Increasing geriatric population, rising demand for minimally invasive surgical techniques, and increasing prevalence of orthopedic diseases and musculoskeletal conditions are expected to drive global market revenue growth during the forecast period.
Increasing geriatric population, rising demand for minimally invasive surgical techniques, and increasing prevalence of orthopedic diseases and musculoskeletal conditions are expected to drive global market revenue growth during the forecast period
Emergen Research has published its latest report titled, “Joint Reconstruction Devices Market By Type (Knee, Hip, Shoulder, Ankle), By Technique (Joint replacement, Osteotomy, Arthroscopy, Resurfacing), By Application (Hospitals, Orthopedic Clinic, Ambulatory Surgical Centers), and Region Forecasts to 2027”
According to Emergen Research, the global joint reconstruction market size was USD 22.49 billion in 2019 and is expected to reach USD 36.81 billion in 2027 and register a revenue CAGR of 6.3% during the forecast period, 2020-2027.
Market Dynamics:
The orthopedic device industry revenue has significantly increased over the recent past and is expected to continue to do so going ahead. Rising cases of bone degenerative diseases, arthritis, gout, osteoporosis, and injuries due to increasing geriatric population, road accidents, sedentary lifestyle, and unhealthy dietary habits are resulting in increasing demand for joint reconstruction equipment and surgeries. Joint reconstruction is a surgical process commonly used for repairing and restoring full function of the joint. It ranges from minor repairs to total and partial replacement of hip, knee, ankle, and shoulder joints and includes a wide range of treatments such as pain management, physiotherapy, and surgery.
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Rapid market revenue growth can be attributed to factors such as rising number of orthopedic surgeries across the globe, technological advancements in joint reconstruction devices, favorable government initiatives, improving healthcare infrastructure, and high focus on developing innovative, effective products and therapeutic options. Other factors such as rising awareness about joint reconstruction, increasing life expectancy, growing funding and investment by public and private sectors for supporting ongoing research on improving knee, shoulder, hip, ankle implants, and rising disposable income among individuals are expected to fuel market growth during the forecast period. However, high cost of joint reconstruction devices and surgeries, availability of cost-effective treatment options, and stringent regulatory norms are expected to hamper overall market growth during the forecast period. In addition, issues with biocompatibility and high risks of post-surgery complications such as wound infection, prosthetic malfunctioning, and blood clotting can hamper global market growth between 2020 and 2027.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Knee Segment Register Highest Revenue Growth:
The knee segment is expected to register highest revenue growth during the forecast period. This can be attributed to increasing aging population across the globe, rising prevalence of arthritis, improving healthcare infrastructure, rapid advancements in knee replacement surgeries, and rising demand for patient-specific implants.
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Joint Replacement Segment to Account for Largest Revenue Share:
The joint replacement segment is expected to account for largest revenue share between 2020 and 2027 owing to increasing prevalence of various orthopedic diseases and musculoskeletal conditions including arthritis, trauma and back pain, and rising elderly population. In addition, increasing demand for advanced joint replacement devices and availability of wide range of artificial implants are expected to drive revenue growth of the segment.
North America to Lead in Terms of Revenue Share:
North America is expected to dominate other regional markets in terms of revenue share during the forecast period owing to increasing prevalence of orthopedic diseases, musculoskeletal disorders and road accidents, availability of advanced devices equipment for joint reconstruction, knee replacement surgeries, and rising demand for minimally invasive procedures. In addition, high disposable income, favorable reimbursement policies, rapidly aging population, and increasing R&D investment for developing advanced and cost-effective products are expected to fuel North America market growth during the forecast period.
Major Companies in the Market Include:
- NuVasive Inc.
- Aesculap Implant Systems LLC
- Stryker
- Smith and Nephew
- Medtronic
- CONMED Corporation
- Zimmer-Biomet
- DJO Global Inc.
- DePuy Synthes Companies
- Microport Scientific Corporation
For the purpose of this report, Emergen Research has segmented the global joint reconstruction devices market on the basis of type, technique, application, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Knee
- Hip
- Shoulder
- Ankle
- Others
Technique Outlook (Revenue, USD Billion; 2017-2027)
- Joint Replacement
- Osteotomy
- Arthroscopy
- Resurfacing
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals
- Orthopedic Clinic
- Ambulatory Surgical Centers
- Others
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Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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