The global joint replacement market is reached USD 17.1 billion in 2021. With a steady compound annual growth rate (CAGR) of 4.3% expected from 2022 to 2032, the market is anticipated to soar to a valuation of USD 27 billion by 2032, indicating significant growth prospects and opportunities in the orthopedic sector.
The Knee Replacement segment emerges as a frontrunner in driving market expansion, poised to be the highest revenue-generating segment with a projected CAGR of over 4.1% during the forecast period from 2022 to 2032. This growth trajectory underscores the increasing demand for knee replacement procedures worldwide, driven by factors such as aging populations, rising prevalence of osteoarthritis, and advancements in surgical techniques and implant materials.
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The projected growth of the Joint Replacement Market reflects the growing preference for joint replacement surgeries as a viable treatment option for individuals suffering from debilitating joint conditions, aiming to improve mobility, alleviate pain, and enhance overall quality of life.
Key market players are expected to capitalize on these growth opportunities by focusing on innovation, product development, and strategic collaborations to cater to evolving patient needs and preferences. Additionally, investments in research and development initiatives aimed at enhancing surgical outcomes and implant longevity are anticipated to further propel 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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