Elbow replacements are orthopedic implants used for total elbow arthroplasty to replace the articular surface of damaged elbow joint with artificial components. Damage to elbow joints can occur due to osteoarthritis, rheumatoid arthritis, fractures or other injuries. Elbow replacements restore elbow functionality, reduce pain and improve quality of life. Main advantages are restoration of range of motion, possibility of dynamic stabilization and ability to resume daily activities. Elbow replacements are typically indicated for end stage arthritis when conservative treatments fail to provide relief.
The Global Elbow Replacement Market is estimated to be valued at US$ 144.2 MN in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in The Global Elbow Replacement Market are Wright Medical Group N.V., Integra LifeSciences Corporation, Zimmer Biomet, Johnson & Johnson Service, Inc., Corin Group, Stryker, Smith+Nephew, DJO, LLC, Arthrex, Inc., Limacorporate S.p.A., Acumed LLC, CONMED Corporation, implantcast GmbH, BioMedtrix, LLC, Meril Life Sciences Pvt. Ltd., and RCH ORTHOPAEDICS. Wright Medical Group N.V. and Zimmer Biomet together hold over 50% of market share currently.
The global elbow replacement market is witnessing growing demand owing to increasing prevalence of elbow arthritis globally due to sedentary lifestyle and obesity. According to CDC, over 30 million Americans are projected to have doctor-diagnosed arthritis by 2040. Additionally, the increase in the aging population which is more prone to age related orthopedic conditions is also boosting demand.
Major players are focused on geographic expansion strategies to tap growth opportunities in emerging markets of Asia Pacific, Latin America, Middle East and Africa. Establishing manufacturing and distribution networks in these regions allow better access and positioning. Increasing penetration of medical insurance and availability of advanced healthcare services are spurring adoption of elbow replacement surgeries in developing nations.
Market key trends
Growing popularity of minimally invasive elbow replacement procedure is a key trend. It is associated with reduced trauma, shorter hospital stay and quicker recovery time. 3D printing technologies are also gaining attention for accurate pre-operative templating and patient specific implants. Major players are investing in development of 3D printed implants and instruments to enable precise insertion during surgery. Customization opportunities along with capability to produce implants on demand gives 3D printing an edge over conventional methods.
Porter’s Analysis
Threat of new entrants: Low barriers and risks of investing into the mature elbow replacement market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of different product options and technologies.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and technologies.
Threat of new substitutes: Low threat due to lack of substitutes for joint replacement implants.
Competitive rivalry: High due to presence of many major players.
Geographical Regions
North America dominates the global elbow replacement market in terms of value owing to the high price of implants and rise in aging population with orthopaedic disorders.
Asia Pacific elbow replacement market is expected to witness fastest growth during the forecast period due to rise in healthcare expenditure, increasing awareness about elbow replacement procedures, and growth of medical tourism industry.
