ENDOPROSTHESIS MARKET ANALYSIS

Market Challenges And Opportunities

• The global endoprosthesis market is expected to witness steady growth over the next five years. The rising geriatric population which are more prone to orthopedic diseases and injuries will drive demand for various endoprosthesis products. However, the high cost of these complex devices may restrain the market to some extent. The market is currently dominated by hip and knee replacements. The Asia Pacific region, excluding Japan, is likely to see the fastest market growth due to increasing healthcare expenditure and rising medical tourism in countries like India and Thailand.
• Furthermore, the growing prevalence of bone deformities and osteoporosis will augment the need for new reconstructive endoprosthesis. Advancements in 3D printing and computer-assisted design and manufacturing offer opportunities to develop customized implants with complex geometries. The rising number of trauma cases and road accidents, particularly in developing nations, is another factor stimulating sales. Knee reconstruction is foreseen to be the fastest-growing segment owing to the rising incidence of knee injuries among the geriatric population.
• The emergence of bioresorbable implants made from polylactic acid, which dissolves after healing, is gaining prominence. The growing preference for minimally invasive surgeries to reduce complications and recovery time augurs well for the market. Additionally, favorable reimbursement policies for joint replacements in major developed markets encourage patients to undergo such procedures. Ongoing research into additive layer manufacturing of implants with incorporated drugs.

Global Endoprosthesis Market Drivers:

• Increasing prevalence of cardiovascular diseases: The rising prevalence of cardiovascular diseases such as coronary artery disease and heart valve diseases is driving the demand for endoprosthesis like stents, pacemakers, and heart valves. According to World Health Organization (WHO), 2021, cardiovascular diseases are the leading cause of death and it accounts for nearly 18 million deaths annually.
• Growth in geriatric population: The growing geriatric population across the globe, which is more prone to orthopedic disorders, osteoporosis, osteopenia, and osteoarthritis is expected to drive the demand for endoprosthesis implants. According to the United Nations, 2021, the global geriatric population is expected to reach 2.11 billion by 2050.
• Technological advancements: Continuous technological advancements leading to improved success rate, lesser risk, reduced recovery time, and development of patient-specific customized implants are supporting the market growth. For instance, Zimmer Biomet’s, a medical device company mymobility digital health platform allows surgeons to optimize implants based on patient’s anatomy.
• Favorable reimbursement policies: Favorable healthcare insurance policies and healthcare reforms focusing on making healthcare facilities accessible and affordable for all is expected to increase the adoption rate of endoprosthesis devices.

Global Endoprosthesis Market Opportunities:

• Growing medical tourism in emerging economies: The expanding medical tourism industry driven by the availability of high-quality and affordable treatments, is expected to provide lucrative opportunities for endoprosthesis market growth in emerging economies like India, Malaysia and Mexico.
• Rising demand for custom-made implants: Increasing demand for patient-specific customized implants designed using 3D printing technology based on patients’ distinct anatomy is enabling OEMs to improve implant accuracy and surgical outcomes.
• Development of smart Implants: Integration of advanced technologies such as IoT, sensors, and AI in endoprosthesis implants to enable real-time monitoring and personalized care can drastically improve patient outcomes in the future.
• Untapped emerging markets: Huge untapped opportunities exist in the emerging economies due to improving healthcare facilities, rising medical tourism, and increasing healthcare expenditure, which is expected to fuel market growth during the forecast period.

Global Endoprosthesis Market Restraints:

• High cost of endoprosthesis implants: The high cost of endoprosthesis implants like cardiac stents and knee implants is a major factor hampering market growth, especially in developing regions.
• Unfavorable reimbursement policies: Stringent reimbursement scenarios for expensive endoprosthesis implants in some countries hamper the adoption rate. This impacts overall market growth.
• Post-surgery complications: Complications like implant rejection, implant failure, infections, etc. associated with endoprosthesis implant procedures can restrain patients from undergoing such treatments.