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The total wrist replacement market size is forecast to increase by USD 137.5 million, at a CAGR of 3.27% between 2023 and 2028. Market growth analysis is contingent upon several pivotal factors, such as the escalating incidence of road accidents and fatal sports injuries, advancements in prosthetic designs, and the expanding aging population. The rising frequency of road accidents and sports-related injuries underscores the pressing need for advanced medical interventions and prosthetic solutions. Concurrently, the evolution of prosthetic designs reflects ongoing innovations aimed at enhancing functionality, comfort, and durability, thereby meeting diverse patient needs. Moreover, the increasing aging population worldwide amplifies the demand for prosthetics and related medical technologies tailored to improve the quality of life and mobility in elderly individuals. These converging trends drive market expansion by fostering continuous research, development, and adoption of cutting-edge prosthetic technologies. As healthcare sectors globally respond to these challenges and opportunities, the market for prosthetics is poised for sustained growth, addressing critical healthcare needs and improving outcomes for patients across different age groups and medical conditions.
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The market is witnessing significant growth due to the increasing prevalence of orthopedic disorders such as osteoporosis, osteoarthritis, and rheumatoid arthritis. According to the Annals of Surgery, wrist disorders account for approximately 1-2% of all hand and wrist injuries. Trauma services and surgical procedures for wrist fractures and accident cases also contribute to the market's growth. Key players in the market include Stryker and Zimmer Biomet, who offer advanced solutions for wrist reconstruction surgeries. Minimally invasive surgeries have gained popularity in recent years due to their benefits, leading to an increase in demand for total wrist replacement. The aging population is another significant factor driving the market's growth, as they are more susceptible to orthopedic disorders. The Bone Joint Open journal reports that total wrist arthrodesis and total wrist fusion are common surgical procedures for wrist reconstruction. The Drug Administration has approved several total wrist replacement devices, further boosting market growth. Conformis is another notable player in the market, offering customized total wrist replacement solutions.
Growing number of road accidents and fatal sports injuries is notably driving the market growth. Extremity injuries, particularly those affecting the hand and wrist, are commonly caused by road accidents and sports-related incidents. These injuries can result in dislocations, severe fractures, and bone damage. According to the Centers for Disease Control and Prevention (CDC), road accidents are a leading cause of death and injury worldwide, with an estimated 1.25 million fatalities annually. In the US alone, the CDC reports that by 2030, road accidents will be the seventh leading cause of death. Orthopedic disorders such as osteoporosis, osteoarthritis, rheumatoid arthritis, and bone fractures due to the aging population and comorbidities also necessitate wrist reconstruction surgeries.
Further, companies like Stryker, Zimmer Biomet, Conformis, Extremity Medical, and others provide orthopedic implants for total wrist arthrodesis, total wrist fusion, and anatomical plating systems for these procedures. The wrist replacement market includes joint replacement procedures in outpatient settings, pediatrics, and trauma services. Sports injuries and deformities are also significant contributors to the market growth. Healthcare reimbursement and healthcare systems play a crucial role in the affordability and accessibility of these surgical procedures. Thus, such factors are driving the growth of the market during the forecast period.
Increasing R&D of 3D printed wrist implants and surgical instruments is the key trend in the market. The total wrist replacement market has witnessed significant advancements in recent years, particularly in the use of patient-specific implants for complex wrist cases. Orthopedic disorders such as osteoporosis, osteoarthritis, rheumatoid arthritis, fractures, injuries, and deformities have led to an increased demand for wrist reconstruction surgeries. Companies like Stryker, Zimmer Biomet, Conformis, Extremity Medical, and others are at the forefront of providing orthopedic implants for these procedures. Three-dimensional (3D) printing technology has revolutionized the field of wrist implants, enabling clinicians to create customized, anatomically correct implants for individual patients. The limited number of sizes and poor bone stock in the wrist make it an ideal candidate for 3D printing.
Moreover, customized implants can lead to shorter recovery times, less pain, and less blood loss. These implants can also be fabricated with high-quality, biocompatible materials that facilitate osteointegration and reduce implant stiffness. In the outpatient setting, total wrist arthrodesis and fusion procedures are commonly performed. Comorbidities such as the aging population, trauma services, and pediatric cases also contribute to the growth of the wrist replacement market. Sports injuries and healthcare reimbursement systems further drive the demand for these procedures in healthcare systems. Anatomical plating systems and the PediFrag franchise are also used in pediatric cases. The FDA has approved several total wrist replacement procedures, making them a viable option for patients seeking relief from wrist pain and disability. Thus, such trends will shape the growth of the market during the forecast period.
The lack of skilled surgeons is the major challenge that affects the growth of the market. The total wrist replacement market is witnessing a growing demand due to the increasing prevalence of orthopedic disorders such as osteoporosis, osteoarthritis, rheumatoid arthritis, and injuries. Stryker, Zimmer Biomet, Conformis, and Extremity Medical are some of the key players in the market, offering a range of orthopedic implants for wrist reconstruction surgeries. These procedures include total wrist arthrodesis, total wrist fusion, and anatomical plating systems. Trauma services and surgical procedures for hand deformities, fractures, and comorbidities are major application areas for these implants. The aging population and the rising number of accident cases are contributing to the growth of the market. Pediatric patients with pediatric wrist disorders and sports injuries also require wrist replacement procedures.
However, the shortage of surgeons specialized in total wrist replacement and trained in performing the procedure is a significant challenge. Experienced surgeons are necessary for a successful outcome, as the learning curve for total wrist replacement is steep. The clinical success of the procedure depends on the surgeon's experience and the implantation technique used. Healthcare reimbursement and healthcare systems also play a crucial role in the growth of the market. In an outpatient setting, total wrist replacement procedures offer a cost-effective solution for patients with disabling wrist conditions. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The hospitals and clinics segment is estimated to witness significant growth during the forecast period. The total wrist replacement market caters to the growing demand for advanced orthopedic solutions for various hand disorders, including osteoporosis, osteoarthritis, rheumatoid arthritis, and fractures caused by accidents or sports injuries. Key players in this market include Stryker, Zimmer Biomet, Conformis, Extremity Medical, and others. The aging population and increasing prevalence of comorbidities such as arthritis and deformities are major factors driving the growth of this market.
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The hospitals and clinics segment accounted for USD 403.50 million in 2018. The joint open journal reports an increasing number of wrist reconstruction surgeries, including total wrist arthrodesis and total wrist fusion, utilizing anatomical plating systems. Healthcare reimbursement policies and healthcare systems' focus on outpatient settings further boost the market's growth. Pediatric applications under the PediFrag franchise are also gaining traction in the market. The FDA's approval of new orthopedic implants continues to propel innovation in this field. Injuries and trauma services are significant contributors to the market, with a rising number of surgical procedures being performed to address wrist disorders.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The total wrist replacement market caters to the growing demand for advanced orthopedic solutions for various hand disorders, including osteoporosis, osteoarthritis, rheumatoid arthritis, and fractures caused by accidents or sports injuries. Key players in this market include Stryker, Zimmer Biomet, Conformis, and Extremity Medical.
Thus such companies offer a range of orthopedic implants and surgical procedures for wrist reconstruction, such as total wrist arthrodesis and total wrist fusion, in both inpatient and outpatient settings. The aging population, comorbidities, and disability are significant drivers for the market's growth. The FDA has approved several joint replacement procedures, making healthcare reimbursement more accessible for patients. Anatomical plating systems and pediatric offerings, such as the PediFrag franchise, are also gaining popularity. Healthcare systems are increasingly focusing on trauma services to cater to the rising number of wrist-related injuries and deformities.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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The market is witnessing significant growth due to the increasing prevalence of orthopedic disorders such as osteoporosis, osteoarthritis, rheumatoid arthritis, and injuries. These conditions often lead to wrist deformities, fracture, and the need for surgical procedures. Companies like Stryker, Zimmer Biomet, Conformis, and Extremity Medical are leading players in this market, offering orthopedic implants for wrist reconstruction surgeries. The aging population is another major factor driving the market's growth, as older adults are more susceptible to wrist disorders and fractures. Comorbidities, such as diabetes and obesity, can also increase the risk of wrist injuries and the need for joint replacement procedures. In the healthcare system, wrist replacement surgeries are often performed in outpatient settings, making them more accessible and cost-effective.
However, healthcare reimbursement policies and the high cost of these procedures can be barriers to access. Anatomical plating systems are commonly used in total wrist arthroplasty system and total wrist fusion procedures. These procedures are used to treat various conditions, including arthritis, injuries, and deformities. Pediatric patients may also require wrist replacement procedures due to congenital disorders or accidents. The Drug Administration regulates these procedures and implants to ensure safety and efficacy. Sports injuries and disabilities can also lead to the need for wrist replacement procedures. Overall, the wrist replacement market is expected to continue growing due to the increasing prevalence of orthopedic disorders and the need for effective treatment options.
Market Scope |
|
Report Coverage |
Details |
Page number |
137 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.27% |
Market growth 2024-2028 |
USD 137.5 million |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
3.12 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, Germany, UK, China, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acumed LLC, Anika Therapeutics Inc., Conmed Corp., Extremity Medical LLC, Integra Lifesciences Corp., Johnson and Johnson Services Inc., Medartis Holding AG, Skeletal Dynamics LLC, Smith and Nephew plc, Stryker Corp., Swemac, Wright Medical Group NV, and Zimmer Biomet Holdings Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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