Market Size of Global Total Wrist Replacement Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 3.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Total Wrist Replacement Market Analysis
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 Industry Segmentation
As per the scope of the report, wrist replacement surgery is done to help retain or recover wrist movements. It also improves the ability to perform daily activities, especially if there is arthritis in the elbow and shoulder. During any total joint replacement, the worn-out ends of the bones are removed and replaced by an artificial joint (prosthesis). The Total Wrist Replacement Market is Segmented by Technology (Total Wrist Replacement and Total Wrist Fusion) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (in USD million) for the above segments. The market also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
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| Total Wrist Replacement (TWR) | |
| Total Wrist Fusion (TWF) |
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Global Total Wrist Replacement Market Size Summary
The total wrist replacement market is poised for growth, driven by factors such as an aging population, the rising prevalence of rheumatoid and osteoarthritis, and an increase in fractures and accidents. The market experienced a setback during the COVID-19 pandemic due to restrictions on elective surgeries, but the resumption of these procedures is expected to bolster market expansion. Innovations in product development and regulatory approvals, such as the introduction of advanced wrist implant systems, are further anticipated to propel market growth. Despite these positive trends, the high costs associated with wrist reconstruction surgeries may pose challenges to market expansion.
North America is projected to maintain a significant share of the total wrist replacement market, supported by a high incidence of arthritis and arm injuries, along with the presence of key market players. The region's market growth is also fueled by the increasing adoption of total wrist replacement surgeries. The market is characterized by moderate competition and fragmentation, with major players like Zimmer Biomet, Integra Lifesciences Holdings Corporation, and Stryker Corporation actively contributing to the development of innovative solutions. The ongoing advancements in surgical techniques and implant technologies are expected to create lucrative opportunities, further driving the market's growth trajectory.
Global Total Wrist Replacement Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Incidences of Arthritis and Osteoporosis Increase With the Age
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1.2.2 Increasing Awareness about the Available Treatments for Wrist Injuries and Increase in Disposable Income
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1.3 Market Restraints
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1.3.1 High Costs Involved in Wrist Reconstruction Surgeries
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Technology
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2.1.1 Total Wrist Replacement (TWR)
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2.1.2 Total Wrist Fusion (TWF)
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Mexico
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 United Kingdom
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2.2.2.3 France
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2.2.2.4 Italy
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2.2.2.5 Spain
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2.2.2.6 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 Japan
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2.2.3.3 India
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2.2.3.4 Australia
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2.2.3.5 South Korea
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2.2.3.6 Rest of Asia-Pacific
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2.2.4 Middle East and Africa
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2.2.4.1 GCC
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2.2.4.2 South Africa
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2.2.4.3 Rest of Middle East and Africa
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2.2.5 South America
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2.2.5.1 Brazil
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2.2.5.2 Argentina
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2.2.5.3 Rest of South America
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Global Total Wrist Replacement Market Size FAQs
What is the current Global Total Wrist Replacement Market size?
The Global Total Wrist Replacement Market is projected to register a CAGR of 3.5% during the forecast period (2024-2029)
Who are the key players in Global Total Wrist Replacement Market?
Zimmer Biomet, Johnson and Johnson, Stryker Corporation, Acumed LLC and Integra Lifesciences Holdings Corporation are the major companies operating in the Global Total Wrist Replacement Market.
