April 18, 2024
Endoprosthesis Market

Joint Replacement Implants Is The Largest Segment Driving The Growth Of Endoprosthesis Market

Endoprosthesis refers to an artificial device or implant that is placed inside the body to replace a missing biological structure or joint like hip, knee, elbow etc. They help restore mobility, reduce pain, and improve quality of life for patients suffering from osteoarthritis or traumatic bone or joint injuries.

The global Endoprosthesis Market is estimated to be valued at US$ 21.50 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

One of the key trends in the endoprosthesis market is the growing preference for minimally invasive surgeries. With advancements in materials and design of implants, many joint replacement procedures can now be performed using minimally invasive techniques that involve smaller incisions and shorter hospital stays. This has resulted in faster recovery times and less post-operative pain and scarring for patients. The usage of robotics and computer-assisted navigation systems during surgeries has also boosted the trend toward minimally invasive joint replacements.

SWOT Analysis

Strength: Endoprosthesis have a strong impact on improving mobility and quality of life for patients. They help restore joint function and relieve pain.
Weakness: High costs associated with endoprosthesis procedures can limit widespread adoption. Manufacturing complex implants also involves certain production challenges.
Opportunity: Rising geriatric population and increasing prevalence of orthopedic diseases like arthritis provide opportunities for market growth. Developing economies with large patient pools are opening up.
Threats: Risks of product recalls due to defects or adverse reactions. Stiff competition amongst manufacturers limits pricing flexibility.

Key Takeaways

The global Endoprosthesis Market Size is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing prevalence of orthopedic diseases. The global market size for Endoprosthesis in 2023 is US$ 21.50 Bn.

Regional analysis

North America dominates the endoprosthesis market currently due to the presence of major players and advanced healthcare facilities. Asia Pacific is expected to be the fastest-growing market owing to the large geriatric population suffering from orthopedic issues in countries like India and China. Developing healthcare infrastructure and rising medical tourism are contributing significantly to APAC market growth.

Key players operating in the Endoprosthesis market are Medtronic, Boston Scientific, Abbott Laboratories, Edwards Lifesciences, Johnson & Johnson, Stryker, Zimmer Biomet, Smith & Nephew, BD, and Teleflex. Major players are focusing on new product launches, collaborations, and geographic expansions to strengthen their market presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it