Increasing prevalence of orthopedic disorders, emergence of new surgical techniques, and rising need for medical care are some key factors expected to drive market growth
According to Emergen Research, the global joint reconstruction market size was USD 29.43 Billion in 2020 and is expected to reach USD 47.98 Billion in 2028 and register a revenue CAGR of 6.2% during the forecast period, 2021-2028.
Joint reconstruction is a surgical procedure used to repair and restore full function to a joint. The orthopedic devices sector includes a large portion of joint reconstruction. Arthritis, gout, osteoporosis, degenerative illnesses, bone and traumas are all common conditions that affect joints. Majority of these diseases are no longer restricted to the elderly. Sedentary lifestyles and poor dietary habits have made a huge percentage of the population vulnerable to these diseases. As a result, the market for joint reconstruction devices is expected to register rapid revenue growth as the population increases and people become more aware of the commercially available advanced devices.
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In addition, technological advancements in surgical techniques and growing demand of minimally invasive procedures are some factors expected to contribute market revenue growth over the forecast period. New surgical techniques and technology are encouraging patients to pursue joint repair procedures instead of joint replacement. Many people suffer from joint disorders because of the constant pressure placed on the joints throughout their lives. They are most prevalent in athletes and the elderly. Joint reconstruction surgery offers patients relief through minimally invasive procedures performed by experienced surgeons. However, high cost of treatment, and high investments on research activities for developing therapeutic procedures for large joints are some factors expected to restrain market growth to a significant extent over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Knee Segment Revenue to Expand at a Rapid CAGR:
Knee segment is expected to register a rapid revenue CAGR over the forecast period attributed to innovations and advancements in the efficiency and design of the equipment for knee replacement such as smart implants with advanced sensors and customized implants, growing number of genetic disorders and rising government investments in research and development activities in the life science sector.
Hospital Segment to Register Significant Revenue Growth:
Hospital segment is expected to register significant revenue growth over the forecast period due to high disposable income of patients, favorable government healthcare policies, especially in developed countries and rising awareness regarding joint reconstruction. In addition, increasing government investments on healthcare infrastructure and presence of advanced treatment options in hospitals are factors which has further boosted market segment.
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Asia Pacific to Account for Largest Revenue Share:
Asia Pacific is expected to account for largest revenue share in the global market over the forecast period due to rising number of patients suffering from orthopedic disorders, increasing geriatric population, and rising preference towards minimally invasive procedures. Further, availability of skilled personnel and technological advancements and developments in healthcare sector are some other factors expected to contribute to market growth in the region.
Major Companies in the Market Include:
- Aesculap Implant Systems LLC
- Zimmer-Biomet Holdings Inc.
- Smith and Nephew
- Stryker Corporation
- DePuy Synthes
- Medtronic Inc.
- Omni Life Science
- CONMED Corporation
- Arthrex Inc.
- Wright Medical Technology Inc.
For the purpose of this report, Emergen Research has segmented the global joint reconstruction market based on joint type, technique, end-use, and region:
Joint Type Outlook (Revenue, USD Billion; 2018–2028)
Technique Outlook (Revenue, USD Billion; 2018–2028)
- Joint Replacement
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Orthotic & Prosthetic Centers
- Surgical Centers
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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