Joint Replacement Market (Product: Knees, Hips, Extremities; Fixation Type: Cemented, Cementless, Hybrid, Reverse Hybrid; End-use: Hospitals, Orthopedic Clinics; Procedure: Total, Partial Replacement) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2021 – 2030

Published Date : Jul 2021 | No. of Pages : 250+ Pages | Category : Healthcare

The global Joint Replacement market size is expected to be worth around US$ 28.4 billion by 2030, according to a new report by Vision Research Reports.

The global Joint Replacement market size was valued at US$ 271 billion in 2020 and is anticipated to grow at a CAGR of 3.10% during forecast period 2021 to 2030.

Growth Factors

 The growing incidence of orthopedic diseases and the increasing number of the target population are boosting the market growth.

According to the Centers for Disease Control and Prevention, 1 in every 4 adults in the U.S. is suffering from arthritis in 2019. In addition, it is projected that by 2040, approximately 78 million of the U.S. adult citizens aged 18 years or older will suffer from arthritis diagnosed by doctors. This upsurge in the number of patients suffering from arthritis is increasing the number of joint replacement surgeries.

Moreover, the increasing demand for minimally invasive joint replacement operations is likely to propel the market over the forecast period. In addition, growing awareness about day surgeries, increasing healthcare reimbursement, and rapid adoption of advanced technologies are some of the key factors expected to contribute to market growth over the coming years. The COVID 19 had negatively impacted the market in 2020. However, it started recovering during the third quarter of 2020 and is expected to pace up in the coming years.

Report Highlights

 The knee segment dominated the market for joint replacement and held the largest revenue share of over 46.0% in 2020. The segment is majorly driven by the growing geriatric populace giving an upsurge to old-age disorders such as osteoporosis, arthritis. Additionally, increasing technological advancements such as minimally invasive surgeries accompanied by the existence of improved implant materials are likely to boost the growth of the segment.

The extremities segment is expected to grow fast over the forecast period. The field of extremity surgery and implants has been observing several technological innovations, for example, mobile-bearing ankles, reverse shoulder implants, and the advent of new and safer implant materials. Moreover, new product launches by industry players such as Exactech, Lima and Middata for shoulder replacement are further bolstering segment growth.

The cemented segment dominated the market for joint replacement and held the largest revenue share of over 49.0% in 2020. Cemented fixation was found to be the best fit in older patients while cementless fixation is the best fit for younger patients. Cemented fixation has good survivorship and low revision rates as compared to other types, thus increasing the demand.

Moreover, the cost-effectivity of cemented THA is propelling its growth. The vendors offer various innovative cemented implant designs to provide more comfort to the patient. For instance, Zimmer’s product The Legacy LPS-Flex Fixed Bearing total knee offers an increased flexion and posterior stabilization to the patient.

The total replacement segment dominated the market for joint replacement and held the largest revenue share of over 64.0% in 2020. According to the Arthritis Foundation report, the number of total hip replacements in the U.S. is projected to reach 635,000 per year by 2020. Moreover, total knee replacement is projected to reach 1.28 million procedures per year. In November 2019, THINK Surgical, Inc. received U.S. FDA clearance for TSolution One Total Knee Application for practice in total knee arthroplasty in the U.S.

The others segment includes revision and resurfacing replacement. Total replacement surgery is most effective but over time if it fails to owe to numerous reasons, then revision replacement is done. Revision replacements have the similar goal to relieve discomfort and recover the function of the organ. According to the Arthritis Foundation report, revision total knees and revision total hips are expected to reach 120,000 and 72,000 procedures per year respectively by 2030.

The hospitals segment dominated the market for joint replacement and held the largest revenue share of over 50.0% in 2020 owing to the presence of advanced treatment options and the increased number of patient footfall under these facilities. Hospitals are easily accessible as they are present in most locations, and hence, most of the patients prefer hospitals over other settings. Moreover, the availability of favorable reimbursement policies through Medicare and Blue Cross Blue Shield is further fostering segment growth.

The orthopedic clinics segment is expected to show the fastest growth over the forecast period owing to an increase in the number of sports injuries, trauma accidents, and other chronic diseases. Factors such as shorter stay duration, reduced wait times, and personalized care have increased the demand for these clinics. Furthermore, orthopedic clinics can provide cost-effective services and procedures, owing to their low-cost structure as compared to hospitals. Such factors are expected to propel this segment over the coming years. Since the number of patients preferring orthopedic clinicians has increased, there has been a significant rise in the number of such clinics.

North America dominated the market for joint replacement and accounted for the largest revenue share of over 62.9% in 2020. An increase in factors, such as the prevalence of osteoarthritis, geriatric population, availability of insurance coverage, and a number of trauma and accident cases, is projected to drive the demand for joint replacements in North America. For instance, according to the American Joint Replacement Registry (AJRR), in 2019, around 1.5 million hip and knee arthroplasty surgeries were recorded in the registry. Thus, supports the growth of the market for joint replacement. The growing prevalence of orthopedic diseases, coupled with the rapid adoption of innovative products, is likely to fuel the market for joint replacement in the region.

In Asia Pacific, the market for joint replacement is anticipated to show the fastest growth over the forecast period owing to rising spending in healthcare, quickly evolving healthcare infrastructure and growing in the region. As per The Asian Federation of Osteoporosis Societies (AFOS), a total of 1.2 million hip fractures occurred in 2019, which is expected to reach 2.6 million by 2050. Other factors, such as the growing elderly population, increasing healthcare spending in developing Asian economies, and the increasing overall prevalence of osteoarthritis, osteoporosis, bone injuries, diabetes, and obesity, are expected to contribute to the joint replacement market over the coming years.

Key Players 

  • Johnson & Johnson Services, Inc. (DePuy Synthes)

  • Stryker

  • Zimmer Biomet

  • Smith+Nephew

  • DJO, LLC

  • Arthrex, Inc.

  • Exactech, Inc.

  • Conformis

  • MicroPort Orthopedics

  • Corin Group

Market Segmentation 

  • Product Outlook 

    • Knees

    • Hips

    • Extremities

      • Upper

      • Lower

  • Fixation Type Outlook

    • Cemented

    • Cementless

    • Hybrid

    • Reverse Hybrid

  • End-use Outlook 

    • Hospitals

    • Orthopedic Clinics

    • Others

  • Procedure Outlook

    • Total Replacement

    • Partial Replacement

    • Others

  • Regional Outlook 

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • Japan

      • China

      • India

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East and Africa

      • South Africa

      • Saudi Arabia

The Joint Replacement market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Joint Replacement market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Joint Replacement market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Joint Replacement market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Joint Replacement market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Joint Replacement capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Joint Replacement by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Joint Replacement market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Joint Replacement market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Joint Replacement market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Joint Replacement industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Joint Replacement market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Joint Replacement market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Joint Replacement market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Joint Replacement market. These factors have benefited the growth of the global market for Joint Replacement. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Joint Replacement. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Joint Replacement are as follows:

·         Historic Year: 2017-2020

·         Base Year: 2021

·         Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

·         To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);

·         Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.

·         Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

·         To define, describe and forecast the market by type, application and region.

·         To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.

·         To identify significant trends and factors driving or inhibiting the market growth.

·         To analyze the opportunities in the market for stakeholders by identifying the high growth segments.

·         To strategically analyze each submarket with respect to individual growth trend and their contribution to the market

·         To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market

To strategically profile the key players and comprehensively analyze their growth strategies.

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