According to FutureWise analysis, the market for shoulder replacement is to reach USD 3356.22 million by 2028, and is projected to expand at a CAGR of 6.9% from 2023-2031.
Shoulder replacement surgeries are undertaken to replace glenohumeral joint partially or totally by a prosthetic implant which is made of metal components and polyethylene. The primary factors responsible for the growth of the shoulder replacement market are rising life expectancy of the population and increasing cases of arthritis owing to a sedentary lifestyle. Additionally, growing awareness regarding the availability of cost-effective treatments related to shoulder injuries stimulates market growth significantly. Based on the type of product, the global market is bifurcated into anatomical shoulder prosthesis and reverse shoulder prosthesis. Reverse shoulder prosthesis segment will showcase competitive market growth by registering a CAGR of over 8.2% although it shall possess market share that is close to half the amount of market share anatomical shoulder prosthesis segment possesses in the North American region.
The end-user is segmented as hospitals, ambulatory surgical centres and orthopaedic clinics. The hospital segment is expected to dictate the market owing to the advanced facilities provided by the hospital infrastructure and this trend will be mainly observed in developed economies like North America and Europe. The market is regionally bifurcated into North America, Latin America, Europe, Asia Pacific and rest of the world. Asia Pacific region is anticipated to provide profitable opportunities thus assisting market growth. The anatomical shoulder prosthesis segment is projected to witness remarkable growth with a CAGR of over 7% during the forecast period. However, the reverse shoulder prosthesis segment is expected to obtain a moderate growth rate in the region. Asia Pacific region is the hub for many medical device manufacturers.
Furthermore, this region has a high healthcare expenditure which shall transform into high growth potential for not only MNCs but also local medical device manufacturers. Moreover, a rising disposable income coupled with an increase in life expectancy of the population has strengthened the market position of the Asia Pacific region. Further bolstering to the market is obtained by governmental regulations favourable to the medical device manufacturing companies, both MNCs and local manufacturers. Such initiatives have assisted in the significant proliferation of the market.