The North American elbow replacement market will likely reach $29.5 million by 2023, up from $23 million in 2016, according to GlobalData analysis.
Here are six notes:
1. The market will grow at a compound annual growth rate of 3.6 percent.
2. An increasing aging population and growing prevalence of osteoarthritis and rheumatoid arthritis will spur market growth.
3. The United States will dominate the market, growing at a 3.7 percent CAGR, up from $18.6 million in 2016 to $24 million in 2023.
4. The majority of orthopedic companies focus on hip, knee and shoulder implant development, so the elbow market accounts for a small chunk of the orthopedics market.
5. The elbow replacement implant average selling price will continue to drop because of competition and unfavorable reimbursements, but revenues from more procedures will likely even out this loss.
6. Memphis, Tenn.-based Wright Medical; Warsaw, Ind.-based Zimmer Biomet and Plainsboro, N.J.-based Integra LifeSciences lead the market.