Global Artificial Joints Market is valued at approximately USD 20.2 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 4.6% over the forecast period 2023-2030. Artificial joints also referred to as prosthetic joints or joint replacements are medical devices used to replace damaged or diseased joints in the human body. These medical devices are specially designed to restore joint function, relieve pain, and improve mobility for individuals with conditions such as arthritis, joint degeneration, or joint trauma. Artificial joints are often utilized to replace the body’s injured or degenerated knee, hip, or shoulder joints. The prosthetic joint is created to resemble the structure and operation of the native joint, enabling fluid mobility, weight-bearing, and joint stability. The rising awareness among both patients and healthcare professionals regarding the benefits and success rates of artificial joint replacement, increasing healthcare expenditure, and growing participation in sports and active lifestyles has led to an increase in sports-related injuries, which are contributing to the global market growth.
In addition, the surge in the aging population is the most prominent factor that is propelling the market demand across the globe. With the aging, the chance of developing joint-related conditions such as osteoarthritis and rheumatoid arthritis also stipulates. Artificial joints are becoming increasingly in demand because it helps individual to regain their mobility and improve their quality dof life. According to the World Health Organization Facts of 2021, the proportion of the global population aged 60 and up is expected to nearly double from 12% to 22% between 2015 and 2050. Moreover, as per the Economic and Social Commission for Asia and the Pacific report, the aging population of India is expected to reach 298 million by 2051, accounting for 17% of the national population. Moreover, the rising investments in research and development by medical device companies and academic institutions, as well as the growing technological advancements presents various lucrative opportunities over the forecast years. However, the side effects associated with surgical intervention and the lack of skilled professionals are hindering the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Artificial Joints Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the increasing development of novel artificial joint materials and designs, growing cases of patients with osteoarthritis, and the presence of major players with a solid distribution network. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. The increase in the incidences of bone disease and the number of chronic diseases such as diabetes, as well as the rising adoption of computer-aided implant designs, robot-assisted surgeries, and attractive reimbursement situations are fostering the market demand across the region.
Major market players included in this report are:
Medacta International SA
Johnson and Johnson (DePuy Synthes)
MicroPort Orthopedics Inc
Zimmer Biomet Holding Inc
B. Braun Melsungen AG
Smith & Nephew plc
Recent Developments in the Market:
Ø In February 2020, RISP Vision, a well-known industry pioneer in computer vision and image processing research and development with its company unveiled a computer vision technology to visualize bones more precisely before knee and hip replacement procedures to reduce human error.
Ø In January 2020, Lidakang Technology, a Chinese supplier of artificial joints, received assistance from Shenzhen Capital Group, a state-backed venture capital company, as it raised around USD16 million in a Series A financing round.
Global Artificial Joints Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Material, Application, End-user, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Cemented artificial joints
Non-cemented artificial joints
Artificial knee joints
Artificial hip joints
Middle East & Africa
Rest of Middle East & Africa