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Total Wrist Replacement Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

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  • 112 Pages
  • April 2023
  • Region: Global
  • Mordor Intelligence
  • ID: 4987155
UP TO OFF until Sep 30th 2023

Quick Summary:

In the continuously evolving medical field, having sound market knowledge becomes crucial to staying competitive. One such area is the total wrist replacement market, which is anticipated to see steady growth due to several influential factors. Purchasing our market research report will provide you with valuable insights, giving you the ability to understand trends and make informed decisions in this dynamic market.

The key drivers behind the rising demand in the total wrist replacement market are the ever-increasing aging population and the prevalence of conditions like rheumatoid and osteoarthritis. These demographic and health trends underscore the importance of solutions like total wrist replacement, ultimately contributing to market growth. The rising wave of product developments and approvals further supplements this market expansion, despite challenges such as high surgery costs.

The market research report comprises an in-depth analysis of trends, such as total wrist fusion surgery's expected growth, along with a detailed regional breakdown. This report allows the reader to understand the major contributions to market expansion from a geospatial perspective, focusing largely on North America's significant market share. Be sure to take advantage of this invaluable tool to stay ahead in the total wrist replacement market.

The total wrist replacement market is expected to register a CAGR of 3.5% over the forecast period.

The outbreak of COVID-19 has significantly impacted the total wrist replacement market. This was due to the strict regulations imposed on elective and non-urgent surgeries during the initial stages of the pandemic. For instance, the article published in Bone and Joint Open journal in January 2022 mentioned a 32% reduction in hand and trauma services, and the surgical procedures on hand trauma were reduced by 41% compared to 2021. Such reduction in the surgical volume and patient inflow during the pandemic had a notable impact on the market. However, the resumption of wrist surgeries during the post-pandemic period after the relaxation of strict lockdown procedures is expected to contribute to the market's growth.

The key factors propelling the growth of the total wrist replacement market are the increasing aging population, the increasing prevalence of rheumatoid and osteoarthritis, and the increase in fracture and accident cases. For instance, according to the NCBI article published in September 2022, the incidence of rheumatoid arthritis in Northern Europe and Northern America was 24 and 36 cases per 100,000 people, respectively. Similarly, another NCBI article published in 2021 mentioned that globally, osteoarthritis prevalence increased by 8.5%-9.3% in 2021. The article also mentioned that the regional prevalence of osteoarthritis was 22.5% in North America, 7.2% in Western Europe, 8.4% in Central Asia, and 12.8% in North Africa and the Middle East in 2021. Such prevalence of osteoarthritis and rheumatoid arthritis, which increase the possibility of wrist replacement, is expected to drive the demand for total wrist replacement, thereby contributing to the market's growth over the forecast period.

On the other hand, rising product developments and approvals are expected to drive the growth of the studied market over the forecast period. For instance, in May 2021, the Orthopaedic Implant Company announced the United States Food and Drug Administration clearance and commercial launch of its wrist fracture plating technology, the DRPx System. Additionally, in May 2021, Hospital for Special Surgery surgeon developed a wrist implant, KninematX, total wrist arthroplasty system. The surgeon also performed wrist-replacement surgery using this implant.

However, the high costs involved in wrist reconstruction surgeries are expected to hinder market growth during the forecast period.

Total Wrist Replacement Market Trends

Total Wrist Fusion Surgery is Expected to Witness a Healthy Growth Over the Forecast Period

Total wrist arthrodesis, also known as total wrist fusion (TWF), is a surgical procedure in which the wrist joint is stabilized or immobilized by fusing the forearm bone with the small bones of the wrist. This procedure relieves the pain after severe trauma to the wrist. The doctor may recommend total wrist arthrodesis when conservative treatments such as rest, medications, injections, and physical therapy do not relieve the pain.

With the growing geriatric population prone to develop arthritis and increasing arm injury, the use of total wrist fusion is expected to observe healthy demand and supply throughout the forecast period. For instance, as per the October 2021 report of the World Health Organization, the population of people of age 60 years or more is expected to increase from 1 billion in 2020 to 2.1 billion by 2050, and as the older population is more prone to musculoskeletal disorders, such as arthritis and osteoporosis, the demand for total wrist fusion is expected to increase over the forecast period. Moreover, osteoarthritis is considered one of the most prevalent articular diseases among the population above the age of 65 years. Thus, the rising geriatric population is expected to drive the demand for total wrist fusion, thereby contributing to the growth of the studied segment.

Additionally, major players are engaged in the development of novel products and technologies. For instance, in October 2021, Tyber Medical LLC announced it had received the United States Food and Drug Administration clearance for its expanded line of anatomical plating systems, including wrist fusion plates. Moreover, in September 2021, Anika Therapeutics, Inc., a global joint preservation company, announced its WristMotionTotal Wrist Arthroplasty (TWA) System was launched at the American Society for Surgery of the Hand (ASSH) 2021 annual meeting in San Francisco.

North America is Expected to Hold a Significant Share in the Market Over the Forecast Period

North America is expected to hold a major share of the total wrist replacement market and is expected to show the same trend over the forecast period. The rising arthritis cases along with increasing arm injuries in this region along with the presence of major market players are expected to contribute to the growth of the market in this region.

For instance, the article published in NCBI in July 2022, mentioned that about one in seven people had wrist arthritis in the United States which was 13.6% of the country's population in 2022. Similarly, an article published by the Ohio State University, in 2021, reported that 6 million people in the United States broke a bone each year. The article also mentioned that fractures account for 16% of all musculoskeletal injuries in the United States annually. More than 40% of fractures occur at home. Likewise, the NCBI article published in January 2021, mentioned that over 16.5% of Canadians, around 4.8 million people had been diagnosed with various forms of arthritis by health professionals in 2021. Therefore, the increasing incidence of arthritis and bone fractures is expected to drive the demand for total wrist replacement in North America, thereby fueling the growth of the market.

Also, the rising total wrist replacement surgeries in this region is expected to provide lucrative opportunities in this region, thereby driving the growth of the market. For instance, in April 2021, Extremity Medical announced the first surgical case using KinematX total wrist device. KinematX is a mid carpal implant designed to mimic the natural range of motion in patients with wrist arthritis and others.

Thus, the rising arthritis cases along with the increasing adoption of total wrist replacement surgeries among the population is expected to contribute to the growth of the market in this region.

Total Wrist Replacement Industry Overview

The market studied is moderately competitive and fragmented due to many market players. Some major players in this market include Zimmer Biomet, Integra Lifesciences Holdings Corporation, Johnson and Johnson, Stryker Corporation, and Acumed LLC, among others.

Additional Benefits:

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Incidences of Arthritis and Osteoporosis Increase With the Age
4.2.2 Increasing Awareness about the Available Treatments for Wrist Injuries and Increase in Disposable Income
4.3 Market Restraints
4.3.1 High Costs Involved in Wrist Reconstruction Surgeries
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Technology
5.1.1 Total Wrist Replacement (TWR)
5.1.2 Total Wrist Fusion (TWF)
5.2 Geography
5.2.1 North America United States Canada Mexico
5.2.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.2.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.2.4 Middle East and Africa GCC South Africa Rest of Middle East and Africa
5.2.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Small Bone Innovations
6.1.2 Zimmer Biomet
6.1.3 Integra Lifesciences Holdings Corporation
6.1.4 Johnson and Johnson
6.1.5 Acumed LLC
6.1.6 Medartis
6.1.7 Stryker Corporation
6.1.8 DJO Global
6.1.9 Anika Therapeutics Inc.
6.1.10 Skeletal Dynamics
6.1.11 CONMED Corporation
6.1.12 Extremity Inc

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Small Bone Innovations
  • Zimmer Biomet
  • Integra Lifesciences Holdings Corporation
  • Johnson and Johnson
  • Acumed LLC
  • Medartis
  • Stryker Corporation
  • DJO Global
  • Anika Therapeutics Inc.
  • Skeletal Dynamics
  • CONMED Corporation
  • Extremity Inc