NEW YORK, May 15, 2018 (GLOBE NEWSWIRE) — The global joint replacement market is expected to grow from USD 19,144 million in 2017 to USD 31,889 million in 2024 at a CAGR 7.7% from 2018-2024. Factors driving the market are growing number of ageing population and increasing number of chronic medical condition such as, rheumatoid arthritis, osteoarthritis, and osteoporosis. Moreover, technological advancements in hip and knee implantation such as robotic-assisted surgeries, and 3D printing are further boosting the market growth. However, high cost of surgery may hamper the market growth.
Emergence of New Technologies in Joint Replacements
Osteoarthritis is the most common joint disease worldwide and primarily affects the hip, knee, spine, shoulder, and ankle. It is a leading cause of disability among individuals aged above 40 years. With a traditional knee and hip replacement, various size options are available but mostly they are all of the same shape. The advancement in technology such as 3D planning and 3D printing, material, and robotic-assisted joint replacement surgeries improve the patient’s life and enhance the market growth. 3D planning and 3D printing prosthesis has important applications in case of complex joint and bone condition where the shape and size is different.
In recent years, manufacturer has developed innovative metals and plastics that make the replacement joint more durable, dependable and long-lasting. Another major advancement has been developed in surgical implantation technology using robotic-assisted technology. It is commonly employed for prosthetic implantation in the management of degenerative condition of joints. The technology enhances the accuracy and precision in the alignment and placement of the joint implant.
Global Joint Replacement Market– Regional Insights
North America held the maximum share of the global market in 2017, owing to growing number of aging population affected by joint disorders, serious research, and development activities in knee and hip implant industry, and major players has introduced technologically advanced products to the consumer. Moreover, increasing government initiative to approve and support medical devices are propelling the growth such as insurance coverage and adoption of new technology. Europe held the second largest market share of the global market, owing to growing number of aging population suffering from autoimmune diseases such as rheumatoid arthritis, and technological advancement in surgery technique (robotics-assisted). In the United Kingdom around 85,000 knee replacement operations, every year due to growing incidence of knee joint disorders and a significant increase in obesity rates are contributing towards the growth of market. Asia-Pacific is expected to be the fastest growing market due to growing number of chronic diseases such as osteoporosis, osteoarthritis, and rheumatoid arthritis.
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Key findings from the report:
- On the basis of type, the knee replacement segment held major share of the market in 2017 owing to increasing physical injuries, and technological advancement in knee implantation
- Based on end-user, the hospital segment held major share of the market in 2017
- Geographically, North America has witnessed to hold the maximum share of the global market. The growth is attributed in this region due to rising prevalence joint deformities, and presence of large pool of knee and hip implant manufacturers in this region.
- Some of the key companies operating in the market include B. Braun Melsungen AG; Stryker Corporation; AK Medical Holdings Limited; Dragonbio; Corin Group; Mathys AG Bettlach; Smith & Nephew Plc; Waldemar LINK GmbH & Co. KG; Medacta International; Exactech, Inc.; DePuy Synthesand; Zimmer Biomet; Johnson & Johnson Services, Inc., and among others
By Type
- Knees Replacement
- Total Knee Replacement
- Partial Knee Replacement
- Revision Knee Replacement
- Hip Replacement
- Total Hip Replacement
- Partial Hip Replacement
- Revision Hip Replacement
- Hip Resurfacing
- Ankle Replacement
- Shoulder Replacement
- Others
By End-user
- Hospitals
- Orthopedic Centers
- Ambulatory Surgery Center
- Others
Region
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
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