Press release
Joint Replacement Devices Market Projected to Reach USD 37.01 Billion by 2034, Growing at a CAGR of 4.7%
The global joint replacement devices market size was valued at USD 23.47 billion in 2024. It is anticipated to generate an estimated revenue of USD 37.01 billion by 2034, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust compound annual growth rate (CAGR) of 4.7% over the forecasted timeframe of 2025-2034.
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Market Introduction
The joint replacement device is an artificial substitute for the body. It restores a part that is absent or no longer operating as one needs it to. It involves exterior body parts such as limbs and also interior parts and devices such as joint replacement. Some joint replacement devices are cosmetic. They restore distinctly missing parts for patients to become one of the crowd. Other devices have mechanical functions that can restore the operations of the crashed part of the body giving a feeling of self-fulfilment for the patient.
The devices must meet several standards before them being implanted, such as they must have biocompatible materials. That is, they should not be rebuffed by the body. They must be capable of mirroring the joint structures they are meant to restore. They must load bearing capacity, flexible so that they do not break or are able to move seamlessly against each other as needed. Finally, they must be capable of preserving their robustness and configuration for a prolonged time.
Market Drivers
Growing Regressive Joint Illnesses: Conditions such as osteoporosis, osteoarthritis, and other regressive joint illnesses and inflammatory joint illnesses are becoming more prevalent. These disorders frequently cause detrimental pain, decreased mobility, and a declined standard of life, demanding surgical mediation, such as total joint replacement surgeries, have a favorable impact on joint replacement devices market trends.
Advancements in Robotics: Progressions in robotics helped orthopedic surgery notably boost the demand for joint replacement devices. Robotic technology improves the accuracy of joint replacement surgery, sanctioning surgeons to carry out operations with substantial control and consistency.
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Competitive Landscape
As per the most recent market trends, technological progressions in the orthopedic sector are motivating makers to introduce modern product ranges. Major companies are noted below:
Acumed LLC
Arthrex, Inc.
B. Braun
CONMED Corporation
Enovis
Globus Medical, Inc.
Johnson & Johnson Services, Inc.
Medacta International
Meril Life Sciences Pvt. Ltd.
MicroPort Scientific Corporation
Orthofix Medical Inc.
Smith+Nephew
Stryker
Zimmer Biomet Holdings, Inc.
Joint Replacement Devices Industry Developments
November 2024 - Johnson & Johnson MedTech, a global leader in orthopedic technologies, introduced its latest joint reconstruction solutions at the American Association of Hip and Knee Surgeons (AAHKS) 2024 Annual Meeting held in Dallas, showcasing advancements aimed at improving surgical outcomes and patient recovery.
August 2024 - Exactech, a prominent medical technology company, announced the launch of its advanced ExactechGPS computer-assisted technology, designed to enhance precision and balance during total knee replacement surgeries.
January 2023 - Aster Medcity expanded its orthopedic capabilities by launching state-of-the-art joint replacement devices, including robotic systems for knee replacement procedures, aiming to improve accuracy and patient outcomes.
Segmental Outlook
By Product Outlook (Revenue, USD Billion, 2020-2034)
Hip Replacement
Knee Replacement
Shoulder Replacement
Wrist Replacement
Others
By Surgery Type Outlook (Revenue, USD Billion, 2020-2034)
Total Replacement
Partial Replacement
Revision Replacement
By End User Outlook (Revenue, USD Billion, 2020-2034)
Hospitals & Surgical Centers
Ambulatory Care Centers & Trauma Units
Others
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Regional Perspective
North America dominated the joint replacement devices market in 2024 owing to the escalated existence of osteoarthritis, a speedily growing maturing population, and a progressive healthcare framework.
Asia Pacific is estimated to grow at a rapid pace due to its augmenting healthcare sector, growing geriatric population, and rising cases of joint disorders.
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