Artificial joints have been a very successful medical intervention for those suffering from osteoarthritis. Osteoarthritis is one of the most common degenerative diseases affecting adults and in recent years. An artificial joint may be used to provide improved movement, as well as to improve activity level. When people with arthritis have lower activity level due to pain, an orthopedic surgeon may recommend artificial joints to improve their activity level.
Major players operating in the global artificial joints market are focused on approval and launch of new products to expand their product portfolio. For instance, in 2021, Corin Group launched Optimized Positioning System that helps to determine the position and orientation of hip implant on the basis patient’s anatomy and movement in hip replacement surgeries.
The global artificial joints market is witnessing several M&A activities. For instance, in 2021, Exactech Inc., a U.S-based manufacturer of medical devices, was acquired by TPG Capital.
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Global Artificial Joints Market: Drivers
Increasing geriatric population is expected to propel growth of the global artificial joints market over the forecast period. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Moreover, high prevalence of obesity is also expected to boost demand for artificial joints, thereby aiding in growth of the market. For instance, according to the Federal Research Center for Nutrition and Biotechnology, in 2018, (Russia) 60% of women and 50% of men aged over 30 were overweight with 27% of these men and 31% of these women officially obese.
Europe is expected to witness significant growth in the global artificial joints market, owing to high prevalence of musculoskeletal disorders in the region. For instance, according to the study ‘Osteoarthritis in Europe: Impact on health status, work productivity and use of pharmacotherapies in five European countries’ that examined the impact of peripheral joint osteoarthritis across five European countries, UK (43.6%), France, (25.6%), Germany, (15.2%), Spain, (8.4%), and Italy (7.1%) recorded high prevalence of peripheral joint osteoarthritis, with majority of cases aging 55-74 years.
North America is also expected to witness significant growth in the global artificial joints market, owing to high number of hip or knee surgeries in the region. For instance, according to American Joint Replacement Registry, hip or knee surgeries are performed on around 7 million people in the U.S. Hip and Knee surgeries account for more than 85% of the total joint replacement surgeries in the U.S.
Global Artificial Joints Market: Restraints
High cost of artificial joints and product recalls are expected to limit growth of the global artificial joints market.
Global Artificial Joints Market: Competitive Landscape
Major players operating in the global artificial joints market include, Abbott Laboratories, Aesculap AG, Arthrex, Boston Scientific, Globus Medical, JRI orthopedics, Sonova Holdings AG., Smith and Nephew Plc, Stryker Corporation, Intuitive Surgical Inc., Varian Medical Systems, and Zimmer Biomet Holdings Inc.
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Global Artificial Joints Market: Key Developments
Major players operating in the global artificial joints market are focused on approval and launch of new products to expand their product portfolio. For instance, in 2021, Stryker Corporation launched robotic arm assisted total knee arthroplasty, to be used with Mako system.
Global Artificial Joints Market: Taxonomy
By Material Type
- Artificial Joints of Hip
- Artificial Joints of Knee
- Artificial Joints of Shoulder
By Product Type
- Cemented Joints
- Non-Cemented Joints
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