Joint Replacement Market to Hit USD 27 Billion by 2032 at a 4.3% of CAGR

The global joint replacement market is poised for substantial growth, with its valuation projected to rise from US$ 17.1 billion in 2021 to US$ 27 billion by 2032, according to a newly released analysis report by Future Market Insights. This expansion represents a compound annual growth rate (CAGR) of 4.3% from 2022 to 2032. The increasing prevalence of joint-related ailments and a growing aging population are key factors driving the growth of the joint replacement market.

Knee replacement is expected to be the highest revenue-generating segment in the market, with a projected CAGR of 4.1% from 2022 to 2032. The growing demand for knee replacement procedures can be attributed to the rising incidence of osteoarthritis, sports-related injuries, and degenerative joint diseases. Advancements in implant technology and minimally invasive surgical techniques are further boosting the adoption of knee replacement procedures globally.

As the population ages and the number of individuals suffering from joint disorders rises, the demand for joint replacement surgeries is expected to increase significantly. Innovations in prosthetic design, improved implant materials, and robotic-assisted surgical procedures are creating new growth opportunities for the market. Healthcare providers and manufacturers are also focusing on enhancing patient outcomes and reducing recovery times.

The joint replacement market is poised for sustained growth as healthcare providers, research organizations, and medical device companies continue to innovate and expand their offerings. With the rising adoption of robotic-assisted surgery and the development of more durable and long-lasting joint implants, the market is set to achieve strong growth over the next decade.

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Key Takeaways:

The global joint replacement market is forecasted to grow from US$ 17.1 billion in 2021 to US$ 27 billion by 2032, with a CAGR of 4.3% from 2022 to 2032.
Knee replacement is expected to be the highest revenue-generating segment, growing at a CAGR of 4.1% over the forecast period.
Key growth drivers include the rising prevalence of osteoarthritis, advancements in implant technology, and the increasing use of robotic-assisted surgery.
The market is set to benefit from improved surgical techniques, enhanced patient outcomes, and growing healthcare investments in orthopedic care.
Market Drivers

Increasing Prevalence of Osteoarthritis and Joint Disorders: The rising incidence of osteoarthritis and other orthopedic injuries is driving demand for joint replacement surgeries.
Aging Population: An increasing geriatric population is more susceptible to joint-related issues, leading to higher demand for joint replacement procedures.
Technological Advancements: Continuous innovations in surgical techniques and implant materials are enhancing the effectiveness and safety of joint replacement surgeries.
Growing Awareness and Acceptance of Joint Replacement Procedures: Increased awareness about the benefits of joint replacement surgeries is encouraging more patients to seek treatment.
Rising Healthcare Expenditure: Increased spending on healthcare infrastructure and services supports the growth of the joint replacement market.
Regional Insights

North America: Expected to dominate the market due to high healthcare expenditure, advanced medical technology, and a significant number of orthopedic procedures performed.
Europe: Also shows strong growth potential, driven by an increasing elderly population and advancements in orthopedic implants.
Asia-Pacific: Anticipated to witness rapid growth as healthcare access improves and awareness regarding joint health increases.
Competitive Analysis

The joint replacement market is fragmented, with many large and small companies competing. Smith+Nephew, DJO, LLC, Johnson & Johnson Services Inc., Stryker, Zimmer Biomet, Arthrex Inc., Exactech Inc., Conformis, MicroPort Orthopedics, and Corin Group are some of the major players in the market.

Some of the recent developments of Joint Replacement Market key providers are as follows:

In January 2022, Engage Surgical, the owner of the only cement-less unicompartmental knee system commercially accessible in the United States, was acquired by Smith+Nephew, a multinational medical technology business.
In February 2021, MicroPort Orthopedics added hyaluronic acid-coated collared hip stems and affixed collared hip stems to their hip stems lineup.
In January 2021, Stryker purchased OrthoSensor, Inc., a forerunner in the digital evolution of full joint replacement.
In July 2018, Corin announced that it will offer the Trinity Dual Mobility System for Hip Replacement.
Market Segments Covered in Joint Replacement Market Analysis

By Replacement Type:

Extremities
Upper
Lower
Knees
Hips

By Fixation Type:

Cemented
Cementless
Hybrid
Reverse Hybrid

By End-use:

Hospitals
Orthopedic Clinics
Other End-uses

By Procedure Type:

Total Replacement
Partial Replacement
Other Procedure Types

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East & Africa (MEA)

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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This release was published on openPR.