Future Market Insights has unveiled its latest Joint Replacement Market analysis report, highlighting significant growth in this sector. The global sales of the Joint Replacement Market in 2021 were valued at USD 17.1 Billion. The market is anticipated to expand at a Compound Annual Growth Rate (CAGR) of 4.3% from 2022 to 2032, reaching an estimated valuation of USD 27 Billion by the end of the forecast period.
The report underscores that the Knee Replacement segment is expected to lead in revenue generation. This segment is projected to grow at a CAGR of over 4.1% from 2022 to 2032, reflecting the increasing demand and advancements in knee replacement procedures.
As the global population ages and the prevalence of joint-related conditions rises, the joint replacement market is set to experience substantial growth. Innovations in medical technology and surgical techniques are also contributing to the expanding market, providing patients with improved outcomes and shorter 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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