According to the latest report published by Acute Market Reports “Artificial Joints Market - Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global artificial joints market was valued at US$ 16.32 Bn in 2015, and is expected to reach US$ 25.31 Bn by 2024, expanding at a CAGR of 5.0% from 2016 to 2024.
Browse the full report Artificial Joints Market - Growth, Future Prospects and Competitive Analysis, 2014–2026 report at https://www.acutemarketreports.com/report/artificial-joints-market
Market Insights
The global market for artificial joints used for replacement or reconstruction of knees, shoulders, hips and extremities is complex in nature and us undergoing significant technological and regulatory transitions. Incoming pressure from payers is inducing further change in the market dynamics as entities such as the CMS have changes their requirements in terms of clinical evidence from suppliers. Lower hospital reimbursement is expected for joint reconstruction and replacement, mainly in the U.S. market led by the CMS. Similar reforms may be expected in other developed markets. Pressure on pricing in spinal implants and total joint reconstruction is also expected therefore reflecting a sluggish trend in the market. However, increasing prevalence of debilitating musculoskeletal diseases and rapid progress of healthcare infrastructure will hasten the pace in emerging markets of Asia Pacific, Middle East & Africa, and Latin America, therefore sustaining the global market growth.
Perpetually increasing geriatric and obese population, and corresponding growth in musculoskeletal disorders in this population group are the key factors attributing to the growth of artificial joints market. Osteoarthritis is among the most common musculoskeletal diseases prominently affecting geriatric population. Severe cases of osteoarthritis among the elderlies also lead to high demand for artificial joints. Development of novel joints with better biocompatibility and improved movements resembling those of natural joints will further drive the market advancement. However, high cost of such devices may hold the swift uptake in the market.
In the base year 2015, ceramic artificial joints was the largest revenue generating segment globally and is anticipated to retain its dominance through the forecast period. Reduced risk of osteolytic, chemically inert properties, non-allergic character and resistance to corrosion are the key factors that support greater demand for ceramic artificial joints. However, the uptake of alloy and combination material based artificial joints is expected to pick pace on the ground of reporting of better clinical evidence.
Based on the applications, the global artificial joints market is categorized into joints for knee, shoulder, hip and other extremities. Among these, artificial knee joints segment is observed as the largest revenue generator in the global market. high incidence of knee ailments in geriatric and obese population, and incidence of conditions such as arthritis and osteoporosis supplement the dominance of this segment.
Geographically, North America is the largest regional market for artificial joints on the global front. Swift adoption of novel devices, existence of sophisticated healthcare infrastructure and better reimbursements are facilitating the dominant status of North America market. Additionally, Asia Pacific will be the fastest advancing market for artificial joints. Flourishing medical tourism plays a vital role in the progress of Asia Pacific market; influx of patients for Western countries in the light of increasing implant prices will also facilitate the market growth. Other drivers of Asia Pacific market are rapidly evolving healthcare infrastructure, competitive prices, significantly large patient pool and so on.
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