The Global Artificial Joints Market is expected to reach USD 27.6 Billion by 2027, according to a new report by Reports and Data. This is mainly associated with the growing geriatric population and the increasing incidence of osteoarthritis and arthritis, which are expected to accelerate market growth globally. Based on statistics, the rising obese population, unhealthy eating habits, which will result in obesity, which tend to give rise to the need for knee and hip replacement surgeries, are also some of the factors that help to grow the size of the global market.
Osteoarthritis is one of the leading diseases in advanced countries. It is also found in adults younger than the age of 60 years, who had to undergo total knee and hip replacement surgeries, are propelling the market growth in many developed countries. The artificial joint, also known as prosthesis, is a device that is surgically implanted to replace a natural bone to correct joint abnormalities and to improve joint function.
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The global artificial joints market is segmented on the material used, such as oxinium, ceramic, alloy, and other materials. In recent years, artificial joints have gained popularity, and it is anticipated to grow further during the forecast period. Factors such as the reduced risk of chemical inertness, corrosion resistance, osteolysis, non-allergic properties, and biocompatibility are expected to drive the growth of the market.
The North American market for artificial joints accounted for the largest market share of nearly 29.5% in 2019. North America currently dominates the artificial joints market due to the continuous increase in obese population, technological advancements, higher cost of implantable joints, rising geriatric population, upsurge in funding by government agencies and private organizations in healthcare. Florida, California, and Texas are significant revenue-contributing regions in North America.
Further key findings from the report suggest
- The artificial joints are designed to replicate the movement of a typical, healthy joint.
- The growing incidences of age-related musculoskeletal disorders are one of the major factors responsible for the market growth globally.
- Musculoskeletal disorders are the most prevalent disorder that affects the aging population.
- The most common musculoskeletal disorders among the aging population include fractures, osteoarthritis, osteoporosis, and infections.
- Hip and knee replacements are the most popular procedures for joint replacement and are expected to grow at a CAGR of 4.8% during the forecast period.
- Replacement surgery is also suitable for other joints, including the wrist, ankle, shoulder, and elbow.
- The materials are alloys of titanium and cobalt-chromium. The bearing portion of the joint is made of wear-resistant, high-grade plastic.
- The metal-plastic compound is the largest revenue-generating segment. It accounts for the largest market share of around 41% by 2019 and is the most prevalent type used in artificial implants worldwide.
- The availability of high-level prosthetics that offer customization and improved functionality will continue to witness increasing demand in developed markets.
- However, high cost and lack of favorable reimbursement policies are the factors that will hinder broader adoption.
- The prosthetic clinics end-user segment was valued at USD 7.4 billion in 2019 and is expected to grow at a CAGR of 4.6% during the forecast period.
- The market in the Asia Pacific region is anticipated to be the fastest-growing region with the highest CAGR of 4.9% during the forecast duration. This notable rise in the geriatric population, along with technological advancement, is anticipated to boost the market in this region.
- Moreover, developing economies such as India and China, with a significantly vast pool of potential reconstructive surgery patients, represent a significant opportunity for the Artificial Joints Market.
- Key participants include Aesculap AG, Biomet, Inc., Depuy Synthes (Johnson & Johnson), DJO Global, Inc., Exactech, Inc., Globus Medical, JRI Orthopaedics, Medtronic, Inc., NuVasive, Inc., AK Medical, SAMO, Smith & Nephew, Stryker Corp., Arthrex, and Zimmer Holdings.
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For the purpose of this study, Reports and Data segments the Global Artificial Joints Market on the basis of Material, End-User, Application, and Region:
Material Outlook (Revenue, USD Million; 2017-2027)
- Cobalt-chromium alloys
- Titanium alloys
End-User Outlook (Revenue, USD Million; 2017-2027)
- Prosthetics clinics
- Rehabilitation center
Application Outlook (Revenue, USD Million; 2017-2027)
- Hip and knee
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Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- South-east Asia
- Latin America
- Middle East & Africa
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