The Artificial Joints Market is expected to reach USD 32.70 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with the growing geriatric population, increasing incidence of osteoarthritis and arthritis which are expected to further accelerate the market growth globally. Based on statistics, rising obese population, increase unhealthy eating habits which in turn result in obesity which tend to develop 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 age 60, who had to undergo total knee and hip replacement surgeries, are providing 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. 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 decreased risk of chemical inertness, resistance to corrosion, osteolysis, non-allergic properties, and biocompatibility would drive the market growth of the market.
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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 important factors responsible for the market growth globally.
- Musculoskeletal disorders have been the most prevalent disorder that affects the aging population.
- The most common musculoskeletal disorders among the aging population have been fractures, osteoarthritis, osteoporosis, and infections.
- Hip and knee replacements are the most usually performed joint replacements, and it is expected to grow at a CAGR of 4.8% during the forecast period.
- Replacement surgery is suitable for other joints, as well, 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 40.44% in 2020 and is the most prevalent type used in artificial implants worldwide.
- 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 pose as challenges to broader adoption.
- The prosthetic clinics segment of the end user is valued at USD 7.08 billion in 2020 and is expected to grow at a CAGR of 4.6% during the forecast period.
- The market in APAC is anticipated to be the fastest growing region with the highest CAGR of 4.9% during the forecast period. This notable rise in the geriatric population along with technological improvement 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.
Competitive Outlook of the Global Artificial Joints Market
The globla Artificial Joints market study focuses on the revenue growth trajectories of the leading companies in this market. This section of the report throws light on the highly competitive landscape of the Artificial Joints market, pointing out the major players. The report further discusses the strategic initiatives undertaken by each of these market players, including mergers acquisitions, collaborations, joint ventures, new product launches, new business deals, and technological innovations.
Top Companies Profiled in the Report:
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, Zimmer Holdings.
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The report is inclusive of product type outlook, application spectrum, end-use outlook, technology landscape, regional market analysis, and competitive overview.
Artificial Joints Market Segmentation:
Material Outlook (Revenue, USD Million; 2018-2028)
- Cobalt-chromium alloys
- Titanium alloys
End User Outlook (Revenue, USD Million; 2018-2028)
- Prosthetics clinics
- Rehabilitation centre
Application Outlook (Revenue, USD Million; 2018-2028)
- Hip and knee
Geographic Segment Covered in the Report:
The Artificial Joints report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
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