The anticipated growth of the Global Joint Replacement Market is expected to occur at a significant Compound Annual Growth Rate (CAGR) throughout the forecast period. Factors such as the increasing prevalence of osteoarthritis, rising cases of orthopedic injuries, and a growing geriatric population are poised to propel market expansion.
Osteoarthritis is a key driver in the joint replacement market, with nearly 54.4 million adults in the United States diagnosed with arthritis in 2017, according to data from the Arthritis Foundation. In the U.K., osteoarthritis is predicted to affect nearly 9 million people in the coming years. The surge in the aging population and the rise in orthopedic injuries are also expected to contribute to the growth of the joint replacement market.
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Nevertheless, the high cost of replacement procedures poses a significant obstacle to market growth, particularly in developing and underdeveloped nations. Research from 2018 indicates that the total cost per hip replacement was USD 22,076, while the total cost per knee replacement was USD 29,488. Additionally, the availability of alternative methods is restraining the market's growth.
Joint replacement surgery, often performed to entirely or partially replace damaged joints and tissues with artificial components, aims to alleviate pain and restore mobility. These surgeries are recommended for individuals experiencing severe pain and disability due to progressive arthritis.
Devices used in joint replacement surgeries include implants, grafts, and other instruments related to these procedures. The knee replacement segment holds a leading position in the market, expected to experience significant growth due to factors such as the increasing burden of the geriatric population, the prevalence of osteoarthritis, and the occurrence of chronic diseases like osteoporosis and diabetes.
Total knee arthroplasty, or total knee replacement, is a frequently performed orthopedic procedure, with studies indicating improved functionality after knee arthroplasty in the obese population. North America is expected to dominate the joint replacement market, driven by well-established healthcare facilities, a growing geriatric population, and an increasing number of orthopedic procedures.
By 2030, total knee replacement surgeries are projected to grow by 673% to reach 3.5 million procedures annually, signifying substantial market growth during the forecast period. The market's competitiveness is evident with major players such as Stryker Corporation, Zimmer Biomet Holdings, Inc., Depuy Synthes (Johnson & Johnson), Smith & Nephew, and Wright Medical Group holding significant market share.
The report segments the global joint replacement market based on procedure and region, forecasting revenue growth globally, regionally, and at the country level from 2017 to 2027. The procedures covered include Knee Replacement, Hip Replacement, Shoulder Replacement, Ankle Replacement, and Others. The regions considered are North America (U.S, Canada), Europe (Germany, U.K.), Asia Pacific (China, India), Latin America (Brazil, Mexico), and the Middle East & Africa.
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