Number of pages: 100 | Report Format: PDF | Published date: February 03, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
According to the deep-dive market assessment study by Growth Plus Reports, the global orthopedic joint replacement market was valued at US$ 20.01 billion in 2021 and is expected to register a revenue CAGR of 7.5% to reach US$ 35.80 billion by 2030.
Orthopedic Joint Replacement Market Fundamentals
Arthroplasty, also called joint replacement, is a surgery performed 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 prosthesis 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 manufactured using 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 the cost of implant in any region, a joint replacement might cost between US$ 8,600 and US$ 25,500. Reimbursements, the cost of implants, import duties, and subsidies by domestic governments are some of the key elements impacting the uptake of orthopedic joint replacements in different countries.
Orthopedic Joint Replacement 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 leading drivers of the orthopedic joint replacement market revenue growth. Joint replacement surgery is the most preferred treatment option due to the established effectiveness of such procedures and evolving outcomes of patient rehabilitation. Continuously increasing target disease prevalence is a key driver for the global orthopedic joint replacement market revenue growth. For instance, in December 2021, the Work-Related Musculoskeletal Ailments Statistics in Great Britain stated 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.
Patients with orthopedic-related disorders have a strong demand for minimally invasive surgeries due to less damage to soft tissues during surgery, resulting in a faster, less painful recovery and a quick return to a 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 are a few other benefits of minimally invasive joint replacement surgery.
Market players are investing heavily in R&D activities to launch new implants and prosthetics to ease the recovery process as well as to lower post-operative complications. For instance, LimaCorporate, in October 2022, announced the FDA approval of the 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 is likely to impede the global orthopedic joint replacement market revenue growth to some extent.
Orthopedic Joint Replacement Market Ecosystem
The global orthopedic joint replacement market has been analyzed from three perspectives: product, procedure, and region.
Orthopedic Joint Replacement Market by Product
Based on product, the global orthopedic joint replacement market is segmented into knee, hip, ankle, shoulder, and others.
The knee replacement segment accounted for the majority of the market revenue share in 2021. High incidence of knee injuries and large patient pool for knee osteoarthritis and osteoporosis mainly drive the revenue growth of this segment. Growing demand for cementless joint replacement surgeries and rising number of surgeons favoring such products are expected to lead to the cementless fixation segment dominating the global orthopedic joint replacement devices market. Moreover, a rise in total knee replacement (TKR) procedures as well as the wide availability of knee implants for both full and partial knee replacements are projected to drive the segment revenue growth.
Orthopedic Joint Replacement Market by Procedure
Based on the procedure, the global orthopedic joint replacement market is segmented into total replacement, partial replacement, and others.
Generally, surgeons prefer a total joint replacement procedure due to the fact that total joint replacement prostheses efficiently mimic the motion of a healthy, normal joint. The risk of future complications, in many cases, is avoided or even removed with the usage of total joint replacement surgery. Mobility is significantly enhanced and frequently fully recovered post total joint replacement. The replaced joint is likely to typically continue to function as designed for several years. The 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 dominates the global orthopedic joint replacement market. The demand for orthopedic joint replacement surgeries in North America is significantly high in North America as against other regions, mainly due to high awareness about the effectiveness of orthopedic joint replacement. The American Academy of Orthopedic Surgeons (AAOS) estimates that 90% of patients with replaced knees have experienced 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 expanded significantly as a result of increased medical tourism and technological advancements. Rise in fractures and trauma cases in Asia Pacific has also augmented the demand for orthopedic joint replacement. 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.
Orthopedic Joint Replacement Market Strategic Developments
Orthopedic Joint Replacement Market Competitive Landscape
The prominent players operating in the global orthopedic joint replacement market are:
Key factors supporting the global orthopedic joint replacement market revenue growth are high prevalence of orthopedic disorders, rise in the number of product launches, and high demand for robotic and minimally invasive procedures.
Johnson & Johnson Services, Inc., Stryker Corporation, Smith & Nephew plc, Arthrex Inc., and Zimmer Biomet Holdings Inc. are among the key companies in the global market.
High cost of surgical procedures in joint replacement is likely to limit the adoption of orthopedic joint replacement in low-income countries.
The global orthopedic joint replacement market is expected to register a revenue 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 during the forecast period.
*Insights on financial performance are subject to availability of the information in the public domain