DUBLIN, Feb. 12, 2024 /PRNewswire/ — The “Global Orthopedic Joint Replacement Market Analysis & Forecast to 2024-2034” report has been added to ResearchAndMarkets.com’s offering.
The global orthopedic joint replacement market size was estimated to be USD 22.46 billion in 2023 and is expected to reach at USD 52.16 billion by 2034 with a CAGR of 7.96% during the forecast period 2024-2034.
The demand for personalized joint implants is on the rise for both males and females. Major medical device companies are actively employing advanced technologies to produce orthopedic implants tailored to individual patients. The introduction of 3D printing technology for manufacturing orthopedic implants has gained momentum, leading to an increased demand for customized implants. The adoption of surgical robots in the orthopedic field has enhanced the efficiency of surgical procedures, prompting many hospitals to provide robotic surgeries for treating various orthopedic diseases. Additionally, numerous manufacturers are concentrating on the development of surgical robots that can be utilized in spinal fusion surgeries alongside the company’s implants and navigation tools. Rising introduction of advanced orthopedic joint replacement systems is the major factor driving the market growth.
Rising introduction of advanced orthopedic joint replacement systems is predicted to boost the market growth during the forecast period. In the field of orthopedic joint replacement, there is a notable emergence of various online tools that guide patients through their surgeries, facilitate communication with orthopedic surgeons, and offer information on post-surgery rehabilitation. For instance, in November 2022, ConforMIS Inc. launched the Imprint Knee System in the United States, and concurrently introduced a product category option called “Made-to-Measure” for Total Knee Arthroplasty (TKA).
By product, knee was the highest revenue-grossing segment in the global orthopedic joint replacement market in 2023 owing to increase in the frequency of knee replacement procedures, encompassing total knee replacement surgeries and robot-assisted knee replacement procedures. This surge is attributed to the growing incidence of chronic knee-related diseases and the introduction of new products by key market players.
By procedure, total replacement was the highest revenue-grossing segment in the global orthopedic joint replacement market in 2023 owing to a greater variety of product offerings available for total orthopedic joint replacement procedures compared to those for partial, reverse, or revision replacements and rising launch of advanced products.
By end-user, hospital & ASC was the highest revenue-grossing segment in the global orthopedic joint replacement market in 2023 owing to the increasing incidence of hip implant surgeries conducted in these facilities, growing trend of collaborations between hospitals & industry players to develop advanced surgical procedures, increasing amount of joint replacement operations carried out by ASCs, and hospitals are typically equipped with state-of-the-art technologies and proficient healthcare professionals.
North America region is anticipated for the highest revenue share during the forecast period owing to the growing patient awareness about technologically advanced orthopedic implants and emerging treatment options, a rising demand for hip replacement surgeries, an increase in healthcare expenditure and surge in initiatives by major market players.
Additionally, the Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising incidence of osteoarthritis, an increasing demand for orthopedic joint replacement implants, a growing healthcare expenditure, a surge in technological advancements, and an expanding adoption of advanced products.
Segmentation: Orthopedic Joint Replacement Market Report 2023 – 2034
By Product
- Shoulder
- Knee
- Ankle
- Hip
By Procedure
- Partial Replacement
- Total Replacement
- Others
By End-user
- Orthopedic Clinics
- Hospitals & Ascs
- Others
Companies Profiled
- Stryker
- Zimmer Biomet
- Enovis
- Smith + Nephew
- Conformis
- Bioimpianti
- B. Braun Melsungen AG
- MicroPort Scientific Corporation
- Johnson & Johnson Services Inc.
For more information about this report visit https://www.researchandmarkets.com/r/8u3cw1
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