The global joint replacement market is on a strong growth trajectory, with a recent analysis by Future Market Insights revealing that the market held a valuation of USD 17.1 billion in 2021. The market is projected to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2032, reaching an estimated USD 27 billion by the end of the forecast period.
According to the report, knee replacement procedures are anticipated to be the leading revenue-generating segment within the joint replacement market. This segment is expected to grow at a CAGR of over 4.1% from 2022 to 2032, driven by increasing prevalence of knee-related disorders and advancements in surgical technologies.
The global joint replacement market is expected to develop significantly as the population ages and joint-related disorders become more common. The market is growing as a result of advancements in surgical methods and medical technology that give patients better results and faster recovery times.
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With the goal of restoring mobility, reducing pain, and improving overall quality of life, joint replacement procedures are becoming more and more popular as a therapeutic option for those with debilitating joint disorders. This is reflected in the market’s predicted rise.
It is anticipated that major industry participants will take advantage of these expansion prospects by emphasizing innovation, product development, and tactical partnerships in order to meet changing patient demands and preferences. Additionally, investments in research and development projects focused at boosting surgical results and implant longevity are predicted to further push market expansion in the coming years.
Key Takeaways:
- The global joint replacement market reached a valuation of US$17.1 billion in 2021, according to a newly released analysis report by Future Market Insights.
- With a projected CAGR of 4.3% from 2022 to 2032, the market is expected to reach a staggering US$27 billion by 2032.
- Knee replacements are anticipated to be the highest revenue-generating segment, growing at a CAGR exceeding 4.1% from 2022 to 2032.
Competitive Analysis:
The joint replacement market is fragmented, with many large and small companies competing. Smith+Nephew, DJO, LLC, Johnson & Johnson Services Inc., Stryker, Zimmer Biomet, Arthrex Inc., Exactech Inc., Conformis, MicroPort Orthopedics, and Corin Group are some of the major players in the market.
Some of the recent developments of Joint Replacement Market key providers are as follows:
- In January 2022, Engage Surgical, the owner of the only cement-less unicompartmental knee system commercially accessible in the United States, was acquired by Smith+Nephew, a multinational medical technology business.
- In February 2021, MicroPort Orthopedics added hyaluronic acid-coated collared hip stems and affixed collared hip stems to their hip stems lineup.
- In January 2021, Stryker purchased OrthoSensor, Inc., a forerunner in the digital evolution of full joint replacement.
- In July 2018, Corin announced that it will offer the Trinity Dual Mobility System for Hip Replacement.
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Key Companies Profiled:
- Johnson & Johnson Services, Inc.
- Stryker
- Zimmer Biomet
- Smith+Nephew
- DJO, LLC.
- Arthrex, Inc.
- Exactech, Inc.
- Conformis
- MicroPort Orthopedics
- Corin Group
Market Segments Covered in Joint Replacement Market Analysis:
By Replacement Type:
- Extremities
- Upper
- Lower
- Knees
- Hips
By Fixation Type:
- Cemented
- Cementless
- Hybrid
- Reverse Hybrid
By End-use:
- Hospitals
- Orthopedic Clinics
- Other End-uses
By Procedure Type:
- Total Replacement
- Partial Replacement
- Other Procedure Types
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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