Report: North America elbow replacement market to witness a CAGR of 3.6%
An increase in the ageing population and active lifestyles, coupled with the rise in prevalence of orthopaedic diseases, are expected to drive the elbow replacement market in North America to a compound annual growth rate (CAGR) of 3.6% by 2023, according to a report by GlobalData.
Entitled ‘MediPoint: Elbow Replacement – North America Analysis and Market Forecasts’, the report forecasts the elbow replacement market in North America to grow from $23m in 2016 to $29.5m by 2023. This will be contributed majorly by the US, which is forecast to see sales growth from $18.6m to $24m during this period.
Demographic and lifestyle changes have resulted in a steady adoption of elbow replacement procedures, although the elbow accounts for a relatively small portion of the orthopaedics market, says Tobe Madu, MSc, Healthcare Analyst for GlobalData.
Increasing competitive pressures and declining reimbursement will bring down the average selling prices for elbow replacement implants, however, the report forecasts that this will be offset by an increase in procedural volumes.
Large companies such as Wright Medical, Stryker, Zimmer Biomet, and Integra LifeSciences are favoured with higher market shares because profits in elbow prostheses are thin, Madu opines.