The global joint replacement market is projected to grow significantly, with its size expected to increase from USD 18.4 billion in 2023 to USD 26.5 billion by 2032, reflecting a compound annual growth rate (CAGR) of 4.3% during the forecast period. Several factors are driving this growth. The increasing prevalence of joint disorders, such as osteoarthritis, is a primary driver, particularly as the global population ages. Advancements in implant materials and surgical techniques, such as minimally invasive procedures and the development of patient-specific implants, also contribute to market expansion. However, challenges such as the high cost of joint replacement procedures and associated surgical risks pose constraints on market growth.
Recent developments in the market include the introduction of innovative products and technologies. For instance, in November 2022, Exactech received FDA clearance for its TriVerse primary knee system, designed to enhance surgical efficiency. Additionally, Enovis launched a wearable augmented reality device to assist surgeons in hip and knee surgeries, reflecting the trend towards integrating advanced technologies in joint replacement procedures. As the market evolves, key players such as Stryker Corporation, Zimmer Biomet Holdings, and Johnson & Johnson continue to drive innovation and expand their market presence through new product launches and strategic collaborations.
Key Takeaways
- The Global Joint Replacement Market is expected to reach USD 26.5 Billion by 2032, up from USD 18.4 Billion in 2023.
- A CAGR of 4.3% is projected for the market from 2023 to 2033.
- Over 600,000 total knee arthroplasty surgeries are performed annually in the United States.
- Globally, more than 350 million people suffer from arthritis, driving joint replacement demand.
- By 2030, one in six people worldwide will be over 60, increasing joint replacement surgeries.
- Strategic actions like partnerships and acquisitions by key players are fueling market growth.
- The Arthritis Foundation predicts over 78 million U.S. adults will have arthritis by 2040, increasing demand.
- Knees accounted for over 44.3% of the joint replacement market share in 2023.
- Cemented fixation held a dominant market share of more than 51% in 2023 for its reliability.
- Total Joint Replacement procedures constituted over 65% of the market share in 2023.
- Hospitals hold over 49% of the End-Use segment market share due to advanced facilities.
- North America leads the Joint Replacement Market with a 44% share, driven by high osteoarthritis incidence.
Get Sample PDF Report: https://market.us/report/joint-replacement-market/request-sample/
Joint Replacement Market Key Segments
By Product
- Extremities
- Lower
- Upper
- Knees
- Hips
By Fixation Type
- Cementless
- Cemented
- Hybrid
- Reverse Hybrid
By Procedure Type
- Total Joint Replacement
- Revision Joint Replacement
- Partial Joint Replacement
By End-Use
- Orthopedic Clinics
- Hospitals
- Others
Key Regions
- North America (The US, Canada, Mexico)
- Western Europe (Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, Rest of Western Europe)
- Eastern Europe (Russia, Poland, The Czech Republic, Greece, Rest of Eastern Europe)
- APAC (China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Rest of APAC)
- Latin America (Brazil, Colombia, Chile, Argentina, Costa Rica, Rest of Latin America)
- Middle East & Africa (Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, Rest of MEA)
Buy Directly: https://market.us/purchase-report/?report_id=35264
Key Players Analysis
- Stryker Corporation is a leading player in the joint replacement sector, known for its advanced orthopedic implants and surgical technologies. The company’s product portfolio includes hip, knee, and shoulder implants, with significant innovations like the Mako robotic-arm-assisted surgery system, which enhances precision in joint replacement procedures. Stryker’s commitment to research and development has positioned it as a key innovator, driving growth in the market through continuous advancements and strategic acquisitions, such as the recent acquisition of the French firm SERF SAS, which specializes in joint replacement technology.
- Arthrex Inc. is renowned for its minimally invasive orthopedic surgical solutions. Although it is more prominent in sports medicine, Arthrex has made significant strides in the joint replacement market with its comprehensive range of arthroplasty products. The company’s offerings include innovative implant designs and surgical instruments that enhance the precision and outcomes of joint replacement surgeries. Arthrex’s continuous investment in education and training for surgeons worldwide helps to ensure the effective use of its technologies, thereby supporting its market growth and adoption.
- Smith+Nephew is a global medical technology company that excels in the joint replacement market with a strong portfolio of hip, knee, and shoulder implants. The company’s recent advancements include the introduction of the “Precision in Motion” initiative, which focuses on enhancing the precision of orthopedic procedures. Smith+Nephew’s commitment to innovation is reflected in its development of advanced materials and technologies aimed at improving patient outcomes and extending the longevity of implants. The company’s robust product pipeline and strategic focus on high-growth markets contribute to its prominent position in the industry.
- Zimmer Biomet is a major player in the joint replacement market, offering a comprehensive range of orthopedic products, including hip, knee, and shoulder implants. The company’s focus on innovation is evident in its extensive research and development efforts, which have led to the creation of advanced implant materials and surgical techniques. Zimmer Biomet’s strategic initiatives include expanding its product portfolio and enhancing its global distribution network to meet the growing demand for joint replacement surgeries. The company’s strong market presence and continuous product development efforts make it a key competitor in the industry.
- DJO LLC, part of Enovis, specializes in providing orthopedic solutions, including joint replacement implants and rehabilitation products. The company’s product offerings are designed to improve patient mobility and recovery post-surgery. DJO LLC is known for its innovative approach to joint replacement, incorporating advanced materials and designs to enhance the performance and longevity of implants. The company’s focus on patient-centric solutions and its extensive portfolio of orthopedic devices position it as a significant player in the joint replacement market.
Joint Replacement Market Key Players:
- Stryker Corporation
- Arthrex Inc.
- Smith+Nephew
- Zimmer Biomet
- DJO LLC
- DePuy Synthes
- MicroPort Orthopedics
- Corin Group
- Conformis
- Exactech Inc.
- Johnson & Johnson Services Inc.
- Other Key Players
Joint Replacement Market Report Scope >> Market Value (2022): USD 18.4 Billion || Forecast Revenue (2032): USD 26.5 Billion || CAGR (2023-2032): 4.3% || Base Year Estimation: 2023 || Historic Period: 2019-2022 || Forecast Period: 2024-2033.
Inquire More about report: https://market.us/report/joint-replacement-market/#inquiry
About Market.US
Market.US is renowned for its comprehensive market research and analysis, providing customized and syndicated reports to a global clientele. Specializing in a variety of sectors, they offer strategic insights and detailed market forecasts, assisting businesses in making informed decisions. With a focus on innovation and accuracy, Market.US supports clients in over 126 countries, and maintains a strong repeat customer rate, underscoring their commitment to quality and client satisfaction. Their team excels in delivering exceptional research services, ensuring that no detail is overlooked in any target market.
Contact Details
Market.us (Powered By Prudour Pvt. Ltd.)
Contact No: +1 718 618 4351.
Email: [email protected]
Blog: https://medicalmarketreport.com/
View More Trending Reports
Blood Collection Market Predicted USD 25.9 Billion By 2033, An Approximate 7.9% CAGR Growth
Antibody Production Market Will Grow Nearly USD 62.2 Billion At A Rate Of 12.9% By 2033
Healthcare Information Systems Market Valuation Expected To Hit USD 1658.1 Billion By 2033