Global Elbow Replacement Market to surpass $200.4 million by 2031, at a CAGR of 4.2%, says Coherent Market Insights

BURLINGAME, Calif., April 8, 2024 /PRNewswire/ -- The global Elbow Replacement Market was valued at US$ 144.2 Mn in 2023 and is expected to reach US$ 200.4 Mn by 2031 growing at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Elbow replacement, also known as elbow arthroplasty, is a surgical procedure in which the articulating surfaces of the elbow joint are replaced with prosthetic components. This procedure is generally performed to treat advanced elbow arthritis or damage caused by severe trauma or infection.

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Market Dynamics:

The growth of the elbow replacement market can be attributed to the increasing incidence of elbow injuries due to sports activities, trauma, and aging population. In addition, advancements in technology leading to the development of innovative elbow replacement devices are further driving market growth.

Global Elbow Replacement Market Report Coverage

Market Trends:

One of the key trends in the elbow replacement market is the rising demand for minimally invasive surgical procedures, which offer reduced pain, faster recovery, and smaller incisions. Another trend is the increasing adoption of 3D printing technology in the manufacturing of customized elbow implants, providing better fit and function for patients.

Market Opportunities

Elbow replacement surgery is a medical procedure that involves replacing a damaged or diseased elbow joint with an artificial implant. The global elbow replacement market is anticipated to witness significant growth opportunities in the coming years, driven by the increasing prevalence of conditions such as osteoarthritis, rheumatoid arthritis, and traumatic injuries affecting the elbow joint. As per the market research report, the elbow replacement market was valued at USD 144.2 million in 2023, with a projected CAGR of 4.2% during the forecast period 2024-2031.

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In terms of type, the elbow replacement market is segmented into partial elbow replacement and total elbow replacement. Partial elbow replacement is expected to dominate the market, owing to its less invasive nature and shorter recovery time compared to total elbow replacement. Patients are increasingly preferring partial elbow replacement procedures due to their ability to preserve more of the natural joint structure while still providing relief from pain and improved functionality.

The market is further segmented by material used in the elbow replacement implants, including metal, ceramic, polyethylene, and others. Metal implants are projected to dominate the market segment, as they offer durability, resistance to wear and tear, and better range of motion compared to other materials. Advancements in metallurgy technology have led to the development of stronger and lighter metal alloys that enhance the longevity and performance of metal elbow replacement implants, driving their demand in the market.

Recent Developments:

On January 31, 2024, the American Academy of Orthopaedic Surgeons (AAOS), the largest medical association of musculoskeletal specialists, expanded its partnership with PatientIQ, a healthcare technology company, to offer Shoulder & Elbow Registry (SER) participants a turnkey solution for data submission. The integration of PatientIQ's cloud-based platform offers a seamless experience that simplifies the ability to automate the collection and normalization of outcomes data.

In July 2022, Acumed LLC, a medical device company, announced the acquisition of ExsoMed Corporation, a provider of innovative solutions for hand surgery that enhanced Acumed LLC's comprehensive portfolio of upper extremity solutions for simple to complex injuries.

Market Key Takeaways:

The elbow replacement market is anticipated to witness a CAGR of 4.2% during the forecast period 2024-2031, owing to the increasing prevalence of conditions such as osteoarthritis, rheumatoid arthritis, and traumatic injuries affecting the elbow joint.

On the basis of type, the partial elbow replacement segment is expected to hold a dominant position, driven by its less invasive nature and shorter recovery time.

In terms of material, metal implants are projected to dominate the market, offering durability and better range of motion.

North America is expected to hold a dominant position in the elbow replacement market, driven by the presence of key players and high adoption rate of advanced medical technologies.

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Key players operating in the market include Wright Medical Group N.V., Integra LifeSciences Corporation, Zimmer Biomet, and Johnson & Johnson Service, Inc., among others, who are focusing on product innovation and strategic partnerships to strengthen their market presence.

In conclusion, the elbow replacement market offers lucrative growth opportunities for manufacturers, healthcare providers, and investors, driven by the increasing demand for advanced orthopedic solutions and the rising prevalence of elbow joint disorders. By leveraging technological advancements, strategic collaborations, and market expansion strategies, key players can capitalize on the growing market potential and contribute to improving the quality of life for patients in need of elbow replacement surgeries.

Market Segmentation:

By Type:

• Partial Elbow Replacement
• Total Elbow Replacement

By Material:

• Metal
• Ceramic
• Polyethylene
• Others

By End User:

• Hospitals
• Orthopedic Clinics
• Ambulatory Surgical Centers
• Others

By Region:

• North America
  - U.S.
  - Canada
• Latin America
  - Brazil
  - Mexico
  - Rest of Latin America
• Europe
  - Germany
  - U.K.
  - Spain
  - France
  - Italy
  - Russia
  - Rest of Europe
• Asia Pacific
  - China
  - India
  - Japan
  - Australia
  - South Korea
  - Rest of Asia Pacific
•  Middle East & Africa
  - South Africa
  - GCC Countries
  - Rest of Middle East & Africa

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Bone Replacement Products Market, by Product Type (Hip Replacement, Knee Replacement, Trauma and Extremities, and Spine Replacement), by Material (Metals, Ceramics, Plastics, and Combination of Materials), by End User (Hospitals, Orthopedic Clinics, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa)

Cervical Total Disc Replacement Device Market, By Material (Metal-on-metal and Metal-on-biocompatible), By Design (Constrained, Semi-constrained, and Unconstrained), By End User (Hospitals, Ambulatory Surgical Center and Specialty Clinics, and Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Hip Replacement Market, By Product Type (Total Hip Replacement Implant, Partial Hip Replacement Implant, Hip Resurfacing, Revision Hip Implant), By Components (Hip stem system, Acetabular cup system, Revision Accessories and components), By End user (Hospitals, Orthopedic clinics, Ambulatory surgical centres) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Lumbar Disc Replacement Device Market, By Material, By End User, By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Knee Replacement Market, by Procedure (Total Knee Replacement, Partial Knee Replacement, Kneecap Replacement, and Revision Knee Replacement), by Implant Type (Fixed-bearing Implants, Mobile-bearing Implants, Medial Pivot Implants, and Others), by Material (Metal-on-Plastic, Ceramic-on-Plastic, Ceramic-on-Ceramic, and Metal-on-Metal), by End User (Hospital, Orthopedic Clinics, Ambulatory Surgery Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Orthopedic Biomaterial Market, By Material Type (Glass-ceramic & Bioactive Glasses, Calcium Phosphate Cements, Polymer, Metals, Composites), By Application (Joint Replacement, Spine Implants, Orthobiologics, Viscosupplementation, Bio-resorbable Tissue Fixation, Others), By End User (Hospitals, Orthopedic Clinics, Others), By Geography (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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SOURCE Coherent Market Insights