Elbow Replacement Market to Grow with a CAGR of 4.02% through 2028
Increased incidence of elbow disorders, technological advancements, and
customization of implants is expected to drive the Global Elbow Replacement
Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Elbow Replacement Market – Global
Industry Size, Share, Trends, Competition Forecast & Opportunities,
2028”, the Global Elbow Replacement Market stood at USD 123.72 million in 2022
and is anticipated to grow with a CAGR of 4.02% in the forecast period,
2024-2028. This can be attributed to the competitive landscape. The global
elbow replacement market is highly competitive, with leading orthopedic device
companies investing significantly in research and development. This competition
has led to continuous innovation, with companies striving to develop implants
that offer better performance, longevity, and patient satisfaction. The
presence of multiple players has also contributed to market growth. Additionally,
while North America and Europe have historically been major markets for elbow
replacement procedures, emerging economies in Asia-Pacific, Latin America, and
the Middle East are gaining prominence. Improving healthcare infrastructure,
rising disposable incomes, and an aging population in these regions are
expected to drive market growth and increase access to elbow replacement
procedures.
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in-depth TOC on
"Global Elbow Replacement Market.”
COVID-19 had a significant impact on the healthcare industry as outlined
in a 2020 article titled "How the Covid-19 Pandemic Affected Shoulder and
Elbow Practice in Turkey." During the pandemic, elbow practice saw a
notable decrease of more than 75% in surgical and outpatient clinical
activities. The rate of obtaining informed consent remained low, and
approximately half of the respondents resorted to telemedicine. Additionally,
another 2020 article titled "COVID-19 – Changes in the Presentation and
Management of Shoulder and Elbow Trauma in a UK District General Hospital
Orthopaedic Department" highlighted a substantial shift in the caseload of
upper limb injuries, with certain types decreasing, likely due to the COVID-19
lockdown. Consequently, considering these factors, it is evident that COVID-19
had a significant impact on the elbow replacement market.
Elbow replacement, a surgical procedure that involves replacing damaged
elbow components with artificial devices, is experiencing growth primarily
driven by technological advancements and the increasing prevalence of
conditions like osteoarthritis and rheumatoid arthritis. For instance,
according to the Centers for Disease Control and Prevention, the projected
prevalence of rheumatoid arthritis in the United States is expected to reach 76
million by 2040. With such a high estimated prevalence, the demand for elbow
replacements is expected to rise significantly in the coming years, thereby
fueling market growth.
The market's expansion is further supported by increased research and
development initiatives and government funding in the orthopedic field. For
example, a 2022 article titled "How Long Does an Elbow Replacement Last? A
Systematic Review and Meta-Analysis of Case-Series and National Registry
Reports with More Than 10 Years of Follow-Up" reported that over 80% of
all elbow replacements and over 90% of linked elbow replacements are
anticipated to last more than 10 years, delivering sustained patient-reported
benefits. Consequently, due to the improved benefits and durability associated
with elbow replacements, the adoption of this procedure is expected to
increase, further boosting market growth.
Considering the factors mentioned above, it is likely that the
healthcare mobility solutions market will experience growth during the forecast
period. However, challenges such as safety and security concerns related to
patient health information and a shortage of skilled professionals may restrain
this growth.
The Global Elbow Replacement Market is segmented into product, end user,
regional distribution, and company.
Based on its product, the total elbow replacement segment is poised for
robust growth in the upcoming years. This growth can be attributed to several
key factors, including an upsurge in the number of patients requiring this
procedure, advancements in medical technology, and a rising prevalence of
arthritis. According to data from the Centers for Disease Control and
Prevention (CDC), in 2020, approximately 63 million adults in the United States
received a medical diagnosis of arthritis. Arthritis, a leading cause of joint
disability, stiffness, and inflammation typically associated with older individuals,
is driving increased demand for elbow replacement surgeries. Consequently, the
market is projected to expand during the forecast period.
Furthermore, the market's growth is bolstered by the presence of
competitors, ongoing research initiatives, and government funding. For
instance, in October 2021, the Advanced Orthopedic Center launched a health
campaign aimed at enhancing public awareness regarding the prevention,
management, and treatment of bone and joint conditions. Additionally, as per
the 2021 update from Mayo Clinic, individuals who undergo elbow replacement
surgery often experience reduced pain levels post-surgery. Many patients report
being pain-free, with most also enjoying improved range of motion and increased
strength.
Based on end user, hospitals and clinics are expected to dominate the
Global Elbow Replacement Market for several compelling reasons. Firstly, these
healthcare institutions possess the necessary infrastructure and specialized
orthopedic departments to perform complex elbow replacement procedures with
precision and expertise. Patients often trust hospitals and clinics as reliable
sources of healthcare, which bolsters their demand for such services.
Additionally, these facilities can accommodate a wide range of medical
equipment and technologies required for successful elbow replacement surgeries.
Moreover, hospitals and clinics benefit from an established network of
healthcare professionals, including orthopedic surgeons, nurses, and physical
therapists, ensuring comprehensive care before, during, and after the
procedure. Their ability to provide integrated care, along with the
availability of post-operative rehabilitation services, makes hospitals and
clinics the preferred choice for individuals seeking elbow replacement
surgeries. Furthermore, these institutions tend to have strong relationships
with medical device manufacturers and suppliers, ensuring a consistent supply
of high-quality elbow replacement implants and materials. As a result,
hospitals and clinics are poised to maintain their dominance in the Global
Elbow Replacement Market due to their comprehensive and reliable healthcare
services.
Major companies operating in Global Elbow Replacement Market
are:
- Smith & Nephew PLC
- Johnson & Johnson
- Limacorporate SpA
- Ottobock SE & Co
KGaA
- Stryker Corp
- Wright Medical Group NV
- Zimmer Biomet Holdings,
Inc.
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“The global elbow replacement market is on the cusp of significant
transformation, driven by a combination of technological advancements,
patient-centric approaches, and expanding market opportunities. The upcoming
trends in personalized implants, minimally invasive techniques, advanced
materials, robotic-assisted surgery, telemedicine, enhanced rehabilitation,
patient empowerment, and the growth of emerging markets are poised to shape the
future of elbow replacement procedures. These trends reflect a commitment to
improving patient outcomes, reducing complications, and ensuring that elbow
replacement remains a vital and accessible treatment option for those in need,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Elbow Replacement Market By Product (Partial Elbow Replacement, Total Elbow Replacement), By End
User (Hospitals & Clinics, Ambulatory Care Centers, Others), By
Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Elbow Replacement
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Elbow Replacement
Market.
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