July 20, 2024

AI-Driven Innovation Projected To Boost The Growth Of Endoprosthesis Market.

The Global Endoprosthesis Market is estimated to be valued at US$ 21.50 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Endoprosthesis refers to medical devices that are implanted inside the body to replace a missing biological structure like joint, bone or tissue. It includes products such as knee prosthesis, hip prosthesis, shoulder prosthesis and more. These are commonly used in orthopedic and cardiovascular surgeries. Advances in material science along with development of 3D printing technology has enabled manufacturing of customized implants with better biocompatibility. Implants made of materials like titanium, stainless steel and ceramics offer durability with lesser chance of rejection by the body. They help restore mobility and quality of life for patients suffering from fractures, osteoarthritis and other skeletal disorders.

Market key trends:
Increasing adoption of AI technology by key players is a key trend in the endoprosthesis market. AI algorithms are able to analyze large datasets of implant designs and patient outcomes to develop advanced simulation models. This helps in 3D printing of personalized implants with precise fit and strength. AI is also used for robot-assisted surgeries which improves implantation accuracy and reduces complications. Rising geriatric population prone to orthopedic conditions is another driver. As per UN data, number of people aged 65 years and above is expected to reach 1.5 billion by 2050 from 727 million in 2020. With progressive lifestyle diseases, demand for joint replacement surgeries will rise substantially over the forecast period.

Porter’s Analysis:
Threat of new entrants: The endoprosthesis market requires large investments for R&D and manufacturing facilities. Established brands have an advantage over new entrants in terms of brand name and distribution channels.

Bargaining power of buyers: The bargaining power of buyers is moderate as endoprosthesis are medical devices which require expertise for implantation. However, price sensitivity exists for generic products.

Bargaining power of suppliers:
A few key players dominate the supply of raw materials and components for endoprosthesis. This gives them significant bargaining power over manufacturers.

Threat of new substitutes:
Technological advancements have increased the availability of minimally invasive surgical procedures as an alternative to endoprosthesis. However, implants remain the standard and preferred solution for joint replacements.

Competitive rivalry:
The global endoprosthesis market is highly concentrated with few multinational players holding major market share. Intense competition exists in terms of product innovation, quality, and performance.

Key Takeaways

The Global Endoprosthesis Market Demand is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing prevalence of musculoskeletal disorders and rising geriatric population.

The North America region currently dominates the market and is expected to continue its dominance in the foreseen future owing to the rising number of hip and knee replacement surgeries in the US and rising healthcare expenditure. However, Asia Pacific region is anticipated to witness the highest CAGR over the forecast period with China and India leading the growth due to growing medical tourism and infrastructure.

Key players operating in the endoprosthesis market are Medtronic, Boston Scientific, Abbott Laboratories, Edwards Lifesciences, Johnson & Johnson, Stryker, Zimmer Biomet, Smith & Nephew, BD, and Teleflex. Medtronic and Zimmer Biomet together accounted for over 50% of the overall market share in 2020.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it