USD 22.94 billion
Report ID: SQMIG35A2134 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 93 | Figures: 65
Global Orthopedic Joint Replacement Market was valued at USD 22.94 billion in 2021, and it is expected to reach a value of USD 37.08 billion by 2028, at a CAGR of 7.10% over the forecast period (2022 - 2028).
The market for joint replacement is being driven by an increase in the prevalence of orthopedic illnesses, osteoporosis, osteoarthritis (OA), and conditions affecting the lower extremities. According to the Arthritis Foundation, by 2040, it is expected that over 78 million Americans who are 18 years of age or older would have been diagnosed with arthritis. Another type of arthritis that impacts the body's joints and causes muscle pain is rheumatoid arthritis. Because of the significant demand for surgical procedures brought on by the rising prevalence of various chronic diseases, the market for joint replacement is growing.
Many nations made the necessary decision to stop all non-emergency surgical procedures with the initial wave of COVID-19 in order to free up caretakers for patients with COVID-19. According to a recent study published in the Annals of Surgery, stopping major elective surgery across the COVID-19 is expected to cost the US$ 22.3 billion. For the orthopedic industries, widespread surgical limits and cancellations meant enormous revenue losses. However, the joint replacement market began to improve during the third quarter and quickly started clearing a sizable backlog of postponed operations. As a result, it is anticipated that the market for joint replacement will quickly rebound in the years to come once surgical procedures resume in full force.
Additionally, the market participants reported a drop in sales for 2020. For instance, Zimmer Biomet's sales declined by approximately 11.8% in 2020 compared to 2019 and Stryker's net revenue decreased by 9.1% from the previous year. Due to the less urgent nature of knee replacements compared to hip replacements, the pandemic had a major negative impact on sales. As a result of its faster underlying growth, the extremities section continued to grow consistently. Many businesses reported a comeback in sales by 2021, with optimistic outlooks for the future. However, post-pandemic the companies have reported recovery in their orthopedics market revenue, for instance, Stryker's orthopedics segment revenue increased by a double-digit rate of 21.4% in the first quarter of 2021 compared to the first quarter of 2020.
Global Market Size
USD 22.94 billion
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The Global orthopedic joint replacement market is segmented based on product, procedure, end-user and region. Based on the product, the market is segmented knee, hip, shoulder, ankle, and others. Based on the procedure, the market is segmented into total replacement, partial replacement, and others. Based on end-users, the market is divided into hospitals, ambulatory surgical centers, orthopedic clinics, and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product
The market is divided into knee, hip, shoulder, ankle, and other product categories. The rise in knee replacement surgeries, robotic-assisted knee replacement surgeries, and the introduction of products like the ATTUNE Revision Knee System, Persona Partial Knee System, and JOURNEY II XR Total Knee by major manufacturers are the factors anticipated to drive the knee segment's growth during the forecast period. Due to manufacturers' shifting attention to shoulder implants, the shoulder market is anticipated to increase significantly. Additionally, it is predicted that throughout the forecast period, sales of shoulder implants will increase due to the sharp rise in the number of shoulder replacement procedures conducted globally.
Analysis by Procedure
As per procedures the global orthopedic joint replacement market is divided into three categories: total replacement, partial replacement, and others. Due to a greater number of products offers for entire replacement procedures compared to those for partial, reverse, or revision replacement, the total replacement sector has held the largest market share. The partial replacement category is predicted to see a noteworthy growth during the forecasted years due to the rising desire for partial replacement over whole replacement among patients and healthcare professionals.
Analysis by End-Users
On the basis of end-users, the global market has been divided into hospitals, ambulatory surgery centers, orthopedic clinics, and others based on end users. The hospital industry dominated the market on a global scale. The segmental development is being attributed to factors such as the increasing amount of hip implant surgeries performed in these clinics. Hospitals typically have the newest technology and qualified medical staff, which is accelerating the segment's growth. Additionally, partnerships between hospitals and business entities to develop cutting-edge surgical techniques are promoting market expansion.
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In terms of market share for orthopedic joint replacements, North America now dominates and will remain so for the foreseeable future. The area holds a leading share of the global market as a result of factors including the patient population's increased awareness of technologically advanced orthopedic implants and novel treatment choices available in the region.
Additionally, the US's rising need for hip replacement surgery is boosting the regional industry. For instance, the Agency for Healthcare Research and Quality estimates that more than 450,000 complete hip replacements are carried out annually in the United States. In addition to this, the American Joint Replacement Registry (AJRR), as of July 2020, there were 2 million procedures (hip and knee procedures) recorded which represented data coming from 9,387 surgeons and 1,347 institutions from hospitals, ambulatory surgery centers (ASCs) and private practice groups from all 50 states across the United States and the District of Columbia. This corresponded to an overall cumulative procedural volume growth of 24.4% compared to the previous year. Consequently, this encourages the expansion of the joint replacement market. The market for joint replacement is projected to develop in the area as a result of the rising prevalence of orthopedic illnesses and the quick uptake of novel products.
The market is expanding in Europe, which can be attributed to the rising incidence of osteoarthritis, the rising demand for joint implants, and the rising number of day surgery procedures. The market is expanding in Europe, which can be attributed to the rising incidence of osteoarthritis, the rising demand for joint implants, and the rising number of day surgery procedures. Additionally, it is projected that an increase in healthcare spending by the European Commission will spur regional market expansion.
However, over the projection period, Asia-Pacific is expected to experience the largest growth in the market for orthopedic joint replacement. The market growth in Asia Pacific is being supplemented and driven by elements including a sizable patient pool and rising healthcare spending in the area, rapidly changing healthcare infrastructure, and expanding medical tourism in the area. According to The Asian Federation of Osteoporosis Societies (AFOS), there were 1.2 million hip fractures overall in 2019 and 2.6 million are anticipated by 2050. Over the next few years, it is anticipated that additional factors will affect the joint replacement market, including the ageing population, rising healthcare spending in developing Asian economies, and an increase in the prevalence of osteoarthritis, osteoporosis, bone injuries, diabetes, and obesity. Some of the main drivers boosting market growth in Latin America and the Middle East & Africa include technological improvements, expansion of distribution networks of key players in emerging economies, and rising healthcare spending.
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The growing demand for specialized joint implants for both men and women is anticipated to promote the growth of the orthopedic joint replacement market. The idea of "one size fits all" is inappropriate because every patient has a different anatomy, so major medical device companies are working to use cutting-edge technologies to produce orthopedic implants that are patient-specific. For instance, MicroPort was granted permission to sell its Superior Medial Stability Total Knee Replacement System and Aspiration Medial Pivot Total Knee Replacement System in China in 2019.
A significant increase in demand for personalized implants has also been brought about by the development of 3-D printing technology for the production of orthopedic implants. In order to deliver technically improved joint implants, many orthopedic firms are creating cutting-edge technologies, which are predicted to support market expansion throughout the anticipated time frame.
Numerous hospitals now provide robotic surgeries for the treatment of various orthopedic disorders as a result of the growing use of surgical robots in the field of orthopedics, which has boosted the effectiveness of surgical treatments. In addition to their implants and navigational devices, some manufacturers are concentrating on creating surgical robots that can be utilized in spinal fusion surgery.
Joint replacement surgeries are becoming more and more common. However, a significant issue that is projected to impede the growth of the orthopedic joint replacement market in the upcoming years is the difficulties related to the use of the implant. The market's expansion is also predicted to be hampered by key companies' global product recalls of knee and hip replacement devices. The US Food and Drug Administration (FDA) reports that more than 13,000 knee replacement systems and components have been recalled between 2003 and 2019. Zimmer Biomet reported the most recalls, followed by Johnson and Johnson Services Inc. and Smith & Nephew.
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Few key players can dominate due to consolidated market structure. For example, certain important players, like Zimmer Biomet, are dominating the market due to their wide range of joint implants for both the upper and lower extremities. With its joint knee and hip implants, Johnson Johnson Services, Inc. and Stryker dominate the market. Integra LifeSciences, B. Braun Melsungen AG, Bioimpianti, Conformis, MicroPort Scientific Corporation, and other manufacturers are also active in the market.
Top Players Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Orthopedic Joint Replacement Market Analysis, the growing geriatric population, the rapid advancements in Orthopedic Implant Technology and the growing demand for specialized joint implants for both men and women is anticipated to promote the growth of the orthopedic joint replacement market. Moreover, increase in robotic surgery innovations is expected to positively support the market as it has boosted the effectiveness of surgical treatments.
|Market size value in 2021||USD 22.94 billion|
|Market size value in 2028||USD 37.08 billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Orthopedic Joint Replacement Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Orthopedic Joint Replacement Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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