Artificial Joints Market Growth 2022-2028: Growing Incidences of Age-Related Musculoskeletal Disorders Globally
Artificial Joints Market is estimated to register a CAGR of 6%, generating USD 32.70 Billion in terms of revenue by 2028 from USD 20.47 Billion in 2020. The market growth is driven by the growing incidences of age-related musculoskeletal disorders globally. Some of the most common musculoskeletal disorders among the geriatric population have been osteoarthritis, fractures, joint infections, and osteoporosis.
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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 artificial joints market is segmented on the material used such as oxinium, ceramic, alloy, and other materials. In recent years, artificial joints 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.
North America market for artificial joints accounted for the largest market share of 29.30% in 2020. North America currently dominates the artificial joints market due to the continuous increase in obese population, technological advancement, higher cost of implantable joints, rising geriatric population, upsurge in funding by government agencies and private organizations in healthcare. Florida, California, and Texas are significant revenue contributing regions in North America.
The global pharma & healthcare market report points out the key trends and developments taking place in this business space in the ongoing COVID-19 times. According to market experts, the pandemic has turned this industry upside down, with an unprecedented rise in demand and acute supply shortage. The report clearly depicts the current global economic landscape and the considerable situation of the healthcare industry. A substantial increase in demand for healthcare services worldwide, rising cases of the SARS-CoV-2 infection, increasing pharmaceutical research & development activities, and new drug pipelines are among the key factors that have driven the global pharma & healthcare industry growth in the recent past. Growing acceptance of telehealth and telemedicine services, rise in government initiatives for COVID-19 vaccine development, and escalating demand for advanced point-of-care diagnostics and home healthcare products have further bolstered the industry growth.
Key Players Operating in The Global Artificial Joints Market:
Aesculap AG, Biomet, Inc., Depuy Synthes (Johnson & Johnson), DJO Global, Inc., Exactech, Inc., Globus Medical, JRI Orthopaedics, Medtronic, Inc., NuVasive, Inc., AK Medical, SAMO, Smith & Nephew, Stryker Corp., Arthrex, Zimmer Holdings.
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Further key findings from the report suggest
- The artificial joints 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 artificial joints market.
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For the purpose of this study, Reports and Data have segmented the global Artificial Joints Market on the basis of Material, End-User, Application and Region:
Material Outlook (Revenue, USD Million; 2018-2028)
- Cobalt-chromium alloys
- Titanium alloys
End User Outlook (Revenue, USD Million; 2018-2028)
- Prosthetics clinics
- Rehabilitation centre
Application Outlook (Revenue, USD Million; 2018-2028)
- Hip and knee
Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- Asia Pacific
- South-east Asia
- Latin America
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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