The global orthopedic joint replacement market size is poised to reach USD 26,967.9 million by 2026, exhibiting a CAGR of 5.1% during the forecast period. Combined rise in the incidence of osteoarthritis and geriatric population in the world will be the key force behind the growth of this market.
Osteoarthritis is a lifelong condition that emerges when the cartilage in the joints deteriorates and causes bones to rub together, leading to stiffness and pain in those areas. It mainly hits people over 60 years of age. According to the World Health Organization (WHO), by 2050, over 130 million people in the world will be suffering from osteoarthritis, 40 million of whom will be severely disabled from the disease.
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Fortune Business Insights covers some of the key players in the orthopaedic joint replacement market:
- Integra LifeSciences
- Johnson & Johnson Services, Inc.
- MicroPort Scientific Corporation
- Braun Melsungen AG
- Zimmer Biomet
- Wright Medical Group N.V.
- Smith & Nephew
This will primarily be a result of the rapid increase in the geriatric population, whose numbers are rising in tandem. The United Nations estimates that more than 20% of the world’s population will be over the age of 60 by 2050. The cumulative effect of these developments will be an exponential rise in demand for joint implants, with total replacement surgeries leading the orthopedic joint replacement market trends.
Fortune Business Insights, in its report, titled “Orthopedic Joint Replacement Market Size, Share and Industry Analysis by Product (Knee, Hip, Shoulder, Ankle, Others), By Procedure (Total Replacement, Partial Replacement, Others), By End User (Hospital, Ambulatory Surgical Centers, Orthopedic Clinics, Others), and Regional Forecast 2019-2026”, pegged the market value at USD 19,051.2 Million in 2018. Within the report is also contained a comprehensive evaluation of the future prospects, plausible trends, and a variety of other factors that will influence the market during the forecast period.
Increasing Application of Robotics in Surgical Procedures to Redefine Contours of the Market
Robotic surgeries are becoming increasingly popular in the medical field. Joint replacement is one of the most prominent areas where procedures using robots are performed. In fact, cases where total knee replacement is required, such as in cases of severe stiffness or deformity, doctors are actively suggesting surgeries through robotic technology.
This judgement is based on the sound knowledge and awareness of the benefits that this technology promises to the patients. For example, robot-powered surgery is more accurate in placement of implants, thereby lessening the discomfort of the patient post-surgery.
Due to its high precision quotient, the likelihood of adjacent tissues getting damaged is negligible. Lastly, surgical procedures that are robot-assisted are known to be minimally invasive in nature as they make smaller incisions, thus speeding up the recovery process. Rising awareness about these advantages will accelerate the orthopaedic joint replacement market growth.
High Demand for Joint Implants to Drive the Market in North America
Revenue-wise, North America is anticipated to lead the global orthopaedic joint replacement market share, since the region generated USD 6,885.9 million in 2018. This is primarily owing to the escalating demand for joint implants, an efficient health insurance system, and a rising preference for joint replacement in outpatient settings in the region.
Increase in the number of domestic producers will fuel the market in Europe, making it the second largest stakeholder in terms of revenue. The orthopaedic joint replacement market forecast shows that Asia-Pacific will register the highest CAGR due to the growing incidence of osteoarthritis, strong government initiatives, and increasing acceptance of modern orthopaedic solutions.
Development and Launch of Innovative Products to Energize Competition
The highly competitive market for joint replacements is set to get a booster shot as prominent players infuse more energy into research and development capacities and come out with novel products. This is expected to make competition more dynamic as companies continue to widen their product offerings.
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