The global Joint Replacement market size is expected to be worth around US$ 28.4 billion by 2030 from valued at US$ 271 billion in 2020 with a CAGR of 3.10% during forecast period 2021 to 2030.
The global Joint Replacement market size is expected to be worth around US$ 28.4 billion by 2030 from valued at US$ 271 billion in 2020 with a CAGR of 3.10% during forecast period 2021 to 2030.
Growth Factors
The growing incidence of orthopedic diseases and the increasing number of the target population are boosting the market growth.
According to the Centers for Disease Control and Prevention, 1 in every 4 adults in the U.S. is suffering from arthritis in 2019. In addition, it is projected that by 2040, approximately 78 million of the U.S. adult citizens aged 18 years or older will suffer from arthritis diagnosed by doctors. This upsurge in the number of patients suffering from arthritis is increasing the number of joint replacement surgeries.
Get the sample copy of report@ https://www.visionresearchreports.com/report/sample/38147
Moreover, the increasing demand for minimally invasive joint replacement operations is likely to propel the market over the forecast period. In addition, growing awareness about day surgeries, increasing healthcare reimbursement, and rapid adoption of advanced technologies are some of the key factors expected to contribute to market growth over the coming years. The COVID 19 had negatively impacted the market in 2020. However, it started recovering during the third quarter of 2020 and is expected to pace up in the coming years.
Report Highlights
The knee segment dominated the market for joint replacement and held the largest revenue share of over 46.0% in 2020. The segment is majorly driven by the growing geriatric populace giving an upsurge to old-age disorders such as osteoporosis, arthritis. Additionally, increasing technological advancements such as minimally invasive surgeries accompanied by the existence of improved implant materials are likely to boost the growth of the segment.
The extremities segment is expected to grow fast over the forecast period. The field of extremity surgery and implants has been observing several technological innovations, for example, mobile-bearing ankles, reverse shoulder implants, and the advent of new and safer implant materials. Moreover, new product launches by industry players such as Exactech, Lima and Middata for shoulder replacement are further bolstering segment growth.
The cemented segment dominated the market for joint replacement and held the largest revenue share of over 49.0% in 2020. Cemented fixation was found to be the best fit in older patients while cementless fixation is the best fit for younger patients. Cemented fixation has good survivorship and low revision rates as compared to other types, thus increasing the demand.
Moreover, the cost-effectivity of cemented THA is propelling its growth. The vendors offer various innovative cemented implant designs to provide more comfort to the patient. For instance, Zimmer’s product The Legacy LPS-Flex Fixed Bearing total knee offers an increased flexion and posterior stabilization to the patient.
The total replacement segment dominated the market for joint replacement and held the largest revenue share of over 64.0% in 2020. According to the Arthritis Foundation report, the number of total hip replacements in the U.S. is projected to reach 635,000 per year by 2020. Moreover, total knee replacement is projected to reach 1.28 million procedures per year. In November 2019, THINK Surgical, Inc. received U.S. FDA clearance for TSolution One Total Knee Application for practice in total knee arthroplasty in the U.S.
Ask here for more details@ https://www.visionresearchreports.com/report/enquiry/38147
The others segment includes revision and resurfacing replacement. Total replacement surgery is most effective but over time if it fails to owe to numerous reasons, then revision replacement is done. Revision replacements have the similar goal to relieve discomfort and recover the function of the organ. According to the Arthritis Foundation report, revision total knees and revision total hips are expected to reach 120,000 and 72,000 procedures per year respectively by 2030.
The hospitals segment dominated the market for joint replacement and held the largest revenue share of over 50.0% in 2020 owing to the presence of advanced treatment options and the increased number of patient footfall under these facilities. Hospitals are easily accessible as they are present in most locations, and hence, most of the patients prefer hospitals over other settings. Moreover, the availability of favorable reimbursement policies through Medicare and Blue Cross Blue Shield is further fostering segment growth.
The orthopedic clinics segment is expected to show the fastest growth over the forecast period owing to an increase in the number of sports injuries, trauma accidents, and other chronic diseases. Factors such as shorter stay duration, reduced wait times, and personalized care have increased the demand for these clinics. Furthermore, orthopedic clinics can provide cost-effective services and procedures, owing to their low-cost structure as compared to hospitals. Such factors are expected to propel this segment over the coming years. Since the number of patients preferring orthopedic clinicians has increased, there has been a significant rise in the number of such clinics.
North America dominated the market for joint replacement and accounted for the largest revenue share of over 62.9% in 2020. An increase in factors, such as the prevalence of osteoarthritis, geriatric population, availability of insurance coverage, and a number of trauma and accident cases, is projected to drive the demand for joint replacements in North America. For instance, according to the American Joint Replacement Registry (AJRR), in 2019, around 1.5 million hip and knee arthroplasty surgeries were recorded in the registry. Thus, supports the growth of the market for joint replacement. The growing prevalence of orthopedic diseases, coupled with the rapid adoption of innovative products, is likely to fuel the market for joint replacement in the region.
In Asia Pacific, the market for joint replacement is anticipated to show the fastest growth over the forecast period owing to rising spending in healthcare, quickly evolving healthcare infrastructure and growing in the region. As per The Asian Federation of Osteoporosis Societies (AFOS), a total of 1.2 million hip fractures occurred in 2019, which is expected to reach 2.6 million by 2050. Other factors, such as the growing elderly population, increasing healthcare spending in developing Asian economies, and the increasing overall prevalence of osteoarthritis, osteoporosis, bone injuries, diabetes, and obesity, are expected to contribute to the joint replacement market over the coming years.
Key Players
- Johnson & Johnson Services, Inc. (DePuySynthes)
- Stryker
- Zimmer Biomet
- Smith+Nephew
- DJO, LLC
- Arthrex, Inc.
- Exactech, Inc.
- Conformis
- MicroPortOrthopedics
- Corin Group
Market Segmentation
- Product Outlook
- Knees
- Hips
- Extremities
- Upper
- Lower
- Fixation Type Outlook
- Cemented
- Cementless
- Hybrid
- Reverse Hybrid
- End-use Outlook
- Hospitals
- Orthopedic Clinics
- Others
- Procedure Outlook
- Total Replacement
- Partial Replacement
- Others
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Click Here to View Full Report Table of Contents
Buy this Premium Research Report@ https://www.visionresearchreports.com/report/cart/38147
You can place an order or ask any questions, please feel free to contact at sales@visionresearchreports.com | +1 9197 992 333