Artificial Joints Market Trends Estimates High Demand By 2025
Rising geriatric population and obese individuals is leading to the musculoskeletal disorders, hypertension, and other lifestyle diseases. Osteoarthritis is the most prevalent musculoskeletal disease affecting geriatric population, causing a rise in demand for artificial joints. Moreover, the artificial joints with integrated circuits and other R&D initiatives relevant to the artificial joints accessing brain neuron impulses are expected to further drive growth of the market. However, factors such as high cost of artificial joints and product recalls are expected to hamper growth of the market. According to the estimates of American Joint Replacement Registry (AJRR), hip or knee surgeries are performed on around 7 million people in the U.S. Hip and Knee surgeries account for more than 85% of the total joint replacement surgeries in the U.S. Similarly, according to National Joint Registry, in 2016, around 101,651 hip, 108,713 knees, 6,967 shoulders, and 722 elbow replacement surgeries were performed in U.K.
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Global Artificial Joints Market Taxonomy
On the basis of material type, the global artificial joints market is segmented into:
On the basis of application, the global artificial joints market is segmented into:
Artificial Joints of Hip
Artificial Joints of Knee
Artificial Joints of Shoulder
On the basis of product type, the global artificial joints market is segmented into:
High healthcare expenditure and continuous R&D initiatives in the development of artificial joints is expected to propel growth of the market in North America
North America is expected to hold a dominant position in the global artificial joints market over the forecast period. This is mainly due to presence of developed healthcare infrastructure, high healthcare expenditure, and continuous R&D initiatives in the development of artificial joints. Asia Pacific is projected to exhibit above average growth over the forecast period, owing to the presence of large pool of population suffering from joint related diseases coupled with presence of untapped market opportunity and developing healthcare infrastructure.
The global artificial joints market is witnessing a launch of novel technologies which are expected to increase the efficiency of joint replacement surgeries. In 2017, the Corin Group introduced Optimized Positioning System (OPS) for hip replacement surgeries. OPS helps surgeons in determining the position and orientation of hip implant on the basis patient’s anatomy and movement. In 2017, Stryker Corporation introduced robotic arm assisted total knee arthroplasty, to be used with Mako system. This is the first robotic technology that could be used for total knee, hip, and partial knee replacements.
Global artificial joints market is oligopolistic in nature with few players holding majority of the share. Various strategies are adopted by market players such as new product launches, acquisitions, and agreements, in order to retain their market position. In 2017, Exactech Inc., a US based medical device maker, announced that it agreed to be acquired by TPG Capital to go private. With the purchase, the private equity firm plans to compete with larger players in the orthopedic industry.
Some of the major players operating in the global artificial joints market are Abbott Laboratories, Boston Scientific, Stryker Corporation, Intuitive Surgical Inc., Zimmer Biomet Holdings Inc., Smith and Nephew Plc, Varian Medical Systems, Sonova Holdings AG., Aesculap AG, Arthrex, Globus Medical, and JRI orthopedics.
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