As the world is witnessing rising prevalence of bone and joint disorders, demand for efficient surgical and treatment solutions like joint reconstruction procedures has also increased enormously.
As the world is witnessing rising prevalence of bone and joint disorders, demand for efficient surgical and treatment solutions like joint reconstruction procedures has also increased enormously. Speaking of bone disorders, growing incidences of osteoarthritis which is the most common disease across the globe and a major cause of disability among people, has evoked the adoption of these devices in healthcare industry. This is likely to provide lucrative growth prospects to joint reconstruction devices market over the ensuing years.
Growing elderly geriatric population who are susceptible to orthopedic diseases such as osteoarthritis and other musculoskeletal disorders that lead to joint pain, inflammation and stiffness is an important factor driving the demand for major joint replacement products.
The above-mentioned factors have urged industry players to focus on research and development activities for offering technologically advanced solutions to effectively meet the consumer demand. Quoting an instance, in 2020, Conformis, Inc. announced the U.S. commercial launch of its new Cordera™ Match Hip System. According to the company, this is an uncemented, primary total hip replacement system comprising of acetabular (socket of the hip bone) and femoral (thigh) components. Such product innovations are opening new growth opportunities for the industry.
According to Global Market Insights, Inc., joint reconstruction devices market size is projected to surpass USD 21.5 billion by 2024, considering the significance of below mentioned trends:
Strategic initiatives by major industry players
Key market players operating in joint reconstruction devices market are laying emphasis on strategic initiatives such as promoting their offerings and encouraging the adoption of joint replacement procedures. Citing an instance, in 2020, Apollo Hospitals, Bangalore, started first-of-its-kind knee replacement program aimed at offering comprehensive total and partial total knee replacement care using advanced robotic technology. Reportedly, this program offers a complete package of home diagnostic tests, Apollo’s 24*7 app consultation as well as post-surgical home care.
Rising inclination for knee replacement
Reportedly, in 2013, knee replacement was one of the most common inpatient type of surgeries. This is majorly due to the high pervasiveness of osteoporosis worldwide. As per the World Health Organization statistics of 2014, nearly 10% men and around 18% women aged above 60 years suffer from osteoporosis. This is fostering the product demand from past few years and given that, knee replacement devices segment across joint reconstruction devices market is projected to observe a CAGR of 3.7% through 2024.
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Heightened demand for hip replacement devices
Hip replacement devices market held a significant business share recently and was valued around million in the year 2017. Hip replacement is one of the highly preferred joint replacement procedures across the world. In past few years, these procedures have increased significantly, which has made hip device industry second largest in the world following knee replacement devices. According to the report, in 2017, hip replacement devices segment across the overall joint reconstruction devices market had recorded an appreciable valuation of nearly USD 6,677.3 million and is anticipated to grow exponentially over time.
Increasing prevalence of chronic joint disorders in the U.S.
The U.S. has been witnessing a significant rise in the demand for joint reconstruction devices on account of increasing incidences of chronic joint disorders among the residents. This is evident from a report published by the National Institute of Arthritis and Musculoskeletal and Skin Diseases, which suggests that around 70 million residents in the U.S. have one or the other form of chronic joint disorder or arthritis. That said, a large population base with musculoskeletal disorder is fueling the product adoption in the country. With increasing product demand, joint reconstruction devices market in the U.S. is estimated to observe a substantial CAGR of 2.4% through 2024.
Rising adoption of joint replacement procedures in China
There has been a drastic growth in bone and joint market in China from past few years. Besides, joint replacement surgery is increasingly being adopted in China for the patients suffering from surgically remediable joint diseases which is impelling the product adoption in the country. Moreover, recent technological advancements in the business space are complementing the product demand. Considering these factors, joint reconstruction devices market in China is expected to grow significantly over coming years. For the records, the industry had registered a valuation of over USD 501.5 million in 2017.
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