, cemented was predicted to show maximum market share in the year 2023
Based on end use segmentation, hospitals were the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Total Wrist Replacement Market is segmented on the basis of Fixation Type, End Use and Region.
The market is divided into four categories based on fixation type: cement-less, cemented, hybrid and reverse hybrid. The cemented segment is expected to capture the largest market share during the forecast period because these fixations provide immediate fixation and stability.
The market is divided into three categories based on end use: hospitals, orthopedic clinics and others. The hospitals segment dominates the market and is likely to maintain its dominance during the forecast period. Hospital expansion can be attributed to the increasing occurrence of athletic injuries as well as the availability and accessibility of modern treatment options in hospitals.
Total Wrist Replacement Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to hold a maximum market share in 2023 and is expected to continue the same pattern during the forecast period. The regional growth of the market is attributed to the prevalence of arthritis. For instance, according to the data published by the National Institutes of Health, For U.S. people over the age of 18, the prevalence of arthritis was diagnosed is around 53.2 million (95% CI = 52.1-54.4), or 21.2% (18.7% age-standardized). Veterans had a greater age-standardized prevalence (24.2%) than non-veterans (18.5%) and women had a higher age-standardized prevalence (20.9%) than males (16.3%). Furthermore, the presence of the major players operating in the total wrist replacement industry are also propelling the market revenue growth in the region.
The key players in the total wrist replacement market continually adopted various type of strategies such as merger and acquisition, product launch, expansion, collaboration and others to remain competitive in the market. The major players are Johnson and Johnson, Zimmer Biomet, Stryker Corporation and many others.
In October 2023, the VELYSTM Robotic-Assisted Solution was officially introduced to the European market by DePuy Synthes. The purpose of the VELYSTM Robotic-Assisted Solution is to provide uniformity, predictability, and procedural efficiency.
GLOBAL TOTAL WRIST REPLACEMENT MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Johnson and Johnson
DJO Global
Integra Lifesciences Holdings Corporation
Small Bone Innovations
cumed LLC
Medartis
Stryker Corporation
Zimmer Biomet
Anika Therapeutics Inc.
CONMED Corporation
Skeletal Dynamics
Extremity Inc