The Endoprosthesis Market Is Estimated To Witness High Growth Owing To Aging Population.

Endoprosthesis Market

The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Endoprosthesis refers to an artificial device or implant that is placed inside the body to replace a missing biological structure such as a joint or bone or support a weakened or functioning organ. The key endoprosthesis products are cardiac, dental, lower limbs, hips, knee, etc. These are widely used to treat various medical conditions like arthritis, fractures, joint replacement, etc. resulting from aging, obesity, sports injuries, etc.

Market Dynamics:
The endoprosthesis market is primarily driven by the growing aging population who are more susceptible to orthopedic disorders like osteoarthritis. As per United Nations reports, the global population over 60 years is projected to double from 12% to 22% from 2015 to 2050. Additionally, the increasing prevalence of lifestyle diseases leading to demand for hip and knee replacement surgeries is another key factor fueling the market growth. However, the high cost of these products, availability of alternative treatment options and risks associated with surgical procedures may hamper the market growth over the forecast period.

SWOT Analysis
Strength:
- Endoprosthesis can effectively replace defective body parts and enhance physical abilities which is the core competence.
- Leading players have strong R&D capabilities to develop innovative and technologically advanced products.
- Growing aging population and chronic diseases increases the demand for endoprosthesis products.

Weakness:
- High costs associated with implantation surgery and post-operative care can limit market growth.
- Reimbursement policies vary significantly across regions posing challenges.

Opportunity:
- Emergence of advanced bioengineered prosthetics creates new opportunities.
- Increasing healthcare expenditure in developing nations provides lucrative growth paths.

Threats:
- Stringent regulatory approvals and clinical trials prolong market entry of new players.
- Low awareness in underdeveloped regions regarding available treatment options.

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 chronic diseases and road accidents. The market size is projected to reach US$ 35.32 Bn by 2030 from US$ 21.50 Bn in 2023.

Regional analysis:
North America is expected to dominate the endoprosthesis market during the forecast period. The rising healthcare expenditure and availability of advanced treatment options drive the market in the region. Asia Pacific exhibits the fastest growth rate owing to growing medical tourism and increasing healthcare investments in emerging countries.

Key players analysis:
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. The leading companies are focusing on new product launches and acquisitions to strengthen their market position.

Read More - https://www.dailyprbulletin.com/knee-replacement-knee-arthroplasty-is-the-largest-segment-driving-the-growth-of-the-endoprosthesis-market/

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