Joint Replacement Device Market: Rapidly Growth in Medical Devices Industry to Create Opportunities in Market
Joint Replacement Devices Market - Snapshot
Total joint replacement refers to a surgical procedure, which operates on the damaged joint or parts of an arthritic joint. It removes and replaces the part with a ceramic or plastic or a metal device called prosthesis. This prosthesis is made to replicate the functions and movements of a healthy and normal joint. The rising incidences of arthritis are predicted to work in favor of the global joint replacement devices market in the years to come.
Joint replacement surgery is considered as a feasible treatment option when less-invasive options can no longer reduce the acute joint pain or dysfunction. It is a type of arthroplasty and is usually indicated from various types of joint illnesses, including rheumatoid arthritis and osteoarthritis.
Rise in the Geriatric Population Drives the Demand for Joint Replacement Surgeries
These days, joint replacement surgery is becoming quite common a hips and knees are getting replace frequently, which is likely to influence the growth of the global joint replacement devices market in the near future. In addition, rise in the number of specialty care centers, increasing geriatric population together and growing incidences of obesity are predicted to work in favor of the expansion of the global joint replacement devices market.
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Joint implants are utilized for the replacement of an already damaged joint ligament in a bid to alleviate the pain and restore the functionality of the joint in the patient. In addition, there has been a rise in the number successful implant operations of hips and knees, particularly amongst the elderly population. This factor is likely to drive the expansion of the joint replacement devices market in the years to come. These surgeries make use various devices, which are
- knee reconstruction devices
- extremity reconstruction devices
- hip reconstruction devices
In addition to that, there has been a substantial rise in the awareness regarding joint surgeries, both amongst the patients and the doctors. This increased awareness is likely to open up new growth avenues for the market over the timeframe of analysis.
Global Joint Replacement Devices Market - Snapshot
Increase in patient population, rise in demand for customized knee implants, and surge in government initiatives to drive the global joint replacement devices market. However, product recalls by the Food and Drug Administration and other regulatory authorities and increase awareness about alternative treatments are major factors restraining the global market.
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Based on product, the global joint replacement devices market has been segmented into knee reconstruction devices, hip reconstruction devices, and extremity reconstruction devices. The knee reconstruction devices segment is projected to account for a major share of the market by the end of the forecast period. Increase in the number of total knee replacement (TKR) surgeries and launch of knee implants for total and partial knee replacement surgeries are anticipated to propel the knee reconstruction devices segment during the forecast period. In terms of type of fixation, the global market has been classified into cementless, cemented, and hybrid. The cementless fixation segment is anticipated to dominate the global joint replacement devices market owing to the increase in demand for cementless joint replacement surgeries and rise in the number for surgeons preferring these surgeries.
Based on technique, the joint replacement devices market has been divided into traditional surgery, minimally invasive surgery (MIS), and computer-assisted surgery (CAS). The MIS segment is projected to expand at a rapid pace due to increasing adoption of this technique for replacing joints and rising awareness about the advantages of MIS.
In terms of indication, the joint replacement devices market has been segregated into osteoarthritis, rheumatoid arthritis, hip dysplasia, orthopedic trauma, joint stiffness, and others. The osteoarthritis segment is expected to hold a dominant share of the market during the forecast due to the increase in prevalence of osteoarthritis and rise in the number of patients with osteoarthritis opting for joint replacement surgeries.
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Based on end-user, the joint replacement devices market has been categorized into hospitals, orthopedic clinics, and ambulatory surgical centers. The ambulatory surgical centers segment is estimated to expand at a substantial pace during the forecast period. Rapid expansion of the segment is attributed to the increase in number of patients preferring ambulatory surgical centers for surgeries due to short waiting time and hospital stay.
In terms of region, the global joint replacement devices market has been split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a major share of the global market in 2017. Presence of established market players, rapid adoption of technology, and surge launch of new products are anticipated to drive the market in the region during the forecast period. Rise in prevalence of orthopedic disorders requiring joint replacements and increase in geriatric population in emerging economies such as China, India, and Australia are anticipated to fuel the market in Asia Pacific. Additionally, price caps on knee implants by government authorities, increase in health care expenditure, and rise in the number of mergers & acquisitions are expected to propel the market.
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The joint replacement devices market in Latin America and Middle East & Africa is driven by the rise in government initiatives for providing cost-effective treatments for orthopedic disorders and availability of orthopedic care services in various countries. Furthermore, focus on strengthening the health care system to provide quality care in countries such as UAE and Saudi Arabia is expected to create opportunities in the market.
Major players operating in the global joint replacement devices market include Aesculap Implant Systems, Arthrex, Inc., ConforMIS, DePuy Synthes (a Johnson & Johnson Company), DJO Global, Exactech, Inc., Medtronic, Smith & Nephew, Stryker, and Zimmer Biomet. Focus on developing orthopedic solutions through technological advancements, increase in adoption of inorganic strategies such as mergers & acquisition, and new product development are expected to drive the global market during the forecast period. In March 2018, Smith & Nephew plc launched JOURNEY II XR, a total knee arthroplasty in the U.S. and Japan.
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