Shoulder Arthroplasty Market on position to touch $1,814 Million Value, Worldwide, by 2023
Shoulder Arthroplasty Market was valued at $1,080 million in 2016, and is expected to reach $1,814 million by 2023, registering a CAGR of 7.6% from 2017 to 2023.
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Shoulder replacement or shoulder arthroplasty procedures are performed to replace the ball and sometimes the socket using a prosthesis made up of polythene and metal components. Several types of shoulder arthroplasties can be performed such as partial shoulder arthroplasty, total shoulder arthroplasty, and revision shoulder arthroplasty, depending on the severity of the shoulder joint damage.
Increase in incidence of arthritis and surge in in geriatric population drive the growth of the global shoulder arthroplasty market. In addition, rise in focus of manufacturers on developing advanced shoulder fracture repair devices supplements the market growth. However, increase in risk of postoperative injuries associated with shoulder arthroplasties hampers the market growth. Conversely, surge in investment by manufacturers to develop shoulder arthroplasty devices in the emerging economies and rise in initiatives to increase awareness towards available treatments for shoulder injuries are expected to provide profitable opportunities for market expansion.
The shoulder arthroplasty platform systems segment is expected to witness a growth rate of 8.4% from 2017 to 2023, owing to high investments by the key players in developing shoulder replacement platform systems such as GLOBAL UNITE Platform Shoulder System and Exactech shoulder system. The arthritis indication segment accounted for approximately half of the total market share in 2016, and is anticipated to continue its dominance throughout the forecast period. This is attributed to increase in incidence of various forms of arthritis such as osteoarthritis, rheumatoid arthritis, and other inflammatory arthritis.
The hospitals & clinics segment generated the highest revenue in 2016, accounting for two-thirds of the total market share, and is projected to maintain this trend throughout the forecast period. Moreover, outpatient surgical centers segment is expected to witness high growth rate of 9.0%, due to increase in number of shoulder arthroplasties being carried out in outpatient surgical facilities, as they are considered to be as safe as inpatient shoulder arthroplasty surgeries.
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Key Findings of the Shoulder Arthroplasty Market:
• The stemmed hemi segment held the largest share in the global shoulder arthroplasty market for partial shoulder arthroplasty in 2016, accounting for two-thirds share.
• The total reverse shoulder arthroplasty segment has registered significant growth rate among total shoulder arthroplasties, and is expected to register a CAGR of 9.2% from 2017 to 2023.
• North America dominated the market, accounting for maximum share of in 2016, and is expected to witness a CAGR of 6.9%.
• India is expected to grow at a CAGR of 9.5%.
• The rotator cuff tear arthropathy indication is anticipated to register highest CAGR of 9.6% from 2017 to 2023.
Asia-Pacific witnessed highest growth rate for shoulder arthroplasty market, and is expected to continue this trend throughout the forecast period. This region serves to be an emerging market with a high population density and increase in geriatric population. In addition, rise in incidence of arthritis in India and Japan boosts the market growth.
The key players operating in the shoulder arthroplasty market have adopted product launch as one of their key developmental strategies, among many others such as business expansion, product development, and business acquisition. The major companies profiled in the report include Wright Medical Group, Inc. /Tornier Inc., Integra LifeSciences Corporation, Zimmer Biomet, Johnson & Johnson (DePuy Synthes), Arthrex, Inc., Smith and Nephew Plc, Conmed Corporation, DJO Global, Evolutis, and Exactech, Inc.
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