The global shoulder arthroplasty market was valued at $1,080 million in 2016, and is projected to reach $1,814 million by 2023, growing at a CAGR of 7.6% from 2017 to 2023. The total shoulder arthroplasty (TSA) segment accounted for about three-fourths of the share of the global shoulder arthroplasty market in 2016.
Increase in incidence of arthritis and surge in in geriatric population drive the growth of the global shoulder arthroplasty market. In addition, rise in focus of manufacturers on developing advanced shoulder fracture repair devices supplements the market growth. However, increase in risk of postoperative injuries associated with shoulder arthroplasties hampers the market growth. Conversely, surge in investment by manufacturers to develop shoulder arthroplasty devices in the emerging economies and rise in initiatives to increase awareness towards available treatments for shoulder injuries are expected to provide profitable opportunities for market expansion.
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COVID-19 scenario analysis:
1) The COVID-19 impact on the Shoulder arthroplasty market is unpredictable and is expected to remain in force till the fourth quarter of 2021.
2) The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import-export of nonessential items for most of 2021. This led to sudden fall in the availability of important raw materials.
3) Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.
4) Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative drone analytics systems globally.
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Key findings of Shoulder arthroplasty market:
•The stemmed hemi segment held the largest share in the global shoulder arthroplasty market for partial shoulder arthroplasty in 2016, accounting for two-thirds share.
•The total reverse shoulder arthroplasty segment has registered significant growth rate among total shoulder arthroplasties, and is expected to register a CAGR of 9.2% from 2017 to 2023.
•North America dominated the market, accounting for maximum share of in 2016, and is expected to witness a CAGR of 6.9%.
•India is expected to grow at a CAGR of 9.5%.
•The rotator cuff tear arthropathy indication is anticipated to register highest CAGR of 9.6% from 2017 to 2023.
Asia-Pacific witnessed highest growth rate for shoulder arthroplasty market, and is expected to continue this trend throughout the forecast period. This region serves to be an emerging market with a high population density and increase in geriatric population. In addition, rise in incidence of arthritis in India and Japan boosts the market growth.
List of Key Players Profiled in the Report: