The market for joint replacement devices is growing because of a rise in the prevalence of osteoarthritis in the knee and a rise in the desire for less invasive treatments.
Wilmington, Delaware, United States, Feb. 21, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global joint replacement devices market was projected to attain US$ 16.6 billion in 2022. It is anticipated to garner a 5.7% CAGR from 2023 to 2031 and by 2032, the market is likely to attain US$ 27.1 billion by 2031.
Knees, hips, ankles, shoulders, and elbows that are sick or totally destroyed are replaced with joint replacement devices, commonly referred to as orthopedic implants. Orthopedic implants treat pain from degenerative joint disorders, arthritis, and trauma by restoring mobility and improving patients’ quality of life.
There are three sorts of these devices: revision joint replacement, partial joint replacement, and complete joint replacement. In order to replace prosthetic components and remove damaged joint components, surgery is required.
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Metals, polymers, and ceramics are examples of biocompatible materials used in the construction of joint replacement devices. The degree of joint injury and the patient’s health are taken into consideration while choosing these devices. Joint replacement surgery is made easier by patient-specific implants, minimally invasive surgical methods, and computer-assisted navigation.
Key Findings of the Market Report
- Knee osteoarthritis is a degenerative joint condition characterized by wear and tear or gradual loss of articular cartilage.
- This condition is more common in older adults because of strained muscles and inactivity.
- Some of the main causes of knee osteoarthritis are a sedentary lifestyle, obesity, joint stress and accidents, and genetic susceptibility.
- Surgery is used to implant joint replacement devices in order to reduce discomfort and increase a patient’s range of motion.
- A rise in the prevalence of osteoarthritis in the knee is fueling the expansion of the market for joint replacement devices.
Market Trends for Joint Replacement Devices
- Reduced tissue stress, a decreased chance of problems, shorter hospital stays, fewer incisions, and better cosmetic results are all guaranteed by minimally invasive surgery. Orthopedic physicians choose less invasive surgical methods because they guarantee optimal results and a quicker recovery.
- More accuracy and precision in minimally invasive joint replacement surgeries may now be achieved by orthopedic surgeons because of advancements in surgical instruments, which include specialized tools, scopes, and navigational systems. The market expansion for joint replacement devices is being aided by the spike in demand for minimally invasive operations.
- Due to ligament deterioration, elderly persons are more vulnerable to a variety of joint ailments, including knee, hip, ankle, and shoulder problems. Ligament injuries exacerbate joint friction, which can cause extreme discomfort or even cause bones to dislocate.
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Global Market for Joint Replacement Devices: Regional Outlook
- In 2022, the North America market dominated the world market. The need for joint replacement and pain management procedures, together with the aging population, will probably drive the joint replacement devices market share.
- The market is expanding due to a rise in demand for implants tailored to each patient. Orthopedic surgeons concentrate on giving patients exact therapies to overcome irregularities in their bones and reduce pain.
- Over 600,000 knee replacement surgeries are carried out annually in the United States, according to the Agency for Healthcare Research and Quality (AHRQ). A rise in knee replacement procedures is driving market growth.
Global Joint Replacement Devices Market: Key Players
Technological improvements in the orthopedic industry are prompting manufacturers to launch cutting-edge product lines. Prominent industry participants are concentrating on the study of joint replacement devices for the future in order to offer improved devices that guarantee optimal performance and achieve desired results.
Businesses are spending money on research and development to introduce new products and expand their line of offerings. The following companies are well-known participants in the global joint replacement devices market:
- Aesculap Inc.
- Arthrex Inc.
- CONFORMIS Inc.
- Medical Device Business Services Inc.
- DJO LLC
- Exactech Inc.
- Medtronic
- Smith & Nephew plc
- Stryker
- Zimmer Biomet
Key developments by the players in this market are:
- The U.S. Food and Drug Administration granted 510(k) approval to Exactech, a company that develops modern implants, instruments, and smart technologies for joint replacement surgery, in August 2023 for their new and improved Activit-E polyethylene used in the Truliant knee replacement system.
- Leading medical technology startup Enovis introduced ARVIS, the only augmented reality surgical guiding system made especially to enhance complete hip and knee replacement surgery, in July 2022.
Global Joint Replacement Devices Market Segmentation
Product
- Knee Reconstruction Devices
- Total Knee Replacement
- Partial Knee Replacement
- Revision Total Knee Replacement
- Hip Reconstruction Devices
- Total Hip Replacement
- Partial Hip Replacement
- Revision Total Hip Replacement
- Extremity Joint Reconstruction Devices
- Shoulder
- Elbow
- Hand & Wrist
- Foot & Ankle
Type of Fixation
- Cementless
- Cemented
- Hybrid
Technique
- Traditional Surgery
- Minimally Invasive Surgery (MIS)
- Computer-assisted Surgery (CAS)
Indication
- Osteoarthritis
- Rheumatoid Arthritis
- Hip Dysplasia
- Orthopedic Trauma
- Joint Stiffness
- Others
End User
- Hospitals
- Orthopedic Clinics
- Ambulatory Surgical Centers
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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