- Use in treatment of degenerative shoulder (glenohumeral) osteoarthritis generating steady revenue streams in shoulder replacement market; medical device companies offering customized prosthetics to capture value
- Prevalence of arthritis in elderly population presents vast avenue; popularity of reverse shoulder arthroplasty in patient population presents abundant opportunities; rise in healthcare spending enriching prospects of Asia Pacific market
WILMINGTON, Del., Sept. 12, 2022 /PRNewswire/ — Recent insights on the shoulder replacement market underscore the trend of rise in reverse shoulder arthroplasty in developed regions, particularly North America. Increasing adoption of customized prosthetics in the patient population has propelled sales of shoulder replacement market. The global market is forecast to advance at a CAGR of 6.9% from 2022 to 2031.
Medical device companies are leaning on research & development activities to develop next-gen products for treatment of degenerative joint disorders in a bid to grow their market share for shoulder replacement. They are keen on developing products with lower failure rates and high safety profile in order to improve the overall patient outcomes.
The market value of the shoulder replacement is expected to grow stridently on the back of commercialization of products with cutting-edge technology. Rise in number of people suffering from osteoarthritis in whom nonsurgical treatments have failed to show expected results is driving the expansion of the shoulder replacement market.
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Key Findings of Shoulder Replacement Market Study
- Rise in Number of Reverse Shoulder Arthroplasty Generating Substantial Revenue Streams: Advancements in reverse shoulder arthroplasty techniques and technology presents vast lucrative opportunities for players in the market to capitalize on. Medical device companies are grabbing substantial revenue streams from the increased popularity of reverse total shoulder arthroplasty. The study authors observed that partial shoulder replacements have also risen, thereby presenting a lucrative avenue. Surgeons are presented with an opportunity to advance their skill sets, with support by governments.
- Adoption in Treatment of Degenerative Glenohumeral Diseases Propelling Growth: Steadily growing adoption of shoulder replacement in the treatment of degenerative glenohumeral diseases has propelled substantial revenue streams. Rise in demand for products in treating and managing degenerative shoulder disease will generate substantial revenue streams. The demand from elderly population presents a profitable avenue.
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Shoulder Replacement Market: Key Drivers
- Rise in incidence of degenerative shoulder (glenohumeral) osteoarthritis is a key driver of the shoulder replacement market. Sports injuries have contributed to a glaring prevalence of rotator cuff arthropathy and similar diseases in children and adolescents.
- Growing popularity of reverse shoulder arthroplasty surgeries in the target population has expanded the outlook of the shoulder replacement market considerably
Shoulder Replacement Market: Regional Growth Dynamics
- North America held a major share of the global shoulder replacement market in 2021. Presence of globally prominent medical device manufacturers in the U.S. and Canada who are increasingly offering advanced products to treat traumatic and degenerative glenohumeral diseases is a major pivot for revenue generation. Rise in uptake of customized products has also fueled the growth of the North America market. The regional market on the back of these factors is estimated to retain its lead during the forecast period.
- Asia Pacific is a remarkably promising region in the global market. Rise in incidence of osteoarthritis, coupled with growing healthcare spending, is a key underpinning for profitable avenues for medical device companies, small as well as large players.
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Shoulder Replacement Market: Competition Landscape
The TMR study on the global shoulder replacement market found that the competition landscape is highly fragmented, attributed to the presence of several players with significant stakes.
Some of the key players in the shoulder replacement market are B. Braun Melsungen, Exactech, Wright Medical Group, Arthrex, Zimmer Biomet, Stryker, Smith and Nephew, Integra LifeSciences, and Johnson & Johnson.
Shoulder Replacement Market Segmentation
- Total Shoulder Replacement
- Reverse Shoulder Replacement
- Partial Shoulder Replacement
- Shoulder Resurfacing
- Revision Shoulder Arthroplasty
- Ambulatory Surgical Centers
- Orthopedic Clinics
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Russia & CIS
- GCC Countries
- South Africa
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