The shoulder replacement market is forecast to grow from $57.3m in 2016, to $95.8m by 2023, at a compound annual growth rate (CAGR) of 7.6%, according to a report by GlobalData.
Titled ‘MediPoint: Shoulder Replacement – APAC Analysis and Market Forecasts’, the report covers the Asia-Pacific (APAC) region, including Australia, China, India, Japan, New Zealand, South Korea, and Taiwan.
The main drivers of growth identified by the report include an ageing population, rise in prevalence of arthritis, and an increase in popularity of shoulder-intensive sports. The need to lead an active lifestyle and inclusion of additional indications for shoulder replacement therapies have also contributed to the growth.
Despite being available for approximately three decades, the popularity of shoulder implants has grown only recently due to advancements in materials and functions, says GlobalData healthcare analyst Tobe Madu.
Currently available treatments aim to reconstruct patient anatomy to deliver a motion-retaining replacement option that helps the ageing population to lead an active lifestyle. Current therapies are focusing on reverse shoulder replacement instead of total shoulder replacement. Further, poor outcomes among younger patients are driving demand for revision arthroplasty with the use of stemless shoulder devices.
Shoulder replacement comprises the biggest segment of the extremities space, with the majority of the companies focusing on it in their portfolio, adds Madu. Zimmer Biomet and Wright Medical are two of the biggest players in the market apart from DePuy Sythes, Lima Corporate, and Stryker.