Transparency Market Research
Elbow is a hinge joint which is made up of three bones: ulna, radius, and humerus. Elbow replacement surgery is a complicated procedure due to the movable joints. Elbow replacement surgery is rare compared to knee or hip replacement surgeries. In the surgery, elbow is replaced with an artificial joint made of metal and plastic. Elbow replacement surgery can be considered in various cases, such as, rheumatoid arthritis, elbow instability, degenerative bone diseases, post traumatic arthritis, etc. The replacement can be either partial or total, depending on the need.
The global elbow replacement market is expected to expand at a rapid CAGR during the forecast period. Globally, arthritis is a common chronic disease, and is an important factor driving the growth of the elbow replacement market. According to John Hopkins Research, prevalence of rheumatoid arthritis is 1% to 2% globally, and the important joints involve wrist and elbow. This is another factor driving the growth of the market. Rise in geriatric population, increase in traumatic injuries, sedentary lifestyle, etc. are some of the factors propelling the growth of global elbow replacement market throughout the forecast period. Furthermore, factors such as technological advancement, favorable reimbursement scenarios, and rise in awareness about extremity implants are boosting the growth of global elbow replacement market. However, availability of substitute procedures, and complications associated with the replacement are anticipated to hinder the growth of the market during the forecast period.
The global elbow replacement market can be segmented based on product type, end-user, and geographical region. On the basis of product type, the global elbow replacement market can be classified into total elbow replacement products and partial elbow replacement products. Both the segments are anticipated to grow at a significant rate due to increase in number of patients, sophisticated products, rise in prevalence of arthritis, etc. Based on end-user, the global elbow replacement market can be classified into hospitals, ambulatory surgical centers, orthopedic clinics, and others.
Geographically, the elbow replacement market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is anticipated to dominate the market with the leading share. High prevalence of rheumatoid arthritis, rising trend of unhealthy lifestyle in the region, etc. are some of the major factors expected to drive the growth of the market during the forecast period. Furthermore, advanced technology, rise in awareness among people toward extremities implants, high health care expenditure, favorable reimbursement policies, etc. are estimated to propel the elbow replacement market in North America. Europe is also anticipated to hold a significant share of the global market. Factors contributing to the growth of the market in Europe are increase in elderly population, rise in health care expenditure, etc. The Asia Pacific is anticipated to register a significant growth during the forecast period due to growing geriatric population, increasing accidental rates, high prevalence of orthopedic diseases, improving health care infrastructure, rising awareness among people regarding elbow replacement, etc. Furthermore, major players focusing in the region is expected to drive the growth of market in Asia Pacific during the forecast period.
In order to obtain a secured position in the elbow replacement market, key players are adopting strategies, such as, mergers, acquisitions, cost-effective products, collaborative partnerships etc. Prominent players operating in global elbow replacement market include Zimmer Biomet, Stryker, and Wright Medical Group N.V.
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