The global joint replacement market was valued USD 17.1 billion in 2020 and is expected to expand at a CAGR of 3.3% during the forecast period, 2021-2028. With the initial wave of COVID-19 pandemic, many countries were forced to make the difficult decision to stop performing all non-emergency surgical procedures in order to free up caretakers for COVID-19 patients.
The procedure's less urgent nature as compared to hip replacement had a considerable impact on knee replacement sales. Following the full resumption of surgical treatments, it is expected that the joint replacement market is projected to recover quickly in the following years.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing prevalence of orthopedic illnesses, osteoporosis, rheumatoid arthritis, osteoarthritis, and lower extremity ailments is estimated to drive the market growth.
- Rising adoption of surgery procedure due to increasing frequency of accident is expected to fuel the growth of the joint replacement market.
- The presence of reimbursement scenario in emerging economies such as India and China is anticipated to proliferate the growth of the market.
- High cost of procedure can restrain the market growth.
- Technological advancement in the surgical procedure of joint replacement can create lucrative opportunities for the market.
Scope of Joint Replacement Market Report
The report on the global joint replacement market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Joint Replacement Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018 & 2019
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Forecast Period
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2021–2028
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Segmentation
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Products (Knees, Hips, and Extremities), Fixation Types (Cemented, Cementless, Hybrid, and Reverse Hybrid), Procedures (Total Replacement, Partial Replacement, and Others), End-uses (Hospitals, Orthopedic Clinics, and Others)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered
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Johnson & Johnson Services, Inc., Stryker, Zimmer Biomet, Smith+Nephew, and DJO, LLC
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Joint Replacement Market Segment Insights
Extremities segment to grow at a healthy CAGR
Based on products, the market can be segmented into knees, hips, and extremities. In 2020, the knee segment dominated the joint replacement market, with a revenue share of nearly 45%. The segment is primarily driven by the increasing geriatric population, which has resulted in an increase in old-age illnesses such as osteoporosis and arthritis. Furthermore, growing technological improvements such as minimally invasive operations, as well as the availability of enhanced implant materials, are expected to drive the segment growth.
The extremities segment is expected to grow at a rapid pace during the forecast period. Mobile-bearing ankles, reverse shoulder implants, and the introduction of novel and safer implant materials are just few examples of technological advancements in the realm of extremities surgery and implants. Furthermore, new shoulder replacement products from industry leaders such as Exactech, Lima, and Middata are boosting the segment growth.
Cemented segment to account a major market share
On the basis of fixation types, the joint replacement market can be divided into cemented, cementless, hybrid, and reverse hybrid. The cemented segment dominated the joint replacement market in 2020. The preferred fit for older patients was cemented fixation, while the preferred fit for younger individuals was cementless fixation. When compared to other methods of fixation, cemented fixation has a high survival rate and low revision rates.
Furthermore, cemented THA's cost-effectiveness is fueling its segment growth. To provide better comfort to the patient, the vendors offer a variety of novel cemented implant designs.
Total replacement to dominate the market
In terms of procedures, the market can be fragmented into total replacement, partial replacement, and others. The total replacement segment dominated the market, with a revenue share of more than 60%. The number of total hip replacements in the US was expected to reach 635,000 by 2020, according to a report by the Arthritis Foundation.
Furthermore, total knee replacement treatments are expected to reach 1.28 million each year. Revision and resurfacing replacement are included in the other portion. The total replacement surgery is the most effective, but if it fails over time for a variety of reasons, revision replacement is performed.
Hospitals segment to account a significant market share
Based on end-uses, the joint replacement market can be divided into hospitals, orthopedic clinics, and others. The hospitals segment dominated the market in 2020 owing to the availability of improved treatment alternatives and the growing number of patients passing through these facilities. Hospitals are conveniently accessible and can be found in almost any place. Furthermore, the availability of advantageous reimbursement policies through Medicare and Blue Cross Blue Shield is fueling the segment expansion.
The orthopedic clinics segment is expected to expand at a rapid rate during the forecast period due to an increase in the number of sports injuries, trauma accidents, and other chronic conditions The demand for these clinics has grown as a result of factors such as shorter stay lengths, lower waits time, and tailored care. Furthermore, their lower cost structure compared to hospitals, orthopedic clinics can provide cost-effective services and operations.
On the basis of regions, the market can be segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominated the joint replacement market in 2020. The demand for joint replacements in North America is expected to rise as a result of reasons such as the incidence of osteoarthritis, rising geriatric population, the availability of insurance coverage, and a number of trauma and accident cases. The rising frequency of orthopedic illnesses combined with the rapid acceptance of new products, is expected to drive the joint replacement market in the region.
The market in Asia Pacific is projected to expand at a high CAGR during the forecast period owing to increased healthcare spending, rapidly expanding healthcare infrastructure, and growing medical tourism in the region. Moreover, aging population, rising healthcare spending in developing economies, and rising general prevalence of osteoarthritis, osteoporosis, bone fractures, diabetes, and obesity, are likely to boost the joint replacement industry in Asia Pacific.
Segments
Products
Fixation Types
- Cemented
- Cementless
- Hybrid
- Reverse Hybrid
Procedures
- Total Replacement
- Partial Replacement
- Others
End-uses
- Hospitals
- Orthopedic Clinics
- Others
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
By Key Players
Competitive Landscape
The joint replacement market is fragmented, with many large and small companies competing. To increase market share, key companies are employing business tactics such as broad product offerings, geographical growth, alliances, and new product launches. Key players of the market are Johnson & Johnson Services, Inc., Stryker, Zimmer Biomet, Smith+Nephew, and DJO, LLC.
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