Orthopedic Joint Replacement Market Projection By Top Key Players – Stryker, Johnson & Johnson Services, Inc., Smith & Nephew, Zimmer Biomet, Integra LifeSciences, B. Braun Melsungen AG Market Research Forecast 2028

A new market study, titled “Orthopedic Joint Replacement Market Forecast 2021-2028” has been featured on Fortune Business Insights™.



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Market Overview:

The global orthopedic joint replacement market size is projected to reach USD 26.89 billion by 2027, exhibiting a CAGR of 7.6% during the forecast period. The development and introduction of surgical robots for performing orthopedic procedures will open a new dimension of growth for this market, observes Fortune Business Insights™ in its report, titled “Orthopedic Joint Replacement Market Size, Share & COVID-19 Impact Analysis, By Product (Knee, Hip, Shoulder, Ankle, and Others), By Procedure (Total, Partial, and Others), By End user (Hospitals, Ambulatory Surgical Centers, Orthopedic Clinics, and Others) and Regional Forecast, 2020-2027”. The acceptance of robot-assisted surgeries is widening in the healthcare industry, with hospitals rapidly installing cutting-edge health technologies to boost the efficiency of doctors and other healthcare professionals. Shaping these changing dynamics are some of the leading medical device companies that are constantly innovating and developing novel robotic solutions, especially in orthopedics. For example, Stryker has more than 650 Mako robots functioning in health facilities around the globe that performed over 76,900 knee and hip replacement procedures in 2018. More recently in March 2020, Johnson & Johnson’s DePuy Synthes unveiled its prototype ortho-surgery robot at the American Academy of Orthopedic Surgeons. Penetration of next-gen robotics in the field of orthopedics will considerably augment the potential of this market in the next few years.

The report states that the global market value stood at USD 20.00 billion in 2019 and offers the following:

In-depth analysis of the market dynamics and all possible market segments;
Tangible insights into the regional regulatory scenarios impacting the market;
Granular examination of the key market players along with their profiles and strategies; and
Careful study of the drivers, trends, and restraints shaping the market.

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Restraining Factors

Contracting Demand for Orthopedic Procedures amid COVID-19 to Limit Market Growth

Mounting fears over catching the coronavirus at healthcare facilities has kept patients away from hospitals, which has deeply impacted the demand for non-essential procedures such as joint replacement surgeries. This has had a dramatic effect on hospital revenues worldwide. In the US, for example, researchers from the Johns Hopkins University School of Medicine found that cancellation of elective procedures would result in revenue losses ranging between USD 16.3 billion and USD 17.7 billion per month and between USD 4 billion and USD 5.4 billion in net income for hospitals across the US. Furthermore, governments have been prioritizing treatment for coronavirus patients over other patients. For example, in April 2020, the UK’s National Health Service (NHS) instructed all hospitals in the UK to postpone al elective procedures by 3 months. In Germany, research by the University of Bonn showed that orthopedics being an unrelated specialty to COVID-19, orthopedic surgeons, especially self-employed ones, are under tremendous financial stress. The health crisis caused by COVID-19 will, thus, inhibit the orthopedic joint replacement market growth.

Regional Insights

Technological Advancements in Orthopedics to Accelerate Market Growth in North America

North America, with a market size of USD 7.23 billion in 2019, is expected to dominate the orthopedic joint replacement market share during the forecast period. The prime mover for this market is the advancements made in orthopedic technologies in the region and the active adoption of next-gen solutions by patients and doctors. Robust healthcare infrastructure will also provide the necessary impetus for the regional market growth.

In Europe, increasing prevalence of osteoarthritis and the presence of a large number of medical device companies will play an instrumental role in fueling the growth of the regional market. Asia Pacific is anticipated to generate incredible opportunities in the forthcoming years owing to expanding budgetary outlays for healthcare in India and China, improving per capita healthcare spending, and evolving health infrastructure.

Competitive Landscape

Key Players to Benefit from Supportive Regulatory Climate

Regulatory bodies such as the US Food and Drug Administration (FDA) are providing timely approvals to innovative orthopedic joint replacement products by key players. This is encouraging other market participants to increase their R&D capacities and develop and launch novel solutions to cater to the surging demand for joint replacement procedures.

Industry Developments:

July 2020: Paragon 28 secured approval from the US FDA for its total ankle replacement technology called APEX 3D. The technology comprises of 3D-printed implants and cross-linked polyethylene components infused with vitamin E to ensure the stability and long life of the implant.
July 2020: Smith & Nephew announced the release of RI.HIP NAVIGATION for total hip arthroplasty (THA). The system enables the surgeon to control the patient’s pelvic tilt, offset measurement, and leg length as well as provides a post-operation X-ray during surgery.

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List of Key Companies Profiled in the Market for Orthopedic Joint Replacement:

Stryker (U.S)
Johnson & Johnson Services, Inc. (U.S)
Smith & Nephew (U.K)
Zimmer Biomet (U.S)
Integra LifeSciences (U.S)
Braun Melsungen AG (Germany)
Bioimpianti (Italy)
Conformis (U.S)
MicroPort Scientific Corporation (China)
Other players

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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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This release was published on openPR.