The global Artificial Joints market size is expected to reach close to USD 6.99 billion by 2029 with an annualized growth rate of 6.70 % through the projected period.
Replacement arthroplasty, also known as joint replacement surgery, is an orthopedic surgical procedure that involves replacing an arthritic or dysfunctional joint surface with an orthopedic prosthesis. When the joint pain or dysfunction is not alleviated by the minimally invasive therapies, joint replacement surgeries are considered. An artificial joint is usually made up of materials including metal, polymers, and bioceramics. The material used for joint prosthesis, must have good corrosion resistance, high strength, excellent wear resistance and outstanding biocompatibility.
The aim of the report is to estimate the market size for artificial joints and the future growth potential of the market for artificial joints across various segments, such as material and application.
The market has been studied for historic years from 2018 and 2019, with the base year of estimation as 2019 and forecast from 2020 to 2028. Factors such as growing prevalence of degenerative disorders worldwide, along with rapidly increasing elderly patient pool are the key drivers of the artificial joints market. However, high cost of procedure will hinder the growth of the market in the next few years.
By material, the global artificial joints market is segmented into ceramics, alloys, oxinium and other. Wide adoption of bioinert ceramics and alloys with excellent biocompatibility and abrasion properties in artificial joints will drive the growth of the segment in the coming years. Application-wise, the global artificial joints market is segregated into artificial joints of the knee, hip and shoulders and others.
North America dominated the global artificial joints market in 2019. The dominant share is attributable to high prevalence of degenerative joint diseases in the U.S., along with presence of large geriatric population in the country. Moreover, presence of well-established industry players is expected to fuel growth of the market in the region.
The demand for artificial joints in Asia Pacific is expected to remain opportunistic, as the region's massive geriatric patient pool and dense population will provide an ideal consumer base. According to the United Nations, China and India together were home to over one third of the world’s population aged 60 years or over in 2017. Presence of high unmet medical needs along with surge in incidence of degenerative disorders in geriatric patient pool in the developing countries, divert the focus of market players to serve the untapped population in these emerging economies. This is likely to augment the demand for artificial joints in the region.
The global artificial joints industry is highly competitive in nature as large number of well-established manufacturers are operating in this industry. Industry players are focused on developing novel products which will boost the overall growth of the market in the coming years.
Artificial Joints Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2029||USD 6.99 billion|
|Growth Rate||CAGR of6.70% during 2021-2029|
|Segment Covered||By Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Aesculap, Inc. (U.S.), B. Braun Melsungen AG (Germany), Corin Group (U.K.), Medical Devices Business Services, Inc. (U.S.), Smith+ Nephew (U.K.), Stryker (U.S.), Zimmer Biomet (U.S.), Exactech, Inc. (U.S.), Medacta International (U.S.), MicroPort Orthopedics Inc. (Switzerland), Medtronic (U.S.), Johnson & Johnson Private Limited (U.S.), MicroPort Scientific Corporation (China), Conformis Inc. (U.S.)|
Key Segments of the Global Artificial Joints Market
Material Overview, 2018-2028 (USD Million)
Application Overview, 2018-2028 (USD Million)
- Artificial Joints of Knee
- Artificial Joints of Hip
- Artificial Joints of Shoulders
Regional Overview, 2018-2028 (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Important Companies in Global Artificial Joints Market
- Depuy Synthes
- Stryker Corporation
- Zimmer Biomet Holdings, Inc.
- Smith & Nephew
- Aesculap AG
- Arthrex, Inc.
- JRI Orthopedics
- Globus Medical
- DJO Global, Inc.
- Exatech, Inc.
Reasons for the study
- Increase in prevalence of degenerative joint disorders across the globe
- Rise in geriatric population worldwide
What does the report include?
- The study on the global artificial joints market includes qualitative insights such as drivers, restraints, challenges and opportunities
- Additionally, the market has been evaluated using the Porter’s Five Forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of material and application. Moreover, the study on artificial joints market provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players operating in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global artificial joints market is suitable for all the players across the value chain including raw material suppliers, hospitals, clinics, laboratories, manufacturers, healthcare organizations, distributors, suppliers and technology geeks
- Venture capitalists and investors looking for more information on the future outlook of the global artificial joints market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global artificial joints market