03 May 2021
Posted in Medical Devices
South Korea shoulder replacement devices market to grow at 5.5% CAGR over next five years, forecasts GlobalData
The shoulder replacement devices market in South Korea, which is expected to grow by 15% in 2021 as elective surgeries resume post COVID-19 pandemic, is forecast to grow at a compound annual growth rate (CAGR) of 5.5% between 2021 and 2025, according to GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Shoulder Replacement (Orthopedic Devices) – Global Market Analysis and Forecast Model (COVID-19 market impact)’, reveals that DePuy Synthes Inc was the leading player in the South Korean shoulder replacement devices market in 2020, followed by Zimmer Biomet Holdings Inc and Stryker Corp. Together, these three companies accounted for around 67% of the market in 2020.
Gokul Ravichandran, Medical Devices Analyst at GlobalData, comments: “Increasing aging population, rising prevalence of arthritis, growing popularity of reverse shoulder replacements and technological advancements such as the availability of patient specific instrumentation (PSI) and computer assisted navigation are the major factors driving the shoulder replacement market in South Korea. In 2020, reverse shoulder replacement accounted for 60% of shoulder replacement market.”
The COVID-19 pandemic led to a significant decrease in shoulder replacement procedures in 2020 as most of these procedures are elective. However, reverse shoulder replacement surgery market is expected to witness a significant increase in 2021 as elective surgeries resume gradually in healthcare facilities.
Reverse shoulder replacement procedures are preferred as they have lower rates of post-operative complications, can be performed in day care facilities, and usually take less healing time than the traditional surgery methods.
Mr Ravichandran concludes: “With growing preference for an active lifestyle by general population, companies are focusing on creating robust shoulder implant platforms featuring a single, modular product for use in total, reverse, hemi-, and revision shoulder arthroplasty. Improvements in both surgical techniques and implant designs is expected to lead to progress in the field of shoulder arthroplasty in the coming years.”