The endoprosthesis market evaluated at USD 20,679.25 million in 2020 andis expected to cross USD 45,134.19 million by 2027 at a CAGR of 11.58% during the forecast period.
Endoprosthesis Market Overview:
Endoprosthesis is a treatment that involves using an implant to replace a joint in the body that has lost functioning capabilities due to damage or illness. Degenerative joint disease, fractures, and malignancies are all common signs that an endoprosthesis should be used.The growth of the global endoprosthesis is driven by the factors such as theincreasing prevalence of osteoarthritis among the geriatric population, technological advancements in endoprosthesis devices enabling effective treatment, andincreasing awareness among the population. However, adverse effects and high costs associated with endoprosthesis are likely to restrain the endoprosthesis market growth.
COVID-19 Analysis of Endoprosthesis Market
COVID- 19 has not only affected humanity but also has brought economic devastation around the world. This pandemic is expected to have had devastating effects on the global economy more intense than the financial crisis that hit the worldin 2008–2009. It has been affecting the demand and supply chain, there by severely hurting global trade. The supply chain is crucial to fulfilling customer demands. Due to COVID-19, several countries put certain restrictions on imports and exports,which have impacted the supply of raw materials required in the endoprosthesis market. However, as the lockdown reopens in many countries and with relaxations to the regulations are placed, a steady recovery in the supply-demand for endoprosthesis can be expected within the market in the coming time.
Moreover, in an effort to help combat the COVID-19 pandemic and preserve essential health care resources, starting in mid-March 2020, surgeons had been instructed only to perform essential surgical procedures. Most arthroplasty surgeries, including endoprosthesis treatments, do not meet the definition of essential surgery. This had led to a significant number of surgeries getting canceled across the globe. For instance, according to a report published by the Department of Orthopedics and Rehabilitation, University of Iowa, US, in July 2020, it is estimated that approximately 30,000 primary and 3,000 revision hip and knee arthroplasty procedures would be canceled each week while COVID-19 restrictions regarding nonessential surgery are in place. The large number of procedures canceled because of COVID-19 translates into major financial losses for health care institutions and may profoundly impact the patients.
Endoprosthesis Market Dynamics:
According to the UN, the population aged 65 years had expanded from 6% in 1990 to 9% in 2019. Endoprosthesis market is also projected that this population will account for 16% of the total population by 2050. Thus, a rise in the aging population is likely to push the demand for endoprosthesis as the geriatric population is more prone to orthopedic disorders.
Furthermore, according to the World Health Organization, osteoarthritis and degenerative joint disease are among the ten most disabling disease conditions in many emerging countries. It is estimated that 9.6% of men and 18.0% of women of 60 and above symptomatic contract osteoarthritis. Approximately 80% of those with osteoarthritis are projected to have limitations in movement, and 25% cannot perform most of their daily activities. These factors are expected to increase the demand for endoprosthesis to overcome diseases such as osteoarthritis.
Emerging markets are anticipated to offer potential growth opportunities for global endoprosthesis market players due to technological advancements in endoprosthesis treatment methods, the rising elderly population prone to various joint disorders, and government initiatives in undertaking research studies focused on an endoprosthesis.
Many major players in the market are adopting strategies, such as mergers & acquisitions, expanding their product portfolio by launching new products, and collaborating with small players in the market. For instance, in January 2021, Stryker (US) acquired OrthoSensor, a company focused on applying digital technologies and big data to total joint replacements. With this, both the company's focus on innovating advanced, smart sensor technologies, including intraoperative sensors, wearables, and smart implants across joint replacement business and grow their product portfolio.
Various adverse effects related to endoprosthesis procedures have been documented in several research articles. Early or late complications, such as joint instability, deep wound infections, wound necrosis, subluxation or dislocation, fatigue fracture, joint stiffness, malalignment of the patella, prosthetic loosening, leg length discrepancy, polyethylene wear, local recurrence, and soft tissue healing problems occur after endoprosthesis reconstruction surgery.
These complications may impair the function and quality of life of the patients. Mechanical complication (e.g., breakage/fracture of the implant and instability due to wear) is most common after-surgery complications. Infection at the site of surgery is also one of the leading causes of after-surgery complications. With all these complications, the adoption of the endoprosthesis is likely to hamper the endoprosthesis market growth.
Value Chain Analysis
The global endoprosthesis market is growing steadily due to the rising number of players coming forward with new and better products. The value chain analysis of the endoprosthesis market comprises four major components starting with the research & development and designing, followed by manufacturing of the products, distribution & sales, and ends with post-sales services.
R&D starts with conceptualizing, followed by design, then development, and lastly, testing. The R&D segment comprises 25-30% of the value chain. After the product designs are final, the manufacturing of the product starts. Manufacturing consists of 45-50% of the value chain. Then comes distribution and sales, which is essential for every industry. Here, awareness about the products is spread across the endoprosthesis market to attain interested customers for the product. It consists of 10-15% of the value chain. And lastly comes post-sales services. The post-marketing monitoring stage begins with a periodic safety update report of the product, which is to be submitted to the FDA after the device comes into the market and accounts for around 5% of the value chain.
Endoprosthesis Market Segment Overview:
By product, the market is segmented into the knee, hip, shoulder, elbow, finger/hand, and ankle/foot.The knee segment dominated the market in 2020, and it is the largest and fastest-growing segment with a CAGR value of 12.73%. The rapid increase in the aging population and the alarming rate of obesity will contribute to the rise in demand for knee replacement surgeries during the forecast period. According to the Arthritis Foundation, the annual cases of knee osteoarthritis in the US is highest between 55 and 64 years old.
The knee segment is further segmented into primary knee replacement, partial knee replacement, custom-made replacements, revision knee replacement, and tumor. According to a recent study, it was found that the pooled global prevalence of knee osteoarthritis was 16.0% in individuals aged 15 and over and was 22.9% in individuals aged 40 and over.
By the shoulder, the global endoprosthesis market is categorized into primary shoulder replacement, revision shoulder replacements, tumor, and custom-made replacements. The healthy shoulder joint has the highest motion range among all joints in the human body. It allows movements and rotations in several directions. Without it, humans cannot use arms and hands effectively. According to a Penn Highlands Healthcare System (US) report published in August 2020, Proximal Humerus Fractures (PHFs) account for 5% to 6% of all adult fractures.
The global endoprosthesis market, based on elbow, is segmented into total elbow replacement, radial head replacement, tumor, and custom-made replacements. Elbow arthroplasty involves the use of prostheses that replaces the normal surface anatomy of the distal humerus and proximal ulna. Elbow joint replacement is less common compared to knee or hip replacement. However, it is just as successful in relieving joint pain and returning people to their normal activities.
Based on finger/hand, the global endoprosthesis market is divided into total wrist prothesis, (Proximal Interphalangeal) PIP finger prosthesis, and Metacarpophalangeal (MCP) finger prosthesis. Two major reasons for undergoing finger/hand endoprosthesis therapy are due to rheumatoid arthritis and osteoarthritis. As per a report published in 2019 by Arthritis Foundation, about 40% of adults in the US are likely to develop symptomatic osteoarthritis in at least one hand by age 85.
On the basis of ankle/foot, the global endoprosthesis market is categorized intototal ankle implant and great toe implant. The indications for ankle/foot endoprosthesis surgery are like any other arthroplasty, including primary or post-traumatic osteoarthritis, severe rheumatoid arthritis, or rejected arthrodesis. Some of the implants approved by the FDA include Scandinavian Total Ankle Replacement (STAR; Small Bone Innovations, Morrisville, US), INBONE (Wright Medical Technology, Arlington, US), Agility (DePuy, Warsaw, US), and Salto Talaris (Tornier, Montbonnot, France).
Endoprosthesis Market Regional Analysis
North America held the largest market share in 2020. In North America, the endoprosthesis market is driven by the increasing adoption of technically advanced healthcare products in the regionand rising arthritis cases. According to the data published inthe Centers for Disease Control and Prevention(CDC), the projected prevalence of US adults who are expected to report doctor-diagnosed arthritis is 67 million in 2020, and by 2030, the number is projected to reach 72 million. Thus, the region will demand an effective endoprosthesis device to overcome this disease burden. This factor is further projected to drive market growth.
South America has witnessed considerable growth in the endoprosthesis market and held a market share of 14.6% in 2020. Across South America, endoprosthesis practices are carried out in different medical facilities, such as government-controlled laboratories. Financially independent patients often opt for private laboratory treatment. Brazil is one of the major countries occupying the largest market share in the South American endoprosthesis market.
Asia-Pacific is likely to register the highest growth rate during the forecast period from 2021 to 2027 at a CAGR of 12.78%. This is owing to the factors such as the increasing geriatric population in the region, growing incidence of osteoarthritis, and growing expenditure on healthcare infrastructure. The awareness of various diseases and the necessity of high-quality care are growing day by day. Over 50,000 knee and hip arthroplasties are performed in China annually. This number is expected to increase considerably over the next years owing to the rising number of orthopedic injuries and orthopedic disorders among the old-age population in the country.
Europe accounted for a market share of 24.59% in 2020 and is expected to exhibit a CAGR of 12.41% during the forecast period. The market growth is attributed to the rise in the geriatric population, increased prevalence of joint disorders, and improved healthcare infrastructure in the region. For instance, according to the data published in 2020 in Eurostats, 90.4 million older people of age 65 and above were living in the EU-27 in 2019.
The endoprosthesis market is growing in the Middle East & Africa due to significant improvements in the healthcare infrastructure and the growing presence of key players in the region. According to the International Monetary Fund (IMF), in 2019, Sub-Saharan Africa improved its economic performance showing positive economic growth and extensive demand for healthcare resources.
These factors are anticipated to provide a lucrative market growth opportunity in the region. In addition, the endoprosthesis market is expected to grow significantly due to the rising awareness about the usage of prosthetics in orthopedic injuries among its population.
The global endoprosthesis market is characterized by the presence of several global, regional, and local vendors. The market is highly competitive, with all the players trying to gain maximum market share. Frequent changes in government policies, intense competition, and FDA regulations are the key factors that impact global market growth. The vendors contend based on cost, product quality, reliability, and aftermarket services. It is crucial for the players to offer cost-efficient and high-quality endoprosthesis products to succeed in an intensely competitive market environment.
Stryker (US) is one of the key companies in the global endoprosthesis market. The company's products include implants, biologics, surgical, neurologic, ear, and throat and interventional pain equipment, endoscopic, surgical navigation, communications, and digital imaging systems, along with patient handling and emergency medical equipment. The company also gets involved in strategic acquisitions to improve its market share in the endoprosthesis market. For instance, in May 2021, Stryker (US) acquired OrthoSensor, Inc., a global leader in the digital evolution of musculoskeletal care and sensor technology for total joint replacement.
List of Key Companies Covered in this Report:
The study covers the existing short-term and long-term market effects. It helps decision-makers to draught short-term and long-term business plans by region. The report covers major regions in North America, Europe, Asia-Pacific, and the Rest of the World. The report analyzes market drivers, restraints, opportunities, challenges, Porter's five forces, value chain, and impact of COVID-19 on the market.
Global Endoprosthesis Market, By Product
Global Endoprosthesis Market, By Knee
Global Endoprosthesis Market, By Hip
Global Endoprosthesis Market, By Shoulder
Global Endoprosthesis Market, By Elbow
Global Endoprosthesis Market, By Finger/Hand
Global Endoprosthesis Market, By Ankle/Foot
Global Endoprosthesis Market, by Region
|Market Size||2027- USD 45,134.19 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Knee, Hip, Shoulder, Elbow, Finger/Hand, And Ankle/Foot|
|Geographies Covered||North America, South America, Europe, Asia-Pacific, and Middle East & Africa (MEA)|
|Key Vendors||Johnson & Johnson Services, Inc. (US), Zimmer Biomet Holdings Inc. (US), Stryker (US), Smith & Nephew (UK), Corin Ltd (UK), Medacta International SA (Switzerland), Exactech, inc. (US), MicroPort Orthopedics, Inc. (US), Baumer S.A. (Switzerland), and B. Braun Melsungen AG (Germany)|
|Key Market Opportunities||Increasing number of product launches, mergers & acquisitions, and expansion|
|Key Market Drivers||