Orthopedic Joint Replacement Market
Number of pages: 100 | Report Format: PDF | Published date: 03 February, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
|
Market size value in 2021 |
US$ 20.01 billion |
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Revenue forecast in 2030 |
US$ 35.80 billion |
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Growth Rate |
CAGR of 7.5% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Historical Year |
2020 |
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Segments covered |
Product, Procedure, and Region. |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global orthopedic joint replacement market was valued at US$ 20.01 billion in 2021, and is expected to witness a CAGR of 7.5% during the forecast period from 2022 to 2030.
Market Fundamentals
Arthroplasty, also called joint replacement, is surgery to replace a damaged joint with an artificial joint (made of metal, ceramic, or plastic). Healthcare providers usually recommend replacing the entire joint (total joint replacement). Less often, they replace only the damaged part of the joint. Total and partial joint replacement prostheses are intended to mimic the motion of a normal, healthy joint. Materials used in prothesis are usually Titanium alloys, stainless steel, special high-strength alloys, alumina, zirconia, zirconia toughened alumina (ZTA), and ultra-high-molecular-weight polyethylene (UHMWPE). The acetabulum can be constructed of metals, ceramics, or polymers, whereas the stems and necks are typically comprised of metals. In joint replacement, knee and hip replacements are most commonly performed. The most frequent justification for knee replacement surgery is to address extreme osteoarthritis-related pain. Depending on the nature of healthcare expenditure and cost of implant in any region, a joint replacement might cost between US$ 8,600 and US$ 25,500. Reimbursements, cost of implant, import duties and subsidies by domestic governments, are some of the key elements impacting the uptake of orthopedic joint replacements in countries.
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Market Dynamics
The rising prevalence of orthopedic disorders, the aging population, the growing preference for minimally invasive treatments, and the rising number of joint reconstruction surgeries are the main drivers of the orthopedic joint replacement market growth. Joint replacement surgery is the most preferred treatment option, due to the established effectiveness of such procedures, and the evolving outcomes of patient rehabilitation. Continuously increasing target disease prevalence is a key driver for the global orthopedic joint replacement market demand. For instance, the Work-Related Musculoskeletal Ailments Statistics in Great Britain stated in December 2021 that 470,000 people experienced new or long-standing work-related musculoskeletal disorders in 2020–2021. This amounts to 1,420 per 100,000 workers, or 28% of all illnesses brought on by work.
Moreover, patients with orthopedic-related disorders have a strong demand for minimally invasive surgery. This is attributed to less damage to soft tissues during surgery, resulting in a faster, less painful recovery and a quick return to normal routine. Additionally, fewer complications post-surgery, shorter hospital stays, less scarring, less immune system stress, smaller incisions, and for some procedures, shorter operating times and lower costs a few other the benefits of minimally invasive joint replacement surgery.
Market players are heavily investing in the launch of new implants and prosthetics to ease recovery process as well as to lower post-operative complications. For instance, LimaCorporate, in October 2022, announced FDA approval for PRIMA shoulder platform including short stem and TT glenoid. The PRIMA system for reverse shoulder arthroplasty consists of an innovative 3D-printed convertible short stem and a fully 3D-printed glenoid replacement. However, high cost of surgical procedures can impede the global orthopedic joint replacement market growth to some extent.
Market Ecosystem
The global orthopedic joint replacement market has been analyzed from three perspectives: Product, Procedure, and Region.
Orthopedic Joint Replacement Market by Product
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The global orthopedic joint replacement market, based on product types, is segmented into knee, hip, ankle, shoulder, and others. The knee replacement segment holds majority of market share in 2021. High incidence of knee injuries and large patient pool for knee osteoarthritis and osteoporosis mainly drives the growth of this segment. A growing demand for cementless joint replacement surgeries and a rise in the number of surgeons favoring such products are likely to cause the cementless fixation segment to dominate the worldwide orthopedic joint replacement devices market. Moreover, rise in total knee replacement (TKR) procedures as well as the wide availability of knee implants for both full and partial knee replacements are likely to drive the segment growth.
Orthopedic Joint Replacement Market by Procedure
Based on procedures, the global orthopedic joint replacement market is segmented into total replacement, partial replacement, and others. Total joint replacement procedure is most commonly preferred by surgeons. This is because of the fact that total joint replacements prostheses efficiently mimic the motion of a healthy, normal joint. The risk of future complication, in many cases is avoided or even removed with the use of total joint replacement surgery. Mobility is significantly enhanced and frequently fully recovered, post total joint replacement. The replaced joint will typically continue to function as designed for several years. Majority of individuals who opt for joint replacement surgery are satisfied with the procedure with little to no pain and discomfort.
Orthopedic Joint Replacement Market by Region
Regionally, the global orthopedic joint replacement market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. North America has dominated the global orthopedic joint replacement market. The demand for orthopedic joint replacement in North America is significantly high in North America as against other regions. This is mainly because of high awareness about the effectiveness of orthopedic joint replacement in the region. The American Academy of Orthopedic Surgeons (AAOS) estimates that 90% of patients with replaced knees have seen a significant decrease in pain. As reported in the Journal of Bone and Joint Surgery, 10.4% of Americans had complete knee replacement surgery by the time they were 80 years old, compared to 5.26% of American adults who had total hip replacement surgery. In both situations, there are more female patients in the U.S. market.
The orthopedic joint replacement market in Asia Pacific is growing due to the aging population with osteoarthritis and osteoporosis prevalence. The market in the region has grown significantly as a result of increased medical tourism and technological advancements. Increased fractures and trauma cases in Asia Pacific have also augmented the orthopedic joint replacement demand. Additionally, the orthopedic joint replacement market forecast in Asia Pacific is strong as a result of technological developments, such as 3D printing and smart sensors, both of which have a high product penetration.
Strategic Developments
Competitive Landscape
The prominent players operating in the global orthopedic joint replacement market are:
Key factors supporting the global orthopedic joint replacement market growth are high prevalence of orthopedic disorders, market players frequently launching new products, and high demand for robotic and minimally invasive procedures.
Some of the prominent players operating in the global orthopedic joint replacement market are Johnson & Johnson Services, Inc., Stryker Corporation, Smith & Nephew plc, Arthrex Inc., Zimmer Biomet Holdings Inc., Integra Lifesciences Corp., MicroPort Orthopedics Inc. (MicroPort Scientific Corporation), B. Braun Melsungen AG, Exactech Inc., and Corin Group, among others.
High cost of surgical procedures in joint replacement can limit the adoption of orthopedic joint replacement in low-income countries.
The global orthopedic joint replacement market is expected to witness a CAGR of 7.5% during the forecast period from 2022 to 2030.
Geographically, North America dominated the global orthopedic joint replacement market in 2021, and is expected to retain its leading position through the coming years.
*Insights on financial performance are subject to availability of the information in the public domain
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Snehal Deshmukh
Principle Consultant
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