The Global Artificial Joints Market is estimated to register a CAGR of 6%, generating USD 32.70 Billion in terms of revenue by 2030 from USD 20.47 Billion in 2020. The market growth is driven by the growing incidences of age-related musculoskeletal disorders globally. Some of the most common musculoskeletal disorders among the geriatric population have been osteoarthritis, fractures, joint infections, and osteoporosis.
A joint replacement is generally a surgical procedure in which parts of a damaged joint or an arthritic are removed and replaced with a plastic, ceramic, or metal device called a prosthesis, which is designed to replicate the movement of a normal, healthy human joint. The expansion of the geriatric population base and an associated rise in incidence and prevalence of chronic arthritis will boost artificial joints market growth through 2030.
According to a report by the Centers for Disease Control and Prevention, nearly 67.1 million Americans above 18 years of age are expected to have arthritis by 2030. The World Health Organization estimates that the number of people aged 60 years and above will reach 2 billion in numbers by 2050. The growth in the prevalence of rheumatoid arthritis will offer major growth avenues to the artificial joints business.
The growing focus of industry players on the development of technology advanced prosthetics material will supplement market share. Moreover, the availability of high-level prosthetics with customization options and improved functionality will boost artificial joints market revenue share through 2030. However, the lack of favorable reimbursement policies and high-cost joint replacement surgeries may negatively impact industry growth.
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Based on material, the metal-plastic segment accounted for the largest revenue generation of USD 7.37 billion in the global artificial joints market share in 2022 and is likely to witness major, as it is the most prevalent and preferred type of artificial implants used worldwide.
Based on end-user, the prosthetic clinics segment accounted for 38.85% of the artificial joints market share in 2022, followed by the hospital segment. Based on application, the hip and knee replacements were the most performed joint replacements and accounted for 39.30% of the market revenue share in 2022.
In the regional landscape, the U.S. accounts for the largest share of the artificial joint market due to the maximum prevalence of arthritis, which is one of the leading causes of disability in the region. The American Joint Replacement Registry estimates that hip or knee surgeries are performed on nearly 7 million people in the U.S. The hip and knee surgeries account for over 85% of the total joint replacement surgeries performed in the region. A similar growth trend in these surgeries will boost regional growth over the forecast period.
Europe accounts for the second-largest share of 21.30% in the global artificial joints market in 2022 and is estimated to witness robust growth over the forecast period. According to the National Joint Registry, nearly 101,651 hips, 6,967 shoulders, 108,713 knees, and 722 elbow replacement surgeries were performed in 2016 in the U.K. alone. Factors such as growing demand for cost-effective surgeries, high costs of replacement devices, growth in health expenditure, technological improvement, and favorable medical reimbursement scenario may boost regional growth. Moreover, growth in the aging population base and longer life expectancy has led to a rise in musculoskeletal diseases such as rheumatoid arthritis, osteoarthritis, and others in the region, further bolstering artificial joints market growth.
Key players operating in the global artificial joints market are Aesculap AG, Depuy Synthes (Johnson & Johnson), Biomet, Inc., DJO Global, Inc., Globus Medical, Exactech, Inc., JRI Orthopaedics, NuVasive, Inc., Medtronic, Inc., AK Medical, Smith & Nephew, SAMO, Stryker Corp., Zimmer Holdings, and Arthrex, among others.
On 9th February 2020, RSIP Vision, a Jerusalem-based established leader in computer vision and image processing R&D, introduced a computer vision technology to better visualize bones ahead of knee and hip replacement procedures to minimize human error.
In January 2020, Lidakang Technology, a Chinese artificial joints provider, raised USD 16 Million in a Series A funding from state-backed venture capital firm, Shenzhen Capital Group.
Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis on the industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Reports and Data has segmented the Global Artificial Joints Market on the basis of material, end-user, application, and region:
Material Outlook (Revenue, USD Million; 2022-2030)
- Cobalt-Chromium Alloys
- Titanium Alloys
End-User Outlook (Revenue, USD Million; 2022-2030)
- Prosthetics clinics
- Rehabilitation centre
Application Outlook (Revenue, USD Million; 2022-2030)
- Hip and Knee
Regional Outlook (Revenue, USD Million; 2022-2030)
- North America
- Asia Pacific
- Southeast Asia
- Latin America
- Middle East & Africa
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