May 10, 2022 08:41 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, May 10, 2022 (GLOBE NEWSWIRE) -- The orthopedic joint replacement market size is expected to experience considerable growth by reaching USD 26.89 billion by 2027. Fortune Business Insights in its report, titled "Orthopedic Joint Replacement Market, 2020-2027", mentions that the market stood at USD 20.00 billion in 2019 and is projected to exhibit a CAGR of 7.61% during the forecast period. The demand for joint replacement is surging among the geriatric population due to rising incidents of osteoarthritis. The introduction of patient specific implants and robotic surgery has drastically increased the demand for this procedure. For example, in August 2020, FDA approved APEX 3D total ankle replacement systems by Paragon
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Industry Development: September 2020: Mako Total Hip 4.0 was launched by Stryker to facilitate robotic hip replacement surgeries. The software is programmed in a manner to help the surgeon plan a patient’s hip implant position based on their supine, sitting, and standing position.
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Technological Innovations in Product to Augment Orthopedic Joint Replacement Market Growth
The orthopedic joint replacement market growth is backed by steady technological innovations in the industry. The physiological customization of joint implants is being researched by prominent players in the market. This is expected to revolutionize the joint replacement industry. For example, in 2019, Microport got approval for its Aspiration Medial Pivot Total Knee Replacement System and Superior Medial Stability Total Knee Replacement System. Moreover the rising adoption of robotics in surgery has increased the efficiency of surgical procedures and reduces the risk factors associated with the procedure. Prominent players such as Medtronic are developing surgical robots that can be used for their joint implants. For instance, in January 2019, Mazor X Stealth Edition was launched by Medtronic for spine surgery. The robot can be utilized for spine implants of the company providing an all-in-one solution to medical professionals.
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Procedure Cancellation Result in Demand Decline Owing to COVID-19 Crisis
The market for orthopedic joint replacement experienced declines and cancellations throughout the lockdown. According to Globalsurg, March to May in the year 2020 should have experienced a market value of 7.7 million USD. However, 82% of the surgeries were cancelled due to the large volume of coronavirus infected patients. Moreover, travel restrictions resulted in disruptions in the supply chain of the pharmaceutical sector and limited the import and export of required equipment during the pandemic. It is expected that, after substantial uplift of lockdown norms, the demand and supply chain of the market shall normalise and experience teddy growth. Total joint replacement is a surgical procedure in which a damaged, dysfunctional, or arthritic joint or joint surface is replaced with a plastic, metal, or ceramic prosthesis. The orthopedic prosthesis is designed to move just as a normal, healthy joint would.
Increasing Product Awareness among Patients in North America to Aid Growth
North America is anticipated to lead the orthopedic joint replacement market share in the foreseeable future. This is due to the growing awareness in the patient population of the various orthopedic implants available in the market. For instance, in 2019, the market values stood at USD 7.23 billion. Europe is credited to showcase considerable growth due to the increasing prevalence of osteoarthritis in the region. Moreover, the increase in healthcare expenditure by European commission is expected to boost product demand in the forthcoming years.
Prominent Players Focus On Innovations to Amplify Their Market Positions
The market for orthopedic joint replacement is fragmented by the presence of several major companies. Moreover, stringent regulatory scenarios in most of the leading economies intensify the company stability with constant updates and quality checks required to maintain standards. The growing investment in this market is expected to exponentially boost this industry and give lucrative returns. Prominent players are focused on technological innovation by investing in research and development.
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List of Key Players Profiled in the Orthopedic Joint Replacement Market:
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