Market Research Future (MRFR) has published on the “Global Total Wrist Replacement Market”.
The Total Wrist Replacement market is estimated to register a CAGR of 3.40% during the forecast period of 2024 to 2032.
MRFR recognizes the following companies as the key players in the global Total Wrist Replacement market— Acumed LLC, Arthrex, Inc., Anika Therapeutics Inc., DJO, LLC, Extremity Medical, MicroPort Orthopedics, Inc., Integra LifeSciences Corporation, Stryker Corporation, Smith+Nephew, Wright Medical Group N.V., and Zimmer Biomet.
Total Wrist Replacement Market Highlights
The global Total Wrist Replacement market has registered a CAGR of 3.40% during the forecast period and is estimated to reach USD 0.11 billion by 2032.
A total wrist replacement is now the recommended course of therapy for wrist arthritis due to factors including hereditary susceptibility, trauma, and repetitive stress injuries. Additionally, growth in the market may be constrained by the high cost of whole wrist replacement procedures, which includes implants, hospital stays, and rehabilitation, particularly in areas with poor access to and affordability of healthcare. Furthermore, medical tourism presents prospects in the wrist replacement industry as a whole due to the globalization of healthcare services and the availability of high-quality, affordable treatment choices in some areas. Moreover, because of the intricate anatomy of the wrist joint, whole wrist replacement operations are technically difficult procedures that demand specific training and competence among surgeons, which can be limited in some areas.
Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Total Wrist Replacement Market
Segment Analysis
The global Total Wrist Replacement market has been segmented based on fixation type and end-user.
Based on the fixation type, the market is segmented into cemented, cement-less, hybrid, and reverse hybrid. The cemented segment was attributed to holding the largest market share in 2023 because of its durability, dependability, and reduced revision rates. Skilled surgeons who specialize in entire wrist replacement procedures employ cemented fixation work at orthopedic clinics. These surgeons are skilled in employing bone cement to insert and secure prosthetic components into the wrist joint.
The global total wrist replacement market has been segmented based on end-users in hospitals, orthopedic clinics, and others. In 2023, the hospitals segment was anticipated to have the highest market share. Hospitals offer thorough preoperative, intraoperative, and postoperative consideration to patients going through total wrist replacements, as well as multidisciplinary groups comprised of specialists, nurses, anesthesiologists, physical advisors, and other clinical experts who team up to guarantee the ideal results for patients going through TWR; more patients are deciding to get treatment in hospitals, which is expected to drive the market's development.
Regional Analysis
Based on region, the global Total Wrist Replacement market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The European Total Wrist Replacement market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Total Wrist Replacement market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Total Wrist Replacement market comprises the Middle East, Africa, and Latin America.
The North American regional sector maintained the largest market share. Numerous causes are contributing to the rise in fracture and accident cases in North America, which is a cause for worry. Fractures, especially those of the distal radius, are growing increasingly common in all age groups, including children, young adults, and the elderly, so the need for treatment is expected to rise in the area. Furthermore, individuals are now better equipped to make educated decisions about their healthcare by being more aware of the treatment options for wrist arthritis, including TWR. Patient advocacy organizations, healthcare practitioners, and internet platforms have all launched educational initiatives that have greatly increased awareness of TWR's efficacy in treating severe wrist arthritis. As a result of this increased knowledge, there is a greater demand for these treatments.
Moreover, the European market has been persistently growing over the forecast period. Innovators in orthopedic surgery and implant technologies are fueled by robust research and development ecosystems in Europe, where universities, businesses, and healthcare institutions work together.
Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. Driven by causes such as rising sports injuries, auto accidents, and degenerative joint illnesses, the orthopedic market in Asia Pacific is growing quickly, possibly enlarging the pool of patients in need of complete wrist replacement surgeries. In order to improve access to total wrist replacement procedures, some Asia-Pacific nations are investing in the expansion and modernization of their healthcare infrastructure, which includes orthopedic clinics and surgical centers.
Furthermore, the rest of the world's Total Wrist Replacement market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's rising disposable income, changes in urbanization and lifestyle, creation of beneficial reimbursement programs, and growth of the private healthcare industry, all of which contribute to the market expansion.
Key Findings of the Study
- The global Total Wrist Replacement market is expected to reach USD 0.11 billion by 2032, at a CAGR of 3.40% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market. Government efforts to implement healthcare reforms and encourage medical tourism in the region aim to boost medical education, increase access to healthcare services, and propel growth in the wrist replacement market as a whole.
- Based on Fixation Type, the Cemented segment was attributed to holding the largest market in 2023.
- Acumed LLC, Arthrex, Inc, Anika Therapeutics Inc., DJO, LLC, Extremity Medical, MicroPort Orthopedics, Inc, Integra LifeSciences Corporation, Stryker Corporation, Smith+Nephew, Wright Medical Group N.V., and Zimmer Biomet are the key market players.
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Companies Covered | 15 |
Pages | 128 |
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