Author: Himanshu Patni
21 November 2022
Global joint replacement market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 4% during the forecast period (2021-2027). Joint Replacement surgery is an orthopedic surgery performed for replacing the arthritic or dysfunctional joint. The main objective of such procedures is to relieve pain and restore a sense of normal function & mobility in the damaged joints.
The global joint replacement market is anticipated to witness an uptick with the development of social society leading to changes in diet and other lifestyles. This along with the rapid increase in the number of obese people across the globe is driving the market. For instance, according to the WHO, worldwide obesity has nearly tripled since 1975. In 2020, 39 million children under the age of 5 were overweight or obese.This increase in obese people globally is positively impacting the joint replacement market as obesity frequently contributes to soft tissue damage and osteoarthritis which is progressive wear and tear disease of the joints. Owing to these glaring statistics there is an increase in the number of orthopedic surgeries which in turn will drive the joint replacement market globally.
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Based on the type, the joint replacement market is segmented into knee replacement, hip replacement, ankle replacement, elbow replacement, and others. The knee replacement segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe. The segment is anticipated to grow on account of the growing geriatric population giving an upsurge to old-age disorders such as osteoporosis, arthritis, etc.
Based on fixation type, the joint replacement market is divided into cemented, cementless, and hybrid. The cemented segment occupied the major share of the joint replacement market in 2020 and it is expected to grow with a substantial CAGR in the upcoming years. The growth of this segment can be attributed to the rising demand for this type of fixation among older people as cemented fixation has good survivorship and low revision rates in comparison to others.
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Additionally, the report provides detailed report also provides insights into the global intraoperative neuromonitoring market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America dominated the market in 2020 owing to the well-established market players and increasing geriatric population.
Stryker Corporation, Zimmer Biomet Holdings, Inc., Depuy Synthes (Johnson & Johnson), Smith & Nephew, B. Braun Melsungen AG, Wright Medical Group, Corin Group, MicroPort Orthopedics, Exactech, Inc., DJO, LLC, are some of the key players operating in the global joint replacement market. Several M&As along with partnerships have been undertaken by these players to develop new products.
Global Joint Replacement Market Segmentation
Market Insight, by Type
Market Insight, by Fixation Type
Market Insight, by End-Users
Market Insight, by Region
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