The Global Endoprosthesis Market is estimated to be valued at US$ 21.50 Bn or in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Endoprosthesis refers to an artificial device or implant that is placed inside the body to replace a missing biological structure like hip, knee, or shoulder. Endoprosthesis provides benefits such as improved mobility and reduced joint pain for patients suffering from joint disorders or severe injuries.
Market key trends:
One of the key trends in the endoprosthesis market is the increasing adoption of 3D printing technology for the development and manufacturing of customized implants. 3D printing technology helps in producing implant designs unique to an individual patient’s anatomy which improves prosthesis fitting and durability. The ability to customize implants as per patient need is driving the demand for 3D printed endoprosthesis.
Segment analysis:
One of the major trends gaining momentum in the endoprosthesis market is the advancements in 3D printing technology for manufacturing patient-specific endoprosthesis. 3D printing allows for customized implants to be created using a patient’s MRI or CT scan data, ensuring a perfect fit. This reduces risks of postoperative complications and improves implantation accuracy. Leading players are increasingly adopting 3D printing and investing in relevant R&D to come up with novel personalized solutions.
SWOT Analysis
Strengths: Advanced bio-compatible materials and customization capabilities offer long-term functionality. Minimal post-surgery complications reduced recovery time.
Weaknesses: High costs of personalized devices limit widespread adoption. Stringent regulatory approvals delay product launches.
Opportunities: Rising geriatric population and chronic diseases drive demand. Emerging markets in Asia Pacific yet to be tapped.
Threats: Threat of new substitutes and technologies like stem cell therapy. Price control policies impact revenues.
Key Takeaways
The Global Endoprosthesis Market Demand was valued at US$ 21.50 Bn in 2023 and is expected to reach over US$ 37 Bn by 2030, expanding at a CAGR of 7.5% during the forecast period. Growing prevalence of orthopedic and cardiac conditions along with an aging demographic is pushing the demand for endoprosthetic procedures.
The North American region currently dominates the endoprosthesis market with the highest number of implantation surgeries performed annually. Asia Pacific is poised to be the fastest growing regional market, driven by unmet clinical needs, rising medical tourism and improving access to healthcare in developing nations.
Key players operating in the endoprosthesis market include Medtronic, Boston Scientific, Abbott Laboratories, Edwards Lifesciences, Johnson & Johnson, Stryker, Zimmer Biomet, Smith & Nephew, BD, and Teleflex. The market demonstrates a moderate level of competition with these companies focusing on new product launches and geographic expansions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
