Joint Replacement Market - Industry Size, Share, Growth & Forecast 2028 | UnivDatos

 

The joint replacement market is expected to grow owing to the rising prevalence of various orthopedic diseases coupled with a rapidly growing geriatric population. According to the United Nations, the 60+ aged population is expected to double again by 2050 and reach nearly 2.1 billion worldwide. Some of the most common orthopedic diseases among the elderly population are arthritis, lateral epicondylitis, ligament injuries to the knee, etc. Moreover, according to the Centers for Disease Control and Prevention, approximately 29.3% of adults aged 45 to 64 years, reported doctor-diagnosed arthritis, and almost 50% of older people aged 65 years or older, reported doctor-diagnosed arthritis. Owing to these glaring stats, there is a rapid increase in the number of orthopedic surgeries which in turn will significantly impact the growth of the market during the forecast period. The total knee replacement surgeries are projected to grow by 673% to 3.5 million procedures per year by 2030.

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According to UnivDatos Market Insights (UMI)’ research report “Global Joint Replacement Market Analysis, 2020”, the joint replacement market is projected to grow at a CAGR of around 4% during 2021-27F. A large number of ongoing research activities in this field, rising government and public-private investments, and various advantages associated with the implementation of joint replacement surgeries are some of the prominent factors contributing to the growth of the market globally.

Based on the type, the market is fragmented into knee replacement, hip replacement, ankle replacement, elbow replacement, and others. The knee replacement segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe. The segment is anticipated to grow on account of the growing geriatric population giving an upsurge to old-age disorders such as osteoporosis, arthritis, etc.

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Hospital Segment to Witness Robust growth

Based on end-users, the market is fragmented into cemented, cementless, and hybrid. The cemented segment occupied the major share of the joint replacement market in 2020 and it is expected to grow with a substantial CAGR in the upcoming years. The growth of this segment can be attributed to the rising demand for this type of fixation among older people as cemented fixation has good survivorship and low revision rates in comparison to others.

North America to Grab Lion’s Share, and witnessed Explicit Growth

Based on the region, North America dominated the global joint replacement market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to the presence of well-established market players and frequent product launches in the region. North America is expected to skyrocket with a considerable CAGR during the forecast period owing, as stated in UnivDatos Market Insights (UMI)’ research report “Global Joint Replacement Market Analysis, 2020”. 

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the joint replacement market include Stryker Corporation, Zimmer Biomet Holdings, Inc., Depuy Synthes (Johnson & Johnson), Smith & Nephew, B. Braun Melsungen AG, Wright Medical Group, Corin Group, MicroPort Orthopedics, Exactech, Inc., DJO, LLC, among others. The players are focused on launching products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry.  

“Global Joint Replacement Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for joint replacement providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on 16 parameters. This will help companies in the formulation of go to Market Strategies and identifying the blue ocean for its offerings.

Market Segmentation:

1.     By Type (Knee Replacement, Hip Replacement, Ankle Replacement, Elbow Replacement, and Others)

2.     By Fixation Type (Cemented, Cementless, and Hybrid)

3.     By End-Users (Hospitals, Orthopedic Clinics, and Others)

4.     By Region (North America, Europe, Asia-Pacific, Rest of the World)

5.     By Company (Stryker Corporation, Zimmer Biomet Holdings, Inc., Depuy Synthes (Johnson & Johnson), Smith & Nephew, B. Braun Melsungen AG, Wright Medical Group, Corin Group, MicroPort Orthopedics, Exactech, Inc., DJO, LLC, etc.)

Key questions answered in the study:

1.     What are the current and future trends of the joint replacement industry?

2.     How the industry has been evolving in terms of type, fixation type, and end-users?

3.     How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.     What are the key growth drivers and challenges for the joint replacement industry?

5.     What is the customer orientation, purchase behavior, and expectations from joint replacement firms across various regions?