According to The Insight Partners market research study of "Artificial Joints Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type, Material, Application, and End User," the global artificial joint market is expected to reach US$ 28,614.88 million in 2027 from US$ 18,356.80 million in 2019; it is estimated to grow at a CAGR of 5.8% from 2020 to 2027. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth.
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Based on the material, the global artificial joint market is segmented into ceramics, alloys, oxinium, and others. The ceramic segment held the largest share of the market in 2019. The adoption of ceramic artificial joints for bone replacements is prominent factor for the growth of the segment. In addition, increasing number of ceramic product launches coupled with ease of availability are also anticipated to drive the segment growth. However, alloys segment is estimated to register fastest growth by 2027. The growth of alloys segment is attributed to rising preference for alloy material due to superior flexibility and biocompatibility. In addition, overall growth in number of hip and knee arthroplasty are estimated to offer lucrative opportunity for the segment growth during the forecast period.
The growth of the artificial joints market is primarily attributed to the factors such as increasing prevalence of bone and joint conditions and rising prevalence of obesity. However, high cost of joint replacement therapies restrains the growth of the market.
The substantial impact of COVID-19 pandemic on the artificial joints market is expected to last for the next few quarters. Major focus on prevention and treatment of coronavirus has led to stopping or postponement of elective knee and hip arthroplasty in developing as well as developed countries. In addition, disruptions caused in supply chain distributions due to shut down of global operations has also impacted on the market growth.
Zimmer Biomet, Smith & Nephew, Stryker Corporation, Medtronic, Johnson and Johnson Services, Inc., Exactech, Inc., JRI Orthopaedics Limited, SAMO SpA, Colfax Corporation, and B. Braun Melsungen AG are few of the leading companies operating in the artificial joints market.
Increasing Prevalence of Bone and Joint Conditions
Bone and joint diseases are appears to be a major health condition affecting the quality of life across the globe. Extensively increasing geriatric population coupled with sedentary lifestyle are the most prevalent conditions for the growth of bone and joint diseases worldwide. Conditions such as osteoporosis, osteoarthritis, rheumatoid Arthritis, Perthes disease, and hip dysplasia amongst others are estimated to drive the demand for replacement surgeries, which will eventually boost the growth of the artificial joint replacement market during the forecast period.
According to the estimates given by Centers of Disease Control and Prevention in 2020, around 78.0 million Americans, are likely to suffer from diagnosed arthritis by 2040 in US. In addition, according to a study published by National Osteoporosis Foundation in 2015, around 54.0 million adult population in the US are at the risk breaking a bone. In addition, according the same study, osteoporosis will be the prominent cause of three million fractures in the US by 2025, eventually costing around US$ 25.3 billion. Furthermore, according to a data published by CDC (Centers for Disease Control and Prevention) in 2020, an estimated 32.5 million Americans are suffering from osteoarthritis. Moreover, according to a study published by NHS in 2020, more the 400,000 people in the UK are suffering from rheumatoid arthritis. Besides, as per Arthritis and Musculoskeletal Alliance in 2017, around 5.0 million people in the UK were disabled by osteoarthritis and 3 million by other types of bone and joint conditions. Such massive prevalence of bone and joint defects are estimated to have positive impact on the demand of bone replacement procedures, which will eventually drive the market growth during the forecast period.
The report segments global artificial joints market as follows:
- Cemented Joints
- Non-Cemented Joints
- Artificial Joints of Knee
- Artificial Joints of Hip
- Artificial Joints of Shoulder
By End User
- Ambulatory Care Centers
- Other End Users
- North America
- Asia Pacific (APAC)
- South Korea
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- South & Central America (SCAM)
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Company Name: ReportsWeb
Name: Sameer Joshi
Company Name: ReportsWeb