Pune, India, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The global orthopedic joint replacement market size was valued USD 20.80 billion in 2022 and is expected to be worth USD 22.28 billion in 2023. The market is projected to reach USD 37.99 billion by 2030, recording a CAGR of 7.9% during the forecast period.
The incidence of chronic joint disorders, such as osteoarthritis is increasing at a worrying rate across the world, especially among the elderly population. This scenario has augmented the demand for joint replacement surgeries, which has positively impacted the adoption of joint implants as well. The population of elderly people is also on the rise across the world, which is expected to fuel the orthopedic joint replacement market growth.
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Key Industry Development:
November 2022: Exactech announced that it had received the 510(k) clearance from the U.S. FDA for its novel product named TriVerse Primary Knee Replacement System.
Key Takeaways:
- An article released in Agappe in November 2022 reported an estimation of 260,000 to 300,000 individuals being admitted to hospitals annually due to hip fractures in the U.S.
- In November 2021, Smith Nephew launched the CORI handheld robotics system to aid in both total and partial knee arthroplasties.
- In 2022, North America held the largest market share, generating a revenue of USD 7.46 billion.
- As per the FDA, there were over 13,000 recalls of knee replacement components and systems recorded between 2003 and 2019.
Discover the Leading Players Featured in the Report:
Stryker (U.S.),Johnson & Johnson Services, Inc. (U.S.),Smith + Nephew (U.K.),Zimmer Biomet (U.S.)B. Braun Melsungen AG (Germany),Bioimpianti (Italy),Conformis (U.S.),MicroPort Scientific Corporation (China),Enovis (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 7.9 % |
| 2030 Value Projection | USD 37.99 billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 20.80 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 150 |
| Segments covered | By Product, Procedure, End User, Geography |
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https://www.fortunebusinessinsights.com/industry-reports/orthopedic-joint-replacement-market-100314
Driving factor:
Technological Advancements in Orthopedic Implants to Boost Market Progress
The market is expected to grow at a notable rate in the coming years as the demand for personalized joint implants is increasing among the male and female population. Since every patient has a unique body constitution, many leading medical device manufacturing companies are incorporating advanced technologies to produce orthopedic implants that cater to patients’ specific medical needs. These developments are predicted to fuel the market progress for orthopedic joint replacement.
However, rising number of product recalls and lawsuits on orthopedic devices might hinder the market growth.
Segmentation:
Rise in Knee Replacement Procedures to Boost Demand for Knee Orthopedic Joint Replacement Devices
Based on product, the market is categorized into knee, hip, shoulder, ankle, and others. The knee segment dominated the orthopedic joint replacement market share in 2022 as there has been a notable increase in the number of knee replacement procedures.
Total Replacement Procedures to Gain Traction Due to Wider Product Range
In terms of procedure, the market is categorized into total replacement, partial replacement, and others. The total replacement segment dominated the market in 2022 as this procedure has a wider range of product offerings as compared to those of partial, revision, or reverse replacement surgeries.
Hospitals & ASCs to be Major Product End-Users With Rising Hip Implant Surgeries
Based on end-user, the market is divided into hospitals & ASCs, orthopedic clinics, and others. the hospital & ASC segment dominated the global market in 2022 as the number of hip implant surgeries being conducted in these medical centers is growing every year.
With respect to region, the market covers North America, Europe, Asia Pacific, and Rest of the World.
By Product
- Knee
- Hip
- Shoulder
- Ankle
- Others
By Procedure
- Total Replacement
- Partial Replacement
- Others
By End User
- Hospitals & ASCs
- Orthopedic Clinics
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Regional insights:
North America Market to Grow Rapidly Due to Growing Awareness About Advanced Joint Implants
North America dominated the global market in 2022 and is set to retain its leading position in the coming years as well. This is because patients across the region are becoming more aware of the availability of technologically advanced orthopedic implants. They are also getting access to a wider range of options to treat their joint-related ailments, which will further boost the regional market development for orthopedic joint replacement.
Europe is also expected to hold a major share of the market as the prevalence of osteoarthritis is increasing across the region due to a vast pool of the geriatric population.
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Competitive Landscape
Key Players to Dominate Market with Introduction of New Products and Diverse Portfolio
The key companies operating in the market, such as Johnson & Johnson Services, Inc., Zimmer Biomet, Stryker, and Smith & Nephew have dominated this industry for quite some time as they have strong product portfolios. These products can be used for both upper and lower extremities. These firms are also focusing on launching new products to maintain their competitive edge.
FAQs
How big is the Orthopedic Joint Replacement Market?
Orthopedic Joint Replacement Market size was USD 22.28 billion in 2023.
How fast is the Orthopedic Joint Replacement Market growing?
The Orthopedic Joint Replacement Market will exhibit a CAGR of 7.9% during the forecast period, 2023-2030.
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Orthopedic Biomaterials Market Size, Share, Growth Industry Report
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