MediPoint: Elbow Replacement - APAC Analysis and Market Forecasts
Asia-Pacific (APAC) elbow replacement market was estimated at US$4.2m in 2016 across the seven markets (Australia, China, India, Japan, New Zealand, South Korea, and Taiwan) covered in this report. By the end of the forecast period in 2023, it is estimated that the market will grow to approximately US$5.5m at a Compound Annual Growth Rate (CAGR) of 3.8%.
Key drivers of the elbow replacement market in the forecast period are -
The growing global aging population and rising prevalence of diseases such as osteoarthritis (OA) and rheumatoid arthritis (RA).
Patient preference for an active lifestyle, leading to the choice of total joint replacement over joint fusion.
Continued efforts from manufacturers to promote and educate patients and surgeons about extremity implants.
Australia represented the largest portion of the market in 2016, holding up to 45% of the regional revenue, and is expected to maintain this dominance through the forecast period. India is expected to be the fastest-growing market through 2023, with a CAGR of 8.7% respectively, while the slowest growth will be observed in Japan with a CAGR of 2.1%.
Most of the elbow replacement market is occupied by a few players including Wright Medical, Stryker, Zimmer Biomet, and Integra LifeSciences. These companies are dominant players in the medical device industry with significant clinical research data driving product adoption and expansive sales and distribution networks. Elbow prostheses tend to be loss-leaders or barely profitable, and therefore market share is expected to sway towards larger companies with ample financial resources to weather any losses.
Total elbow arthroplasty (TEA) is one of the five procedures that make up the extremity joint market; the others are shoulder, wrist, digit, and ankle. As the general population ages, the number of arthritis cases and elbow fractures increase, contributing largely to the number of elbow replacements performed. Although arthritis in small joints occurs far less frequently than at the hip or knee joint, the physical impairments for patients with extremity arthritis are equivalent to those of other forms of arthritis. The disability of these joints can severely hinder a person’s ability to engage in recreational activities, perform vocational duties, or even carry out the activities of daily living.
The accelerators for growth in the elbow replacement market include changing population demographics, physical activity levels associated with the older generation, and an increased awareness of the procedure. Compared to past years, people tend to engage in competitive sports and other intense physical activities from an earlier age and until later in life. As a result, there will be an expected increase in the incidence of ankle-related sports injuries in addition to normal degradation of the joint due to aging. These joint dysfunctions, albeit less common in the elbow than in big joints, lead to an increased likelihood of replacement procedures in later years.
The report MediPoint: Elbow Replacement - APAC Analysis and Market Forecasts focuses on the market outlook for elbow replacement devices in Asia-Pacific (APAC: Australia, China, India, Japan, New Zealand, South Korea, and Taiwan). The analysis identifies the key unmet needs in the elbow replacement market, discusses the major drivers and barriers of adoption, and provides an in-depth understanding of physicians’ perceptions and the future outlook for this market by segment and geography.
Companies mentioned in this report: DJO Global, Acumed, Corin Group, Integra LifeSciences, Kyocera Medical, Lima Corporate, Stryker, Wright Medical Group, Zimmer Biomet.
Overview of recent key industry events and analysis of their market impact.
Annualized total market revenue, procedure trends, and market outlooks by segment and by region through 2023.
Key topics covered include strategic competitor assessment, market characterization, identification of unmet needs, reimbursement considerations, evaluating market access in each region covered in the report, and implications of the emerging technologies in the market.
Analysis of the current and future market competition in the global elbow replacement market. Insightful review of industry drivers, barriers, and challenges.
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