A newly released Joint Replacement Market analysis report by Future Market Insights shows that global sales of the Joint Replacement Market in 2021 were held at USD 17.1 Billion. With a CAGR of 4.3% from 2022 to 2032, the market is projected to reach a valuation of USD 27 Billion by 2032. Knee Replacement is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 4.1% from 2022 to 2032.
| Attribute | Details |
|---|---|
| Global Joint Replacement Market (2022) | USD 17.7 Billion |
| Global Joint Replacement Market (2032) | USD 27 Billion |
| Global Joint Replacement Market CAGR (2022 to 2032) | 4.3% |
| USA Joint Replacement Market CAGR (2022 to 2032) | 4.2% |
| Key Companies Profiled | Johnson & Johnson Services, Inc.; Stryker; Zimmer Biomet; Smith+Nephew; DJO, LLC.; Arthrex, Inc.; Exactech, Inc.; Conformis; MicroPort Orthopedics; Corin Group |
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As per the Joint Replacement Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Joint Replacement Market increased at around 3.7% CAGR.
Hip and knee replacements are the most frequent joint replacements. The most likely causes for hip or knee surgery are indications such as osteoarthritis and femoral neck trauma. Patients who have their initial hip or knee replacement are usually between the ages of 60 and 70 years. Moreover, two-thirds of arthroplasty patients with femoral neck injuries are above the age of 85 years.
Joint replacement is typically the main therapeutic option for femoral neck fractures. Surgery aims to improve the patient's quality of life by restoring maximum functionality, mobility, and pain relief, ensuring a length of service life with good muscle mass capacity, and avoiding secondary issues.
In comparison to other foreign markets, pandemic-related sales losses for joint replacements have reduced in Asia Pacific. While the US market suffered losses as well, a strong third-quarter rebound helped to overcome higher full-year drops. In the second half of 2021, more stable orthopedic surgery numbers are predicted, as well as more stable income for device makers in 2022.
The expanding senior population, as well as the increased prevalence of osteoarthritis and occurrences of orthopedic injury, are driving market development. In the forthcoming years, the frequency of bone injuries, diabetes, and obesity is expected to climb, bolstering the market.
One of the most common orthopedic operations is total knee arthroplasty (TKA), often known as total knee replacement. In addition, multiple studies have shown that after knee arthroplasty, the obese population's functionality improves.
Each year, more than 600,000 knee implants are done in the United States, according to the Agency for Healthcare Research and Quality. Obesity is responsible for 53% of total knee replacements, according to "The Second Australian Atlas of Healthcare Variation," since obesity exerts undue strain on the joints. These factors are propelling global demand.
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A 3D printer can build personalized implants and patient-specific and surgical instruments based on imaging of a patient's afflicted limb, which is the beauty of orthopedic technology. The size of the plastic insertion can be customized to the least bit of the patient's bone and cut away, using 3D-printed implants.
The 3D Implants are more similar to the typical biology of the original joints in total knee replacement. Doctors can also use imaging scans to create 3D computer-aided models of patients' joints, such as the shoulder, and virtually perform surgeries with various prototypes of implants until they discover the right one. These benefits of 3D printing technology will boost the market and shows significant promise for the forecast years.
North America is expected to dominate the market due to the existence of well-established healthcare facilities, the region's growing geriatric population, and other factors such as the rising number of therapies for orthopedics. In the United States, hip, knee, as well as other joint replacement operations are among the most popular elective procedures.
According to a study presented at the annual conference of the American Academy of Orthopedic Surgeons, the average age of patients receiving hip replacement operations is continuing to decline even though many men do choose to undergo this surgery. The increased prevalence of osteoarthritis, expanding demand for joint implants, and rising daycare surgeries are contributing to the market's rise in Europe. Furthermore, the European Commission's rise in healthcare spending is expected to boost the market's growth in the region.
Due to increased healthcare spending, rapidly expanding healthcare infrastructure, and growing medical tourism in the region, the market for joint replacement is expected to grow the fastest in the Asia Pacific in forthcoming years.
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The market in the USA is projected to reach a valuation of USD 14.7 Billion by 2032. Growing at a CAGR of 4.2% from 2022 to 2032, the market in the country is expected to gross USD 5 Billion.
The market in the country is expected to reach USD 808 Million by 2032. During the forecast period, the market in the country is expected to garner USD 314 Million by 2032.
In Japan, the market is projected to reach USD 718 Million by 2032. The market in the country is expected to gross USD 297 Million absolute dollar opportunity from 2022 to 2032.
The total replacement segment dominated the market, with a revenue share of about 64%. According to the Arthritis Foundation, total hip replacements in the United States will reach 635,000 per year by 2022. In addition, the number of total knee replacement surgeries is predicted to reach 1.28 Million per year.
In 2021, knee replacement accounted for a CAGR of 3.7% from 2017 to 2021. A rise in the number of joint replacement methods, emulation knee replacement surgeries, and the beginning of product lines such as the ATTUNE Revision Knee System, Persona Partial Knee System, and JOURNEY II XR Total Knee by leading businesses, are expected to drive growth in the knee segment during the forecast period.
Over the projection period, the extremities segment is expected to increase rapidly. Reverse shoulder implants, mobile-bearing ankles, and the development of new and safer implant materials are some examples of technological developments in the field of extremities surgery.
The best fit for older patients was cemented fixation, while the best fit for younger individuals was cementless fixation. Fast-drying bone cement is used to bind the patient's natural bone to the prosthetic joint component in cemented fixation. As the cement dries within 10 minutes of application, a little amount of antibiotic material can be put into the bone, reducing the risk of infection after surgery.
When compared to other methods of fixation, cemented fixation has a high survival rate and low revision rates, which is increasing the demand. Furthermore, the cost-effectiveness of cemented THA (Total hip arthroplasty) is fueling the market growth. To provide better comfort to the patient, the vendors offer a variety of novel cemented implant designs.
The hospital end-use in the joint replacement market from 2020 to 2021 shows growth, with a revenue share of over 50%, owing to the availability of improved treatment alternatives and the growing number of patients for joint replacement. Because hospitals are conveniently accessible and may be found in almost any place, most patients prefer them to other settings.
In addition, hospitals provide continuous monitoring following surgery, devise strength-recovery exercises, collaborate closely with patients, and give physical therapy. Furthermore, the availability of advantageous reimbursement policies through healthcare insurance is fueling segment expansion.
The joint replacement market is fragmented, with many large and small companies competing. Smith+Nephew, DJO, LLC, Johnson & Johnson Services Inc., Stryker, Zimmer Biomet, Arthrex Inc., Exactech Inc., Conformis, MicroPort Orthopedics, and Corin Group are some of the major players in the market.
Some of the recent developments of Joint Replacement Market key providers are as follows:
The global market is worth more than USD 17.1 Billion at present.
The market value is projected to increase at a CAGR of around 4.3% from 2022 to 2032.
The market value increased at a CAGR of around 3.7% from 2017 to 2021.
The rising prevalence of osteoarthritis, as well as cases of orthopedic injury, and the growing senior population are driving market expansion. The prevalence of osteoporosis, bone traumas, diabetes, and obesity is projected to rise in the coming years, boosting the joint replacement industry.
The market for Joint Replacement in China is projected to expand at a CAGR of around 5% from 2022 to 2032.
While the market in South Korea is expected to grow at nearly 5.3%, the market in Japan is projected to register a CAGR of nearly 5.6% from 2022 to 2032.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Replacement Type 5.1. Extremities 5.1.1. Upper 5.1.2. Lower 5.2. Knees 5.3. Hips 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Fixation Type 6.1. Cemented 6.2. Cementless 6.3. Hybrid 6.4. Reverse Hybrid 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End-use 7.1. Hospitals 7.2. Orthopedic Clinics 7.3. Other End-uses 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Procedure Type 8.1. Total Replacement 8.2. Partial Replacement 8.3. Other Procedure Types 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. East Asia 9.5. South Asia 9.6. Oceania 9.7. Middle East & Africa (MEA) 10. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. South Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 15. Oceania Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 16. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Johnson & Johnson Services, Inc. 19.2. Stryker 19.3. Zimmer Biomet 19.4. Smith+Nephew 19.5. DJO, LLC. 19.6. Arthrex, Inc. 19.7. Exactech, Inc. 19.8. Conformis 19.9. MicroPort Orthopedics 19.10. Corin Group 20. Assumptions & Acronyms Used 21. Research Methodology
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Joint Replacement Market
