Joint Replacement Industry Overview
The global joint replacement market size was valued at USD 17.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.4% from 2021 to 2028.
The increase in the prevalence of orthopedic disorders, osteoporosis, Osteoarthritis (OA), and lower extremity conditions are some factors driving the market for joint replacement. According to Arthritis Foundation, it was estimated that over 78 million people in the U.S. who are 18 years of age or above are anticipated to be diagnosed with arthritis by 2040. Rheumatoid arthritis is also another form, which affects the joints of the body and leads to muscle pain. Thus, increasing incidence of these chronic diseases leads to high demand for surgical interventions, which thereby impels the growth of the market for joint replacement.
Gather more insights about the market drivers, restrains and growth of the Global Joint Replacement Market
With the first wave of COVID-19, many countries made the required decision to abandon all non-emergency surgical procedures to free up caregivers for patients with COVID-19. As stated by a new study circulated in the Annals of Surgery, the charge of halting major elective surgery all through the COVID-19 is projected to be USD 22.3 billion in the U.S. Widespread surgical restrictions and cancellation resulted in monumental revenue losses for the orthopedic companies. However, during the 3rd quarter, the market for joint replacement started recovering and began working rapidly through a significant backlog of postponed surgeries. Therefore, in the coming years, it is estimated that the market for joint replacement will recover rapidly after the resumption of surgical procedures at full force.
The industry players also reported a decline in sales in 2020. For instance, Stryker’s net revenue decreased by 9.1% from last year and Zimmer Biomet’s revenue decreased by around 11.8% in 2020 from 2019. The pandemic took a significant toll on knee replacement sales due to the procedure’s less urgent nature compared to hip replacement. The extremities segment maintained steady growth due to its more rapid underlying growth.
Moreover, technological advancements in the field of knees and hips and especially extremities are further boosting the revenue. For instance, in September 2020 Stryker Corporation released the smart robotic system, Mako Total Hip 4.0. The system allows surgeons and physicians to plan the patient’s implant position while taking into consideration, the changes in pelvic tilt in the patient’s standing, sitting, and supine poses. In September 2020, Smith+Nephew acquired the extremity orthopedic business of Integra Lifesciences to increase its penetration in this segment.
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Joint Replacement Market Segmentation
Grand View Research has segmented the global joint replacement market on the basis of product, fixation type, end-use, procedure, and region:
Joint Replacement Product Outlook (Revenue, USD Million, 2016 - 2028)
- Knees
- Hips
- Extremities
Joint Replacement Fixation Type Outlook (Revenue, USD Million, 2016 - 2028)
- Cemented
- Cementless
- Hybrid
- Reverse Hybrid
Joint Replacement End-use Outlook (Revenue, USD Million, 2016 - 2028)
- Hospitals
- Orthopedic Clinics
- Others
Joint Replacement Procedure Outlook (Revenue, USD Million, 2016 - 2028)
- Total Replacement
- Partial Replacement
- Others
Joint Replacement Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- January 2021: De Puy Synthes’s VELYS Robotic-Assisted Solution intended for practice with the ATTUNE Total Knee System has received 510(k) clearance from the U.S. FDA.
- September 2020: Stryker Corporation released the smart robotic system, Mako Total Hip 4.0. The system allows surgeons and physicians to plan the patient’s implant position while taking into consideration, the changes in pelvic tilt in the patient’s standing, sitting, and supine poses.
Key Companies profiled:
Some of the prominent players in the joint replacement market include:
- Johnson & Johnson Services, Inc. (DePuy Synthes)
- Stryker
- Zimmer Biomet
- Smith+Nephew
- DJO, LLC
- Arthrex, Inc.
- Exactech, Inc.
- Conformis
- MicroPort Orthopedics
- Corin Group
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