Endoprosthesis Market to Witness High Growth Owing to Rising Number of Joint Replacement Surgeries | Stryker, Zimmer Biomet, Smith & Nephew, BD

The Endoprosthesis Market is expected to reach US$ 37.77 Bn by 2030, from US$ 22.80 Bn in 2023, at a CAGR of 7.5% during the forecast period

Market Overview:

Endoprosthesis are medical implants inserted inside the body to replace missing biological structures like joints, bones or bone fragments. They are commonly used in joint replacement surgeries like hip, knee, shoulder replacements to restore mobility and relieve pain.

Market Dynamics:

The global Endoprosthesis market is witnessing high growth owing to rising prevalence of orthopedic diseases and number of joint replacement surgeries performed worldwide. As per data by the American Academy of Orthopaedic Surgeons, over 7 million Americans suffer from osteoarthritis of the knee and over 300,000 total knee replacements are performed annually in the US. Growing geriatric population prone to arthritis and other bone diseases is a major factor fueling demand for endoprosthesis. Additionally, increasing healthcare expenditure and availability of advanced prosthetics is further supporting the market growth. However, issues pertaining to biocompatibility of materials and risk of postoperative complications partially restrict the market growth.

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Rising Demand for Joint Replacement Surgeries Due to Osteoarthritis is Driving Growth in the Endoprosthesis Market

The growing prevalence of osteoarthritis is one of the primary factors boosting demand for joint replacement surgeries. Osteoarthritis causes progressive damage and loss of cartilage of joints which leads to severe pain and limited movement. With rising age and obesity levels, osteoarthritis cases are increasing considerably. According to studies, over 250 million people worldwide suffer from osteoarthritis pain. Knee and hip replacement surgeries are among the most popular surgical procedures used to relieve pain and restore mobility in osteoarthritis patients. Endoprosthesis such as hip implants, knee implants and small joint implants are widely used in these surgeries. Therefore, the rising incidence of osteoarthritis is fueling the need for endoprosthesis and propelling the endoprosthesis market forward.

Growing Geriatric Population is another Major Driver fueling Demand in the Endoprosthesis Market

The global elderly population, aged 60 and above, is expanding at an unprecedented rate. As per UN data, the geriatric population is projected to more than double by 2050 and reach around 2 billion. Growing aged demographic presents promising opportunities for the endoprosthesis industry as age is one of the strongest risk factors for osteoarthritis. Older individuals are more prone to experience joint pains, damage and loss of mobility due to natural wear & tear of cartilage over time. With life expectancy increasing worldwide, the demand for joint replacement procedures from geriatric patients is on the rise. Manufacturers are developing innovative, long-lasting and cost-effective endoprosthesis solutions tailored for the elderly to capitalize on this driver. The surging geriatric demography is thus significantly propelling the endoprosthesis market forward.

Cost Cutting Measures by Hospitals Pose a Main Restrain on the Endoprosthesis Market

Healthcare cost containment has become a top priority for governments and hospitals worldwide. With rising per capita healthcare expenditures, many countries are implementing measures to reduce medical spending. Hospitals find endoprosthesis to be quite expensive in several cases. They are hence pressurizing suppliers to lower prices through negotiations or face restricted access. Manufacturers typically have high fixed and sunk costs involved in R&D, clinical trials, regulatory approvals and production setups. Finding a balance between keeping costs down without compromising on product quality poses a major challenge. It restricts their ability to pass on rising raw material or labor costs. This, in turn, squeezes profit margins and acts as a restrain on the market. Manufacturers need to devise new cost-efficient production techniques and business models to overcome this restrain.

Partnerships with Medical Tourism Facilitators Present Lucrative Opportunities for Market Growth

Medical tourism has taken off globally with millions traveling abroad annually for affordable healthcare and surgeries. Many emerging nations in Asia, Latin America and Africa have become popular destinations due to their state-of-the-art hospitals, international accreditations, lower costs and convenience. Countries like India, Thailand, Mexico attract sizable numbers of medical tourists including for joint replacement surgeries. Endoprosthesis suppliers can leverage this boom by partnering with major medical tourism facilitators. They can get preferential deals by supplying top-quality implants to partner hospitals at competitive bulk prices. The suppliers gain access to a huge untapped patient base while the facilitators are able to offer more affordable prosthesis-inclusive packages to clients. Win-win collaborations with medical tourism players will open new revenue streams and opportunities for endoprosthesis market expansion globally.

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Rising Investment in R&D of 3D Printed Implants marks a Key Trend in the Industry

3D printing or additive manufacturing is revolutionizing the medical devices sector with immense potential to customize prosthesis. Major players are heavily investing in R&D of 3D printed orthopedic implants including hip, knee replacements. This patient-specific approach helps create better fitting implants that mimic the unique anatomical structure and biomechanics. It eliminates issues associated with traditionally manufactured "one-size-fits-all" implants. Further, 3D printing allows producing intricate, lightweight and high strength implants at lower costs than with conventional methods. Successful commercialization of these next-gen customized prosthesis sourced via additive layer manufacturing is anticipated to be a defining trend.

Moreover, it will also include the opportunities available in micro markets for stakeholders to invest, a detailed analysis of the competitive landscape, and product services of key players. Analysis of Endoprosthesis companies, key tactics followed by Leading Key Players:

◘ Medtronic
◘ Boston Scientific
◘ Abbott Laboratories
◘ Edwards Lifesciences
◘ Johnson & Johnson
◘ Stryker
◘ Zimmer Biomet
◘ Smith & Nephew
◘ BD
◘ Teleflex

Note: Major Players are sorted in no particular order.

By Product Type:

Knee Reconstruction
Hip Reconstruction
Extremities Reconstruction
Dental Reconstruction
Cardiac Reconstruction
Others (Spinal implant, Craniofacial reconstruction plates and bone grafts)

By Material:

Metallic
Polymeric
Ceramic
Biological
Others (Bioresorbable materials, Composite materials)

By End-User:

Hospitals
Orthopedic Clinics
Ambulatory Surgery Centers
Others (Specialty Clinics, Rehab Centers)

The Study Objectives are:

A comprehensive insight into key players operating in the Endoprosthesis Market and their corresponding data.
It includes product portfolio, annual revenue, expenditure on research and development, geographical presence, key developments in recent years, and growth strategies.
Regional analysis, which includes insight into the dominant market and corresponding market share.
It also includes various socio-economic factors affecting the evolution of the market in the region.
The report offers a comprehensive insight into different individuals from value chains such as raw materials suppliers, distributors, and stockholders.
Table of Contents:

Market scenario 2023

Chapter 1: Introduction, Market Driving Force Product Objective of Study and Research Scope the Endoprosthesis market
Chapter 2: Exclusive Summary - the basic information of the Endoprosthesis Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends, and Challenges & Opportunities of the Endoprosthesis
Chapter 4: Presenting the Endoprosthesis Market Factor Analysis, Supply/Value Chain, PESTEL analysis, Market Entry, and Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User, and Region/Country 2023 - 2030
Chapter 6: Evaluating the leading manufacturers of the Endoprosthesis market which consists of its Competitive Landscape, Peer Group Analysis, Market positioning & Company Profile
Chapter 7: To evaluate the market by segments, by countries, and by Manufacturers/Companies with revenue share and sales by key countries in these various regions (2023-2030)
Chapters 8 & 9: Displaying the Appendix, Methodology, and Data Source

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Key Questions Answered:

What is the market size and CAGR of the Endoprosthesis Market during the forecast period?
How is the growing demand impacting the growth of Endoprosthesis Market shares?
What is the growing demand of the Market during the forecast period?
Who are the leading vendors in the market and what are their market shares?
What is the impact of the COVID-19 pandemic on the APAC Endoprosthesis Market?

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