North America's market dominance is driven by established healthcare infrastructure, a growing elderly population, and expanding orthopedic therapies.

NEWARK, DELAWARE, UNITED STATES OF AMERICA, October 25, 2023 /EINPresswire.com/ -- A recently released Future Market Insights report estimates that the joint replacement market will generate US$ 17.1 billion in revenue in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2032. It is anticipated that the market will be valued US$ 27 billion by the end of 2032.

The market was significantly impacted by COVID-19, both positively and adversely. During this time, the number of non-elective and non-essential surgical procedures decreased dramatically, and hip and knee arthroplasty surgeries were not added to the list of processes that are necessary. During this pandemic period, significant financial losses slowed the market's expansion. Only the most basic surgical procedures were to be performed by the surgeons.

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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 market growth 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. These factors are expected to drive the knee replacement market in the forthcoming 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.

"The Joint Replacement Market, as identified by our recent research study, demonstrates a robust trajectory with substantial growth prospects. This market is being propelled by the aging population, increasing cases of osteoarthritis, and advancements in surgical techniques and implant materials. The research manager believes that the Joint Replacement Market will continue to flourish, presenting lucrative opportunities for stakeholders and innovators in the healthcare sector,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI) analyst.

Key Takeaways:

The global joint replacement market is expected to grow from US$ 30.7 billion in 2023 to US$ 49.6 billion by 2033, at a CAGR of 7.3%.

The growth of the market is attributed to the increasing prevalence of osteoarthritis, rheumatoid arthritis, and other joint disorders, the growing aging population, and the rising demand for minimally invasive surgeries.

The knee joint replacement segment is expected to account for the largest share of the market in 2023, due to the high prevalence of osteoarthritis of the knee.

The hip joint replacement segment is expected to grow at the fastest CAGR during the forecast period, due to the increasing prevalence of rheumatoid arthritis of the hip.

The Asia Pacific region is expected to be the fastest-growing market for joint replacements during the forecast period, due to the rising aging population and the increasing prevalence of joint disorders in the region.

Competitive Landscape:

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
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:

In January 2022, Engage Surgical, the owner of the only cement-less unicompartmental knee system commercially accessible in the United States, was acquired by Smith+Nephew, a multinational medical technology business.

In February 2021, MicroPort Orthopedics added hyaluronic acid-coated collared hip stems and affixed collared hip stems to their hip stems lineup.

In January 2021, Stryker purchased OrthoSensor, Inc., a forerunner in the digital evolution of full joint replacement.

In July 2018, Corin announced that it will offer the Trinity Dual Mobility System for Hip Replacement.

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Joint Replacement Market Segmentation:

By Replacement Type:

Extremities
Upper
Lower
Knees
Hips

By Fixation Type:

Cemented
Cementless
Hybrid
Reverse Hybrid

By End-use:

Hospitals
Orthopedic Clinics
Other End-uses

By Procedure Type:

Total Replacement
Partial Replacement
Other Procedure Types

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East & Africa (MEA)

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Explore Extensive Coverage in Healthcare Market Domain:

Craniofacial Implants Market Sales: The global market was valued at US$ 51.2 Million in 2022 and is expected to reach US$ 114.9 Million by 2033.

Orthopedic Prosthetic Devices Market Trends: The market is projected to register a CAGR of 4.7% during the forecast period, up from US$ 1.9 Billion in 2019 to reach a valuation of US$ 2.8 Billion by 2027.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Ankush Nikam
Future Market Insights, Inc.
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