Joint Replacement Device Market: Outlook, Opportunity and Demand Analysis, Forecast 2018 - 2026

Joint Replacement Device Market: Overview

Joints wear out over a period of time due to their constant use. Joint reconstruction or replacement surgeries are performed to relieve pain and restore functions. When joints suffer a traumatic injury, or when the cartilage protecting the joints wear out, replacement or surgical repair is often required. Various surgical repair and replacement options are available. These vary in durability, complexity, and recovery time, depending on the extent of joint or cartilage damage.

Joint replacement surgery is a complicated procedure that are performed on the hip, knee, or shoulder. These process use prosthetic joints made from plastic or metal, which are designed to move in the same way as natural joints do and the prothetic joints could be cemented or cementless. Surgery with cementless use prosthetic joints devices take longer to heal; however, they have greater mobility.

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Growing geriatric population and rising incidences of arthritis, osteoporosis, gout, and bone degenerative diseases caused due to sedentary lifestyle and unhealthy diet are anticipated to drive the joint replacement device market. However, alternative treatments such as bone and soft tissue grafting is likely to restrain the market to a certain extent.

Based on product type, the joint reconstruction device market has been segmented into knee reconstruction devices, hip reconstruction devices, and extremity joint reconstruction device. Knee reconstruction devices is further sub-segmented into total knee replacement, partial knee replacement, kneecap replacement (patellofemoral arthroplasty), and revision total knee replacement. Hip reconstruction devices is divided into total hip replacement, partial hip replacement, and revision total hip replacement. Extremity joint reconstruction device is categorized into shoulder, elbow, hand & wrist, and foot & ankle. Knee construction devices segment is anticipated account for the largest share of the market due to increasing prevalence of arthritis and rising awareness regarding knee management. According to the Arthritis Foundation in 2011, in U.S. there were 757,000 knee replacements and 512,000 hip replacements.

Based on indication, the joint reconstruction device market has been segmented into osteoarthritis, rheumatoid arthritis, hip dysplasia, acetabular dysplasia, joint stiffness, orthopedic trauma, and others. Rheumatoid arthritis accounts for a major market share of the market due to rising prevalence of the disease and availability of minimally invasive surgical treatment options. Osteoarthritis is anticipated to be the fastest growing segment during the forecasted period. The expansion of the segment can be attributed to sedentary lifestyle and insufficient dietary supplements. According to the Arthritis Foundation in the year 2014 approximately 50 million adults were diagnosed with arthritis worldwide, resulting in an estimated 6.7 million hospitalizations.

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In terms of prosthesis type, the joint reconstruction device market has been bifurcated into cementless joint replacement and cemented joint replacement. Based on technique, the joint reconstruction device market has been segregated segmented into traditional surgery, minimally invasive surgery (MIS) and computer-assisted surgery (CAS). In terms of end-user, the joint reconstruction device market has been segmented into hospitals, ambulatory surgical centers, and orthopedic clinics.

Based on geography, the joint reconstruction device market has been classified into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America dominates the global market, with the U.S. accounting for a major global market share. Increasing rates of arthritis is the primary factor propelling the U.S. market for joint reconstruction or replacement surgeries. In the U.S., 1 in 5 adults have been diagnosed with arthritis and this number is expected to rise to an estimated 67 million by the year 2030. As per the Centers for Disease Control and Prevention, arthritis is a common cause of disability in the U.S., affecting nearly 19 million patients every year. However, the market in Asia Pacific is projected to expand at a rapid pace due to government initiatives, rising focus of major players on developing economies, and growing geriatric population.

Key players operating in the global joint reconstruction device market include Zimmer Biomet Holdings, Inc., Smith & Nephew plc, Stryker Corporation, Medtronic Inc., DePuy Synthes (a Johnson & Johnson Company), Aesculap Implant Systems, LLC (a B. Braun company), Mako Surgical Corp, Exactech Inc., Arthrex, Inc., DJO Surgica – Encore, and ConforMIS.

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