New York, USA, July 17, 2023 (GLOBE NEWSWIRE) — Total Hip and Knee Replacements Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Total Hip and Knee Replacement Market Information by Procedure Type, By Implant Type, By End-User, and Region – Forecast till 2030, the market is projected to grow from USD 21.63 billion in 2023 to USD 30.03 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.80% during the forecast period (2023 – 2030).
Market Scope:
Arthritic or injured joints such as total hip and knee replacements can have their functional surfaces surgically removed and replaced with a prosthesis made of metal, plastic, or ceramic. The prosthesis is meant to function in the same way as a natural joint.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 30.03 billion |
| CAGR | 4.80% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Procedure Type, Implant Type and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increase in prevalence of osteoarthritis Growing number of partial replacement surgeries globally Rising elderly population |
Total Hip and Knee Replacements Market Competitive Dynamics:
Key Companies in the Total Hip and Knee Replacements Market include
- Zimmer Biomet (US)
- Johnson & Johnson Services, Inc. (US)
- Stryker (US)
- Smith & Nephew (UK)
- Braun SE (Germany)
- Wright Medical Group N.V. (US)
- Corin Group (UK)
- Exactech, Inc. (US)
- DJO, LLC (US)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China)
Total Hip and Knee Replacements Market Trends:
Market Drivers
Patients have increasingly turned to web-based tools and internet resources in recent years to learn more about medical conditions. One area where this is happening is in the realm of joint replacement, where a number of websites have emerged to aid patients in preparing for surgery, recovering from surgery, and connecting with their orthopedic physicians.
The growing number of partial replacement procedures around the world, the aging population, and the frequency of osteoarthritis and orthopedic injuries are all factors fueling the market. Although the market for joint replacement is large and well established, growth is being fueled by new, cutting-edge technologies that benefit patients throughout their treatment. Robotics, augmented reality navigation, connected implants, and artificial intelligence are all being used by businesses to boost productivity and effectiveness.
Technology may change the dynamics of price. This results in price stability and extended contract terms. These elements have the potential to boost the market as a whole. The orthopedic industry as a whole benefits from price stability and increased income per procedure. The age of the population, strong public backing, and rising levels of patient education about replacement surgery have all contributed to a meteoric rise in the number of treatments. As a result, this is having a salutary effect on product demand.
Market Restraints
There has been a sharp increase in the frequency of replacement operations. However, the risks associated with the implant’s use are a major consideration that may slow the market’s expansion in the next years. The lawsuits allege that the device’s faults caused patients to suffer from severe consequences.
COVID-19 Analysis:
The initial interruption of the epidemic and subsequent hospital staffing shortages had the most long-lasting effect on joint replacement surgeries. The number of procedures has leveled off and will receive a small but steady boost from previously delayed cases. There is a direct relationship between the broader trends and market pressures in the joint replacement sector, and the strategic activities and rising performance of the leading corporations. In the midst of the global pandemic, the market has seen a negative demand shock that is unusual and shocking. The demand and growth in this industry, which caused the CAGR to spike suddenly, will return to pre-pandemic levels after the pandemic is gone. Companies have also placed an emphasis on the knee replacement business, which was hit particularly hard by COVID and has since seen a flood of innovative new products join the sector. The market for artificial joints is primed for rapid expansion after a period of stagnation. While the dust settles from macroeconomic difficulties, sales of joint replacements can be bolstered by rising surgery volumes and innovative technologies.
Browse In-depth Market Research Report (110 Pages) on Total Hip and Knee Replacements: https://www.marketresearchfuture.com/reports/total-hip-knee-replacements-market-11832
Total Hip and Knee Replacements Market Segmentation:
By Procedure Type
In 2022, total knee replacements will account for the major share of revenue in the Total Hip and Knee Replacements Market. This is because of the boom in knee replacement surgeries in recent years. Often, the elderly are the ones who need a total knee arthroplasty because of knee problems.
Implant type
The fixed-bearing market sector is expected to develop at a quicker rate than the other segments from 2023 to 2030, after having already led the market in 2022. This is because of the exceptional clinical features it offers at a comparatively lower cost.
By End User
Hospitals have been the market leaders up to 2022, while ASCs are expected to grow at the quickest rate from 2023 through 2030. This is because hospitals are performing more and more knee and hip replacement surgeries, and because of the rapid rise in the use of robots in these procedures.
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Total Hip and Knee Replacements Market Regional Analysis:
In 2022, the market for artificial joints like hips and knees was led by North America. The growing elderly population in the area is a major factor, as are the rising rates of hip arthroplasty and strategic partnerships among industry heavyweights. As a result, this boosts demand for artificial joints like hips and knees. The rising prevalence of orthopedic illnesses and the rapid uptake of innovative solutions bode well for the regional joint replacement market.
Due to favorable health reimbursement, rising desire for personalized implants, and an increase in the number of procedures, Europe is projected to account for the second-largest market share in total hip and knee replacements. France is predicted to have the fastest-growing market for complete hip and knee replacements in Europe, while Germany is anticipated to have the greatest market share.
From 2023 to 2030, the market for artificial joints such hips and knees is projected to expand most rapidly in Asia. This is because of factors such as the growing popularity of medical tourism, the rising number of hip replacement surgeries, and the rising spending on healthcare overall. Additionally, the market for total hip and knee replacements in China is anticipated to account for the highest proportion of the industry, while the market for such procedures in India is anticipated to expand at the quickest rate in the Asia-Pacific region. Ageing populations and increasing healthcare spending in emerging Asian economies are two further reasons expected to impact the total hip and knee replacements market in the coming years.
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Osteoarthritis Market Research Report Information By Type (Hip Osteoarthritis, and Spinal Osteoarthritis), By Diagnosis (Imagining, and Joint Fluid Analysis), By Treatment (Medication, Surgery, Therapy), By End-User (Hospitals, and Medical Institutes) and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030
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