PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437506
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437506
Shoulder Replacement Market size was valued at USD 395.85 Million in 2023, expanding at a CAGR of 8.5% from 2024 to 2032.
Shoulder replacement surgery is the removal of injured shoulder pieces or their replacement with prosthetics, which are artificial parts. Treatment guidelines appear to be limited to either replacing the head of the humerus or the ball and socket together. Reducing pain is the main objective of a shoulder joint replacement, but it also helps the patient regain strength and motion, as well as enables them to resume some degree of physical activity. Indications of total shoulder replacement include osteoarthritis, inflammatory arthritis, and post-traumatic degenerative joint disease.
Shoulder Replacement Market- Market Dynamics
The rising adoption of shoulder replacement procedures drives market demand
The BMJ Journal 2020 reports that there is a sharp increase in the number of shoulder replacement surgeries being carried out. From 1,018 cases in 1998 to over 7,000 cases in 2019, the number of surgeries performed on adults over 50 increased by more than 5.6 times. The growing economies of China, Brazil, Mexico, and other nations are expected to offer substantial development prospects for the business. A large patient population, rapidly rising healthcare costs, government initiatives to support the health sector, bolstering export trade, and increased awareness among clinicians, anesthetists, and other healthcare professionals about the most recent medical interventions for spine surgery and bone fractures are expected to drive demand for shoulder replacement surgeries in these countries. Thus, this is expected to drive the market growth during the forecast period.
Shoulder 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 8.5% over the forecast period (2024-2032)
Based on procedure type segmentation, reverse total shoulder replacement was predicted to show maximum market share in the year 2023
Based on end use segmentation, hospitals were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Shoulder Replacement Market is segmented based on Procedure Type, End Use and Region.
The market is divided into four categories based on procedure type: resurfacing hemi arthroplasty, total shoulder replacement, reverse total shoulder replacement and stemmed hemi arthroplasty. The reverse total shoulder replacement segment is expected to capture the largest market share during the forecast period. This can be attributed to the availability of cutting-edge medical facilities, knowledgeable physicians and other healthcare professionals, and the use of minimally invasive surgical methods.
The market is divided into three categories based on end use: orthopedic clinics, hospitals and others. The hospitals segment dominates the market and is likely to maintain its dominance during the forecast period. The availability of experienced surgeons and technological developments in hospital settings are driving the expansion of this category.
Shoulder Replacement Market- Geographical Insights
Geographically, this market is widespread in 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 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 Shoulder Replacement industry is also propelling the market revenue growth in the region.
The key players in the Shoulder Replacement market continually adopted various types 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 June 2023, the multinational medical technology firm Smith+Nephew announced that the US Food and Drug Administration (FDA) has granted 510(k) approval for their AETOS Shoulder System. The AETOS Shoulder System provides surgeons with a small, yet full range of options that improve the surgical experience by allowing for intraoperative flexibility. The system is intended to streamline the flow of the operating room by requiring fewer steps for conversion and instruments for main anatomic and reverse.
GLOBAL SHOULDER REPLACEMENT MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
DJO Surgical
DePuy Synthes
Integra LifeSciences
Stryker Corporation
Smith & Nephew
Zimmer Biomet
Lima Corporate
Wright Medical Group
Arthrex Inc
B. Braun Melsungen AG
Exactech and Tornier, Inc.