Artificial Joints Market

Global Artificial Joints Market Size (2023 to 2028)

The global artificial joints market is estimated to be worth USD 32.34 billion by 2028 from USD 23.92 billion in 2023, registering a CAGR of 6.22% from 2023 to 2028.

Metal, plastic, or ceramic are the materials used to create artificial or prosthetic joints. These artificial joints are used in replacement arthroplasty, often known as joint replacement surgery, to replace the natural joints that have been injured or become ill. Different materials are employed to create prosthetic joints depending on the joint. For instance, hip replacement joints are made of robust, incredibly smooth polymers and strong metal. However, joint illnesses and associated conditions cause the cartilage and fluid between the bones, essential for rapid, painless, and smooth joint mobility, to deteriorate. In addition, osteoarthritis and other degenerative diseases cause joint anomalies, necessitating arthroplasty surgical surgery. The medical technique known as arthroplasty is used to treat joints so interconnected bones can move effectively and painlessly. Large joints, including the hip, shoulder, elbow, and knees, are the most frequently treated with this surgery.

Impact of COVID-19 on the global artificial joints market:

The COVID-19 pandemic severely impacted various businesses worldwide, and the healthcare sector was one of the severely affected areas. The pandemic created losses and chaos with stringent lockdowns, restrictions on transport, and a lack of resources and healthcare professionals at hospitals. The arthroplasty surgery risks an infection in the patients, and hospitals noticed that the surgery patients were more prone to the SARS-CoV-2 disease during the pandemic. Aside from this, the pandemic led to many postponed surgeries as priority was given to the covid-19 patients resulting in delayed treatment. Thus, the pandemic has had a mixed effect on the market for artificial joints, and it has been predicted to have negatively affected the market due to the reduction in the number of surgeries. 

MARKET DRIVERS:

The growing geriatric population mainly drives the market along with growing incidences of osteoporosis and obesity, bone-joint conditions, and lifestyle-related diseases. For example, around 78.0 million Americans are predicted to have arthritis by 2040 in the U.S., according to the Centers for Disease Control and Prevention estimations made in 2020. In addition, almost 54.0 million adult Americans are at risk of fracturing a bone, according to a 2015 report by the National Osteoporosis Foundation. Furthermore, the increased rate of research and development in the artificial joints market and increased healthcare expenditure are expected to propel market growth. For example, in 2017, the core group developed an optimized position and orientation OPS, and the medical device company Exactech Inc agreed to be acquired by TPG Capital and become private. In addition, the market will see growth as the world's population becomes more prone to bone injuries due to aging. Increased incidences of joint and knee surgeries to surge the growth of the artificial joints market. Around 7 million Americans get hip or knee surgery annually, according to the American Joint Replacement Registry (AJRR). More than 85% of joint replacement surgeries in the U.S. are performed on the hip and knee. Similarly, the National Joint Registry reports that in the U.K., healthcare carried out replacement procedures for 101,651 hips, 108,713 knees, 6,967 shoulders, and 722 elbows in 2016.

MARKET RESTRAINTS:

The high costs involved with the treatment and artificial joints can hinder the market's growth, especially in developing countries. Additionally, product recalls are expected to obstruct the development of the artificial joint market.

REPORT COVERAGE:

This research report on the global artificial joints market has been segmented and sub-segmented into the following categories.

Global Artificial Joints Market - By Type: 

• Non-Cemented Joints
• Cemented Joints

The market for cemented joints is growing aggressively and accounted for the most significant share of the global artificial joints market in 2022, which is predicted to expand at the highest CAGR throughout the forecast period. Joints made with cement are more elastic, stable, and securely attached to the bones. These elements contributed to the segment's growth throughout the projection period.

Global Artificial Joints Market - By Material:

• Oxinium
• Alloys
• Ceramics
• Others

The ceramics segment accounted for the largest share in 2022 of the global artificial joints market, and it is anticipated to record a significant share during the forecast period. Also, Alloys is expected to showcase excellent CAGR in the coming period.

Global Artificial Joints Market - By Application:

• Hip
• Shoulder
• Knee
• Others

Over the forecast period, the knee segment held the most significant share of the global artificial joints market in 2022 and is likely to grow at the fastest CAGR. 

Global Artificial Joints Market - By End-User:

• Ambulatory Care Centers
• Hospital
• Others

The hospital segment recorded a significant market share over the forecast period. The increasing prevalence of osteoarthritis, improving healthcare infrastructure, and supportive government policies drive segment growth.

Global Artificial Joints Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, North America held a significant share of the global artificial joints market in 2022 and is more likely to dominate in the coming future. The regional market growth is driven owing to the availability of advanced healthcare infrastructure, the presence of key market players, and favorable reimbursement policies. In addition, emerging markets such as the United States and Canada significantly contribute to the North American regional market growth. However, the U.S. accounts for the largest market share, and the increase in surgical operations, technological advancements, and high healthcare spending are boosting the market growth.

Due to improved healthcare systems and increased amputation procedures in the region, Europe accounted for a sizeable portion of the worldwide artificial joints and limbs market in 2017. Additionally, it is projected that the aging population in Europe will drive the industry during the forecast period in countries like the U.K., Italy, Germany, etc.

The artificial joints market in the Asia Pacific is expected to be caused by improvements in the region's healthcare infrastructure and rising patient knowledge of the choices for treating prosthetic joints and limbs in countries like India, China, South Korea, Japan, etc. In addition, the market is expected to grow as medical tourism increases.

TOP COMPANIES IN THIS MARKET:

Boston Scientific, Stryker Corporation, Abbott Laboratories, Intuitive Surgical Inc., Varian Medical Systems, Zimmer Biomet Holdings Inc., Smith & Nephew Plc, Sonova Holdings AG, Aesculap AG, Arthrex, JRI orthopedics, and Globus Medical are a few of the major companies in the global artificial joints market profiled in this report.

RECENT MARKET DEVELOPMENT:

• In September 2021, the prices for artificial hips and knees became cheaper in China. After the country's first procurement program for hip and knee replacements, it was calculated that it led to an average price cut of about 82%. As a result, the bidding prices for the medical; equipment fell as compared to before. As a result, the costs for the implants are expected to drop from 35,000 yuan to about 7,000 yuan. 
• In June 2022, the renowned medical equipment company smith & nephew is relocating its headquarters. The firm established at Hull city for more than 160 years is now being moved to relocate in melton. The new site is an 80 euros project, and it is located about 13 kilometers away from the current site.