The Joint Replacement Market is expected to reach USD 32.70 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with the growing geriatric population, increasing incidence of osteoarthritis and arthritis which are expected to further accelerate the market growth globally. Based on statistics, rising obese population, increase unhealthy eating habits which in turn result in obesity which tend to develop knee, and hip replacement surgeries are also some of the factors that help to grow the size of the global market.
Osteoarthritis is one of the leading diseases in advanced countries. It is also found in adults younger than age 60, who had to undergo total knee and hip replacement surgeries, are providing the market growth in many developed countries. The artificial joint, also known as prosthesis, is a device that is surgically implanted to replace a natural bone to correct joint abnormalities and to improve joint function. The global Joint Replacement market is segmented on the material used such as oxinium, ceramic, alloy, and other materials. In recent years, Joint Replacement have gained popularity, and it is anticipated to grow further during the forecast period. Factors such as the decreased risk of chemical inertness, resistance to corrosion, osteolysis, non-allergic properties, and biocompatibility would drive the market growth of the market.
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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.
Further key findings from the report suggest:
- The Joint Replacement are designed to replicate the movement of a typical, healthy joint.
- The growing incidences of age-related musculoskeletal disorders are one of the important factors responsible for the market growth globally.
- Musculoskeletal disorders have been the most prevalent disorder that affects the aging population.
- The most common musculoskeletal disorders among the aging population have been fractures, osteoarthritis, osteoporosis, and infections.
- Hip and knee replacements are the most usually performed joint replacements, and it is expected to grow at a CAGR of 4.8% during the forecast period.
- Replacement surgery is suitable for other joints, as well, including the wrist, ankle, shoulder, and elbow.
- The materials are alloys of titanium and cobalt-chromium. The bearing portion of the joint is made of wear-resistant, high-grade plastic.
- The metal-plastic compound is the largest revenue generating segment. It accounts for the largest market share of 40.44% in 2020 and is the most prevalent type used in artificial implants worldwide.
- Availability of high-level prosthetics that offer customization and improved functionality will continue to witness increasing demand in developed markets.
- However, high cost and lack of favorable reimbursement policies are the factors that will pose as challenges to broader adoption.
- The prosthetic clinics segment of the end user is valued at USD 7.08 billion in 2020 and is expected to grow at a CAGR of 4.6% during the forecast period.
- The market in APAC is anticipated to be the fastest growing region with the highest CAGR of 4.9% during the forecast period. This notable rise in the geriatric population along with technological improvement is anticipated to boost the market in this region.
- Moreover, developing economies such as India and China, with a significantly vast pool of potential reconstructive surgery patients, represent a significant opportunity for the Joint Replacement market.
Research Methodology:
Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Joint Replacement Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and RD activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and RD activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as RD investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
Aesculap AG, Depuy Synthes (Johnson Johnson), Biomet, Inc., DJO Global, Inc., Globus Medical, Exactech, Inc., JRI Orthopaedics, NuVasive, Inc., Medtronic, Inc., AK Medical, Smith Nephew, SAMO, Stryker Corp., Zimmer Holdings, and Arthrex, among others.
Joint Replacement Market Segmentation:
Material Outlook (Revenue, USD Million; 2018-2028)
- Cobalt-Chromium Alloys
- Titanium Alloys
- Metal-Plastic
End-User Outlook (Revenue, USD Million; 2018-2028)
- Prosthetics clinics
- Hospitals
- Rehabilitation centre
- Others
Application Outlook (Revenue, USD Million; 2018-2028)
- Hip and Knee
- Ankle
- Wrist
- Shoulder
- Elbow
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Joint Replacement market over the forecast period?
- What are the major factors driving the growth of the Global Joint Replacement Market?
- What are the key challenges impacting the global Joint Replacement market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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