Joint Reconstruction Devices Market - By Joint (Knee Replacement {Product, Component}, Hip Replacement, Shoulder Replacement, Ankle Replacement), By Region & Global Forecast, 2023 – 2032
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationJoint Reconstruction Devices Market - By Joint (Knee Replacement {Product, Component}, Hip Replacement, Shoulder Replacement, Ankle Replacement), By Region & Global Forecast, 2023 – 2032
Joint Reconstruction Devices Market Size
Joint Reconstruction Devices Market size valuation exceeded USD 18.5 billion in 2022 and is set to record robust growth at more than 4% CAGR through 2032 driven by the expanding geriatric population globally.
As we age, many of us develop osteoarthritis in our hips and knees. This painful condition can make it hard to move around and enjoy life. Fortunately, hip and knee joint reconstruction is a proven way to reduce pain and improve mobility in people of all ages, including seniors. The number of older people in the world is growing rapidly. By 2030, there will be 1.4 billion people over the age of 60. This growing population of seniors will need hip and knee replacements to regain their quality of life. In recent years, there has been a growing awareness of the benefits of joint reconstruction. As a result, the demand for joint repair devices is rising rapidly. This is expected to drive growth in the market for joint reconstruction devices.
Furthermore, ongoing orthopedic R&D studies are focused on the design and production of patient-specific implants (PSI) to provide an effective and accurate way for treating bone fractures or a variety of deformities such as oncological or congenital malformation. They are designed to be fitted to the bone geometry based on the kind of fracture that needs to be stabilized, further increasing their effectiveness. Moreover, patient-specific technologies (PSTs) aid in the interpretation of CT scans, reducing uncertainties in diagnosis and therapy while saving surgeons' time.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Joint Reconstruction Devices Market Size in 2022 | USD 18.5 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 4% |
| 2032 Value Projection | USD 29 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 220 |
| Tables, Charts & Figures | 567 |
| Segments covered | Joint and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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High costs associated with the devices to limit product uptake
Joint implants can account for 20 to 40% cost of a therapy, resulting in a significant impact on the process margins, particularly in capitated reimbursement settings. For instance, the price of total knee replacement surgery varies widely and is influenced by a variety of factors, including implant type, surgical technique, pre-existing problems, length of hospital stay, and so on. As a result, the high cost of implants, exclusive of other related expenses, adds to the increased expense of total joint replacement operations, limiting the use of the product and impeding the business expansion.
Joint Reconstruction Devices Market Analysis
In 2022, knee replacement devices brought in a whopping $9 billion. Patients are raving about these treatments, which has led to more people opting for them. Surgeries like total knee replacements are becoming increasingly popular. To make knee replacements even better, surgeons are using robots and minimally invasive techniques. This makes surgery safer, faster, and more precise. For example, in early 2023, a hospital in India started using robotic-assisted knee replacements. This new approach offers benefits over traditional knee surgery techniques.
North America joint reconstruction devices market is anticipated to reach a valuation of more than USD 14 billion by 2032 driven by multiple factors, including an expanding aging population, rising medical expenses, and a spike in the occurrences of orthopedic disorders in the country. The Department of Health and Human Services estimates that 10 million Americans aged 50 and older suffer from osteoporosis, which is expected to increase the demand for knee replacement treatments.
Joint Reconstruction Devices Market Share
Top enterprises operating in the joint reconstruction devices market are ;
- Medtronic
- MicroPort Scientific Corporation
- Stryker
- DJO Global
- ConforMIS
- NuVasive
- Zimmer Biomet
- Globus Medical
- Waldemar LINK
- Smith & Nephew
- and Medacta
These firms focus heavily on the development of novel surgical techniques and the introduction of innovative and advanced devices to maintain their market position.
The joint reconstruction devices market research report includes in-depth coverage of the industry with estimates & forecasts in terms of USD Million from 2018 to 2032 for the following segments
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By Joint
- Knee Replacement
- Product
- Primary Knee Systems
- Revision Knee Systems
- Partial Knee Systems
- Component
- Femoral Component
- Tibial Component
- Patellar Component
- Product
- Hip Replacement
- Product
- Primary Hip Reconstruction Devices
- Partial Hip Reconstruction Devices
- Revision Hip Reconstruction Devices
- Hip Resurfacing Devices
- Component
- Acetabular component
- Femoral Component
- Product
- Shoulder Replacement
- Shoulder Arthroplasty Resurfacing Implants
- Shoulder Arthroplasty Trauma Implants
- Shoulder Arthroplasty Platform Implants
- Ankle Replacement
- Two-Component Fixed Bearing
- Three-Component Mobile Bearing
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Poland
- Netherlands
- Sweden
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Thailand
- Philippines
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Peru
- MEA
- South Africa
- Saudi Arabia
- UAE
- Egypt
- Israel
- Iran
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