Artificial Joints Market: Increasing Prevalence of Bone and Joint Conditions
The artificial joints market is expected to reach US$ 28,614.88 million by 2027 from US$ 18,356.80 million in 2019; it is estimated to grow at a CAGR of 5.8% from 2020 to 2027.
Artificial joint or prosthetic joint is made up of metal, plastic or ceramic. These artificial joints are used in replacement arthroplasty or joint replacement surgeries to replace the damaged or diseased natural joint. Materials used to make an artificial joint depends on type of the joint. For instance, hip replacement joints contain hard metal with durable, extremely smooth plastics. The global artificial joints market is driven by factors such as increasing prevalence of obesity, and rising prevalence of bone and joint conditions. However, high cost of joint repair therapies is likely to hinder the growth of the market. However, growing number of product approvals and developments are creating growth opportunities for the market players.
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Key findings from the report
- The artificial joints market, based on type, is segmented into cemented joints, and non-cemented joints. The cemented joints segment held the largest share of the market in 2019, and the market for the same is anticipated to grow at the highest CAGR during the forecast period. Cemented joints offer better stability, elasticity, support and anchors better to the bones. These factors attribute to the growth of the segment during the forecast period.
- The artificial joints market, by material, is segmented into ceramics, alloys, oxinium, and others. The ceramic segment held the largest share of the market in 2019. However, alloys segment is anticipated to register the highest CAGR in the market during the forecast period.
- The Artificial Joints market, by application, is segmented into artificial joints of knee, artificial joints of hip, artificial joints of shoulder, others. The artificial joints of knee segment held the largest share of the market in 2019 and is anticipated to register the highest CAGR in the market during the forecast period.
- The Artificial Joints market, by end user, is segmented into artificial joints of hospitals, ambulatory care centers, and other end users. The hospital segment held the largest share of the market in 2019 and is anticipated to register the highest CAGR of in the market during the forecast period.
- Zimmer Biomet, Smith & Nephew, Stryker Corporation, Medtronic, Johnson and Johnson Services, Inc., Exactech, Inc., JRI Orthopaedics Limited, SAMO SpA, Colfax Corporation, and B. Braun Melsungen AG are few of the leading companies operating in the artificial joints market.
The substantial impact of COVID-19 pandemic on the artificial joints market is expected to last for the next few quarters. Major focus on prevention and treatment of coronavirus has led to stopping or postponement of elective knee and hip arthroplasty in developing as well as developed countries. In addition, disruptions caused in supply chain distributions due to shut down of global operations has also impacted on the market growth.
According to the estimates given by Centers of Disease Control and Prevention in 2020, around 78.0 million Americans, are likely to suffer from diagnosed arthritis by 2040 in US. In addition, according to a study published by National Osteoporosis Foundation in 2015, around 54.0 million adult population in the US are at the risk breaking a bone. In addition, according the same study, osteoporosis will be the prominent cause of three million fractures in the US by 2025, eventually costing around US$ 25.3 billion. Furthermore, according to a data published by CDC (Centers for Disease Control and Prevention) in 2020, an estimated 32.5 million Americans are suffering from osteoarthritis. Moreover, according to a study published by NHS in 2020, more the 400,000 people in the UK are suffering from rheumatoid arthritis. Besides, as per Arthritis and Musculoskeletal Alliance in 2017, around 5.0 million people in the UK were disabled by osteoarthritis and 3 million by other types of bone and joint conditions. Such massive prevalence of bone and joint defects are estimated to have positive impact on the demand of bone replacement procedures, which will eventually drive the market growth during the forecast period.
Bone and joint diseases are appears to be a major health condition affecting the quality of life across the globe. Extensively increasing geriatric population coupled with sedentary lifestyle are the most prevalent conditions for the growth of bone and joint diseases worldwide. Conditions such as osteoporosis, osteoarthritis, rheumatoid Arthritis, Perthes disease, and hip dysplasia amongst others are estimated to drive the demand for replacement surgeries, which will eventually boost the growth of the artificial joint replacement market during the forecast period.
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