Newark, April 23, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 20 billion in 2023 global artificial joints market will reach USD 32.57 billion in 2033. Prosthetic joints and joint implants are other names for artificial joints. These medical devices replace the body's sick or injured joints. Usually, biocompatible materials, including metal alloys, ceramics, and medical-grade polymers, are used to make these joints. Computer-aided design and manufacturing (CAD) and other precise engineering techniques are necessary when creating artificial joints. These methods guarantee robustness, equilibrium, and harmony with the human anatomy. Osteoarthritis, rheumatoid arthritis, severe injuries, and congenital diseases are among the ailments that lead to irreparable joint deterioration and need the use of prosthetic joints. Artificial joints have several advantages, including less pain, more mobility, longer lifespans, higher quality of life, and customization. Artificial joints are vital medical devices that are vital in helping people with crippling joint diseases feel better by restoring joint function and reducing pain.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | USD 20 Billion |
| Market Size in 2033 | USD 32.57 Billion |
| CAGR | 5% |
| No. of Pages in Report | 237 |
| Segments Covered | Type, Material Type, Application and End User |
| Drivers | The increasing geriatric population |
| Opportunities | Technological advancements |
Key Insight of the Global Artificial Joints Market
North America will dominate the market during the forecast period.
Leading medical equipment manufacturers and academic institutes that foster joint replacement technology innovation are based in the region. Research and development expenditures fuel innovation in state-of-the-art implants, surgical methods, and materials, fuel demand in the local market. A highly developed healthcare system guarantees patients access to the most advanced facilities and knowledge required for joint replacement procedures. Furthermore, the demand for joint replacement surgeries is driven less by cost constraints when health insurance coverage is widely available. The ageing population is a major factor in the increased demand for joint replacement surgery. North America's dominance in the artificial joint market is further supported by strong regulatory monitoring that guarantees artificial joint products' safety, efficacy, and quality.
In 2023, the cemented joints segment dominated the market, with a 67% market share and revenue of 13.40 billion.
The type segment is divided into cemented joints and non-cemented joints. In 2023, the cemented joints segment dominated the market, with a market share of 67% and revenue of 13.40 billion.
In 2023, the ceramics segment dominated the market, with a 44% market share and revenue of 8.80 billion.
The material type segment is divided into ceramics, alloy, oxinium, and others. In 2023, the ceramics segment dominated the market with the largest market share of 44% and revenue of 8.80 billion.
In 2023, the artificial knee joints segment dominated the market with the largest market share of 43% and revenue of 8.60 billion.
The application segment is divided into artificial knee joints, artificial hip joints, artificial joints of the shoulder, and others. In 2023, the artificial knee joints segment dominated the market with the largest market share of 43% and revenue of 8.60 billion.
In 2023, the hospitals segment dominated the market with the largest market share of 56% and revenue of 11.20 billion.
The end-user segment is divided into prosthetics clinics, hospitals, rehabilitation centres, and others. In 2023, the hospital segment dominated the market with a 56% market share and revenue of 11.20 billion.
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Advancement in market
Curexo, a South Korean medical robots firm, entered the Japanese artificial joint surgery robot industry by partnering with Kyocera Corporation. Kyocera and Curexo agreed to an exclusive sales agreement for Kyocera's "Cuvis-joint," an artificial joint surgery robot used in Japan. Curexo will produce, supply, and provide information about the artificial joint surgery robot, while Kyocera will be in charge of sales and maintenance in Japan.
Market Dynamics
Driver: The number of elderly people is growing.
The world's population is getting older, increasing the prevalence of joint diseases linked to ageing, such as osteoarthritis. People are more likely to have joint degeneration as they age, which can cause pain, stiffness, and decreased mobility. As a result, more people are seeking joint replacement surgery to deal with these problems. Low levels of physical exercise and sedentary lifestyles are linked to the obesity pandemic and joint degeneration in people of all ages. Sedentary behaviour-related poor alignment and posture aggravate this trend even more. The need for artificial joints as a means of reducing pain, regaining movement, and enhancing quality of life is fueled by these two considerations. Consequently, the market will rise due to the growing senior population and the increased incidence of sedentary lifestyles.
Restraints: Artificial joints costs.
The price of an artificial joint replacement procedure includes several charges, such as those related to surgery, implants, hospital stays, rehabilitation, and extra expenses. Surgical expenditures include the cost of the anesthesiologist, the surgeon, and the operating room supplies. Pre-operative assessment, inpatient treatment, post-operative monitoring, prescription drugs, and rehabilitation services are all included in the cost of hospitalization. The expenses associated with rehabilitation include home health care services, assistive technology, and physical therapy sessions. Tests for diagnosis, consultations, prescription drugs, and follow-up appointments could incur additional costs. Because of their exorbitant costs, most people cannot afford artificial joints, which restricts the market's potential expansion.
Opportunities: Technological developments.
More people are considering joint replacement surgery as a potential solution to their joint issues due to a growing understanding of the advantages of artificial joint replacements. In addition, continuous technical progress has created more functional, long-lasting, and customized artificial joints. Using cutting-edge imaging and navigation technologies, minimally invasive surgical techniques can provide patients with less intrusive treatments, quicker recovery periods, and better results. Combined, these elements propel the use of artificial joints, effectively satisfying the growing demand and fostering the industry's growth.
Challenges: Complications and risks associated with artificial joints.
Complications and risks associated with artificial joints include infections, Implant failure, Blood clots, and Nerve damage. Anaesthesia-related risks can lead to allergic reactions or respiratory problems during surgery. Joint instability or dislocation is possible, affecting stability and range of motion post-surgery. Additionally, allergic reactions to implant materials may cause inflammation, pain, or failure. The complications and risks associated with artificial joints may challenge the market’s growth.
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Some of the major players operating in the global artificial joints market are:
• esculap, Inc.
• B. Braun
• Corin Group
• DePuy Synthes
• Exactech
• Medtronic
• MicroPort Scientific Corporation
• Smith & Nephew
• Stryker Corporation
• Zimmer Biomet
Key Segments covered in the market:
By Type
• Cemented Joints
• Non-Cemented Joints
By Material Type
• Ceramics
• Alloy
• Oxinium
• Others
By Application
• Artificial Knee Joints
• Artificial Hip Joints
• Artificial Joints of the Shoulder
• Others
By End User
• Prosthetics Clinics
• Hospitals
• Rehabilitation Centers
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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