Wrist Replacement Market: Introduction
- Wrist replacement, also known as wrist arthroplasty, is a surgical procedure in which the diseased or damaged joint is replaced by an artificial joint or prosthesis. The prosthesis helps create a pain-free joint, providing a functional range of movement, when conservative treatments fail.
- Wrist replacement is a common form of treatment offered to patients with rheumatoid arthritis. It is also employed for the treatment of patients with post-traumatic arthritis and osteoarthritis.
- The conditions in which wrist replacement is recommended include joint destruction due to tumors, and correction of wrist deformities
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Key Drivers and Restraints of Global Wrist Replacement Market
- Expansion of the wrist replacement market can be attributed to an increase in the geriatric population. Additionally, expansion of the market can be attributed to an increase in prevalence of rheumatoid arthritis and osteoarthritis. The prevalence of wrist fracture is estimated to be higher in geriatric men as compared to that in geriatric women.
- According to International Osteoporosis Foundation, the prevalence of osteoporosis, globally, is estimated to be around 8.9 million fractures, annually, resulting in an osteoporotic fracture every three seconds. Furthermore, the loss of bone mass in the vertebrae drives the incidence of osteoporosis.
- Prevalence of rheumatoid arthritis is known to vary between 0.3% and 1%. Furthermore, it is known to be significantly more common in women than in men. According to the Centers for Disease Control and Prevention, over 55 million adults in the U.S. suffer from arthritis.
- Over 294,000 children under the age of 18 in the U.S. suffer from osteoporosis and rheumatoid arthritis, thereby fueling the wrist replacement market
North America to Lead Global Wrist Replacement Market
- In terms of region, the global wrist replacement market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global wrist replacement market in 2019, owing to high prevalence of osteoporosis and rheumatoid arthritis among the population. Expansion of the market in the region can be also be attributed to an increase in focus on research & development and government initiatives.
- Europe was also a vital market for wrist replacement, globally, in 2019. Expansion of the market in the region can be attributed to an increase in incidence of osteoporosis and arthritis, rise in awareness about the range of treatments available, and a surge in disposable income among people.
- The market in Asia Pacific is projected to expand at a rapid pace, followed by Latin America and Middle East & Africa. Rise in focus of governments of countries in Asia on enhancing healthcare facilities, increase in focus of market players on Asia Pacific to leverage growth opportunities, and increase in patient pool are key factors further driving the wrist replacement market in the region.
Key Players Operating in Global Wrist Replacement Market
Market players are focusing on expanding their presence in the global wrist replacement market by adopting the inorganic growth strategy. Leading players in the global wrist replacement market are:
- Zimmer Biomet
- Integra Lifesciences Holdings Corporation
- Johnson & Johnson
- Stryker Corporation
- Acemed LLC
- Depuy Synthes International
- Biomet Orthopedics
- Medartis AG
- Small Bone Innovation Inc.
- Skeletal Dynamics
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Global Wrist Replacement Market: Research Scope
Global Wrist Replacement Market, by Technology
- Total Wrist Replacement
- Total Wrist Fusion
Global Wrist Replacement Market, by End-user
- Hospitals & Clinics
- Ambulatory Surgical Centers
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.