Endoprosthesis Market is estimated to Witness High Growth Owing to Rising Geriatric Population
Endoprosthesis Market is estimated to Witness High Growth Owing to Rising Geriatric Population
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Endoprosthesis are prosthetic devices implanted during surgical procedures to replace body parts that have deteriorated due to injury, disease or trauma. Common types of endoprosthesis include hip replacements, knee replacements and shoulder replacements. The rising prevalence of orthopedic injuries and diseases worldwide has significantly boosted the demand for advanced endoprosthesis. According to the Arthritis Foundation, by 2040, an estimated 78 million adults in the United States are projected to have doctor-diagnosed arthritis.
Global Endoprosthesis Market is estimated to be valued at US$ 26.35 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Endoprosthesis market are NVIDIA Corporation, IBM, Microsoft, Fabric Genomics Inc., Verge Genomics, MolecularMatch Inc., SOPHiA GENETICS, PrecisionLife Ltd, BenevolentAI, and Deep Genomics. The key players are actively focusing on new product launches and strategic collaborations to strengthen their market position. For instance, in 2021, Stryker announced the launch of its Tritanium modular primary stem for knee replacement devices in the U.S.
The rising Endoprosthesis Market Size population worldwide along with the increasing popularity of minimally invasive surgeries are expected to offer lucrative growth opportunities for players in the endoprosthesis market. Additionally, growing healthcare expenditure in emerging economies of Asia Pacific will further aid the expansion of the global market during the forecast period.
Geographically, North America dominates the endoprosthesis market followed by Europe. This is mainly attributed to the growing number of arthroplasty procedures in the region. However, Asia Pacific is poised to witness the fastest growth rate over the coming years owing to improving healthcare infrastructure and rising medical tourism in countries such as India, China and South Korea.
Market Drivers
The rising geriatric population globally is one of the major drivers of the endoprosthesis market. As per the World Health Organization, by 2050 approximately 2 billion people will be over the age of 60 years, 80% of them living in developing nations. Older adults are more prone to developing osteoporosis, arthritis and other joint afflictions which necessitate endoprosthetic joint replacements. Thus, an ageing demographic bodes well for the sustained demand of endoprosthesis over the forecast period.
PEST Analysis
Political: The endoprosthesis market is regulated by various international and domestic laws and regulations regarding quality standards and safety. Manufacturers have to comply with different laws in different regions for product approval and marketing.
Economic: The rising cases of orthopedic diseases and growing geriatric population prone to bone and joint disorders are driving the demand for endoprosthesis. However, high cost of these devices remain a concern for patients in developing nations.
Social: With increasing lifestyle diseases and accident rates, the need for joint replacement surgeries are growing worldwide. Additionally, rising health awareness and access to insurance is increasing the acceptance of endoprosthesis procedures.
Technological: Advancements in materials and design of endoprosthesis allow for improved biocompatibility and longevity. Additive manufacturing and 3D printing techniques are enabling patient-specific implants with customized fit and shape. Development of bio-resorbable implants is another emerging area.
Geographical concentration
North America dominates the endoprosthesis market in terms of value owing to developed healthcare infrastructure, availability of reimbursement, rising osteoarthritis prevalence, and technological advancements. Europe is another major regional market backed by increasing geriatric population and supportive government policies for elective surgeries.
Fastest growing region
Asia Pacific is poised to witness fastest growth during the forecast period supported by growing medical tourism, increasing healthcare spending, large patient pool, and rising standards of living. China, India and other Asian countries are emerging as lucrative markets for endoprosthesis manufacturers.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191) Report this page