Joint Replacement Devices Market to Hit USD 31.09 Billion by 2030 with 4.8% CAGR
Browse 333 market data Tables and 63 Figures spread through 375 Pages and in-depth TOC on "Joint Replacement Devices Market by Product (Knee, Hip, Shoulder, Ankle, Elbow, Wrist, Bone Grafts), Surgery (Total, Partial, Revision), Type(Cemented, Cementless, Hybrid), Procedure type, End user (Hospitals, ASC, Trauma, Clinic) - Global Forecast to 2030
The global joint replacement devices market, valued at US$22.50 billion in 2023, is forecasted to grow at a robust CAGR of 4.8%, reaching US$23.42 billion in 2024 and an impressive US$31.09 billion by 2030. The main factor driving this market is the increasing rate of orthopaedic disorders, especially among the baby boomer population. Additionally, the market is growing due to various initiatives by major companies, including the introduction of new joint replacement devices. The rising demand for joint replacement devices is further supported by the growing number of hospitals and surgical centers and improved healthcare access in developing countries. The key players in this market focus on expanding their reach in emerging economies by applying various strategies such as collaborations and agreements, further driving market growth.
Browse in-depth TOC on " Joint Replacement Devices Market"
333 - Tables
63 - Figures
375 - Pages
The joint replacement devices market is segmented based on product into knee replacement devices, hip replacement devices, shoulder replacement devices, elbow replacement devices, ankle implants, wrist replacement devices, other replacement devices, and bone graft substitutes. The knee replacement devices segment is expected to hold major share of the market in 2023. The increase in number of knee replacement procedures and the increasing incidence of knee osteoarthritis is driving the growth of this segment. Each year more than 70,000 knee replacement procedures are performed in England and wales each year (Source: NHS). In the year 2022, the revision and primary knee and hip arthroplasty procedures performed were 3,149,042 from 2012 to 2022 i.e., 23% growth in procedural cases (Source: American Academy of Orthopaedic Surgeons).
By surgery type, the joint replacement devices market is segmented into total replacement, partial replacement, and revision replacement. In 2023, the total replacement segment held a significant share of the market 2023. The growth in this segment is driven by the increasing number joint replacement surgeries such as hip and knee replacement and increasing incidence of osteoarthritis. In case of total replacement, the damaged cartilage along with the bone is replaced with an artificial implant that mimics the shape of the natural joint and help individual to carry out the day-to-day activities.
By type, the joint replacement devices market is segmented into cemented fixation, cementless fixation, reverse hybrid fixation, and hybrid fixation. In the year 2023, the cemented fixation segment held largest share of the market. There are multiple factors attributing to the largest share of the segment such as enhanced bone fixation, improved stability of an implant in patient's body, and enhanced assistance drives the growth of the segment. Cemented fixation also enables the delivery of antibiotics at the targeted site, helps to reduce thigh pain, and enhances the survival of an implant.
By technique, the joint replacement devices market is segmented into traditional surgery, minimally invasive surgery and computer assisted surgery. In 2023, the minimally invasive surgery held largest share in the global joint replacement devices market by technique. The factors contributing to its largest share are need for smaller incision, reduced pain, and increased awareness among individuals for early detection.
Regarding end users, the joint replacement devices market is fragmented into hospitals & surgical centers and ambulatory care centers & trauma units, and orthopedic clinics. The major share of the market was contributed by hospitals & surgical centers segment in 2023. Consistent rise in new funding opportunities and increasing focus on research specifically in healthcare by various public and private organizations are fueling the segment growth. Furthermore, increasing number of hospitals and advanced surgical centers which are equipped with new and innovative surgical equipment support the growth of the segment.
The joint replacement devices market is segmented by region into Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In 2023, North America region accounted for the major market share, followed by Europe and Asia Pacific. The significant share of North America in this market is attributed to the existence of major key players, change in lifestyle, increasing geriatric population, and rising prevalence of bone disorders. Furthermore, factors such as increasing healthcare expenditure and growing number of various joint replacement treatments due to increase in awareness among common people coupled with early detection supports the market growth in this region.
The joint replacement devices market is consolidated. As of 2023, the key players operating in the global joint replacement devices market are Zimmer Biomet Holdings, Inc. (US), Stryker Corporation (US), Johnson & Johnson MedTech (US), Smith+Nephew (UK), B.Braun (Germany). In 2023, Zimmer Biomet Holdings, Inc. (US), Stryker Corporation (US), Johnson & Johnson MedTech (US) held a significant share of the joint replacement devices market. These players have adopted key strategies such as acquisitions, partnerships, and expansions in the last four to five years that contributed to their position in the joint replacement devices market.
Stryker Corporation (US)
Stryker Corporation is among the leading companies in the global joint replacement devices market. The organization has a robust presence in the global market including regions like Europe, North America, the Middle East, Africa, and the Asia Pacific. The company its brand presence in more than 75 countries across the global market. The company provides joint replacement devices through its Orthopaedics & Spine division business segment. The company focuses on improving its product portfolio and making new additions to the same. It focuses on innovation and offers unique products to sustain its leading position in the market. The company also focuses on R&D and bring technologically advanced products in the market for its customers addressing their unmet needs.
Zimmer Biomet Holdings, Inc. (US)
Zimmer Biomet is one of the leading companies in the joint replacement devices market. It is involved in the manufacturing and marketing of a range of medical devices and related products in healthcare industry. The company offers joint replacement devices through its Knees, Hips, and S.E.T segments. The company holds a robust presence across multiple countries such as Germany, France, Italy, Switzerland, Spain, the UK, Japan, South Korea, China, Australia, New Zealand, Taiwan, India, Hong Kong, Thailand, Singapore, and Malaysia. Also, the company distributes its products across Central & Eastern Europe, Benelux, Nordic, and the Middle East & Africa. Zimmer Biomet maintains a strong product portfolio, has a robust brand value among joint replacement devices end users, and strong R&D capabilities.
Johnson & Johnson MedTech (US)
Johnson & Johnson MedTech is another major player operating in the joint replacement devices market. The company is involved in the manufacturing, R&D, and marketing of joint replacement devices and other healthcare products globally. It offers joint replacement devices under the MedTech business unit. The company is dedicated to offering technologically advanced products focused on enhancing clinical outcomes. The company made a collaboration with CrossRoads Extremity Systems (US) with an aim to improve orthopaedic care with new and innovative ideas, hoping to give patients enhanced health results. The company holds a remarkable market share in more than 60 countries across diverse territories such as Asia Pacific, North America, Middle East & Africa, and Europe.
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