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Shoulder Replacement Market Report on the Untapped Growth Opportunities in the Industry
According to the latest research by InsightAce Analytic, the Global Shoulder Replacement Market is valued at US$ 1.55 Bn in 2022, and it is expected to reach US$ 2.62 Bn by 2031, with a CAGR of 6.10% during a forecast period of 2023-2031.
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Shoulder replacement surgery involves the removal or replacement of damaged portions of the shoulder joint with prosthetic components. This procedure typically focuses on replacing the humeral head or the entire ball-and-socket joint. The market for shoulder replacement surgery is experiencing growth, primarily driven by the increasing prevalence of arthritis and the aging global population. Additionally, the market is benefiting from advancements in the development of enhanced devices designed to treat shoulder injuries. However, the potential for postoperative complications related to shoulder joint procedures presents a challenge to market expansion.
Moreover, there has been a notable increase in investments from manufacturers in emerging markets, aimed at developing shoulder arthroplasty devices. Efforts to raise awareness about effective treatments for shoulder injuries further contribute to growth opportunities in the market. Additionally, the rising patient awareness and desire to restore full range of motion and productivity are fueling market demand. The introduction of advanced reverse total shoulder replacement components, along with greater medical education and the expanding adoption of total shoulder replacement procedures by physicians globally, are key factors driving the robust growth of this market.
List of Prominent Players in the Shoulder Replacement Market:
• Arthrex
• Johnson and Johnson
• Zimmer Biomet
• Wright Medical Group
• Stryker Corporation
• Integra LifeSciences Corp
• Smith & Nephew PLC
• DJO Global Inc
• Acumed Inc
• Exactech Inc
• B. Braun Melsungen
• Lima Corp.
• DePuy Synthes
• Others
Market Dynamics:
Drivers-
The global increase in the number of patients diagnosed with rheumatoid arthritis is driving a corresponding rise in demand for shoulder replacement procedures. This growth in the patient population is expected to fuel significant expansion in the shoulder replacement market over the forecast period. However, factors such as the high cost of treatment, along with complications like shoulder tendinitis, instability, infection, loss of sensation, and glenoid loosening, are anticipated to limit market growth during this period.
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Challenges:
The market faces considerable challenges, including the high costs associated with shoulder arthroplasty procedures and stringent government regulations. The prevalence of surgical treatment failures, especially in low-income regions with underdeveloped healthcare infrastructures, is another barrier to market expansion. The costs associated with shoulder replacement surgeries, including implants, hospital stays, and rehabilitation, can be prohibitive for some patients, particularly in regions with limited healthcare coverage.
Regional Trends:
North America is projected to hold a significant market share in the shoulder replacement sector, with the United States and Canada being major hubs for the medical device industry, due to the presence of leading international companies. The continued advancement of healthcare systems in both countries is contributing to the growth of this market. In Europe, the market also holds a substantial share, benefiting from government regulations that support both multinational corporations (MNCs) and local manufacturers within the medical device sector. This regulatory environment is expected to stimulate market growth, alongside increasing government initiatives aimed at enhancing healthcare infrastructure, which in turn attract foreign investment in the development of automated medical instruments, further strengthening market growth in the region.
Recent Developments:
• In Sept. 2022, Zimmer Biomet Holdings, Inc. received 510(k) certification from the U.S. FDA for the IdentityTM Shoulder System, designed to facilitate anatomic, reverse, and revision shoulder replacements. The Identity Shoulder System is a convertible device that optimizes the range of motion and pain relief by aligning the approach of each surgeon with the anatomy of a specific patient through proprietary technologies.
• In Feb 2022, Stryker unveiled its Tornier Shoulder Arthroplasty Portfolio and commenced the European release of the Tornier Perform Humeral System.
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Segmentation of Shoulder Replacement Market-
By Type
• Anatomical Shoulder Prosthesis
• Reverse Shoulder Prosthesis
By Procedure
• Resurfacing Hemiarthroplasty
• Reverse Total Shoulder Replacement
• Stemmed Hemiarthroplasty
• Total Shoulder Replacement
By End-User
• Hospitals
• Orthopedic Centers
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.JPG
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