Rising incidence of osteoarthritis and arthritis globally is a major factor influencing market growth.
Market Size – USD 18.23 billion in 2018, Market Growth - CAGR of 4.6%, Market Trends –Rise in obese population, increase in unhealthy eating habits which in turn result in obesity which tend to develop knee, and hip replacement surgeries
NEW YORK, April 29, 2019 (GLOBE NEWSWIRE) -- The Artificial Joints Market is expected to reach USD 26.39 Billion by 2026, 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, increased 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.
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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.
The North America market for artificial joints accounted for the largest market share of 29.30% in 2018. North America currently dominates the artificial joints market due to the continuous increase in obese population, technological advancement, 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 important factors responsible for the market growth globally.
- Musculoskeletal disorders have been the most prevalent disorder that affects the aging population.
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- 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 2018 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 2018 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.
- 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, Zimmer Holdings.
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For the purpose of this study, Reports and Data have segmented the global Artificial Joints Market on the basis of Material, End-User, Application and Region:
Material Outlook (Revenue, USD Million; 2016-2026)
- Cobalt-chromium alloys
- Titanium alloys
- Metal-plastic
End User Outlook (Revenue, USD Million; 2016-2026)
- Prosthetics clinics
- Hospitals
- Rehabilitation centre
- Others
Application Outlook (Revenue, USD Million; 2016-2026)
- Hip and knee
- Ankle
- Wrist
- Shoulder
- Elbow
Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- U.S.
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- South-east Asia
- Latin America
- Brazil
- MEA
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