Artificial joint is ceramic, metal or other compatible device that is surgically implanted to replace a natural joint to correct join abnormalities and to enhance join function. Rising geriatric and obese population, increasing incidence of diseases such as osteoarthritis and arthritis, technological advancement are the key growth drivers of global artificial joints market.
The report titled “Artificial Joints Market - Growth, Future Prospects and Competitive Analysis, 2016–2024” offers strategic insights into the overall artificial joints market along with the market size and estimates for the duration 2014 to 2024. The research study covers in-depth analysis of market segments based on material type (ceramics, alloys, oxinium and other material), application (artificial joints of knee, hip, shoulder and other) and different geographical regions.
Market size and forecast for these regional and country level markets are presented in this study for the period 2014-2024. Market growth rates for the forecast period 2016-2024 are also included in this report, considering 2015 as the base year.
Along with quantitative information, qualitative information sets and assessment tools are provided in this study for better analysis of the overall market scenario and future prospects. Information such as market inclination insights and drivers, challenges and opportunities assists the readers for understanding the ongoing trends in the global artificial joints market. Tools such as market positioning of key players and attractive investment proposition provide the readers with insights on the competitive scenario of the global artificial joints market. This report concludes with company profiles section that highlights major information about the key players engaged in global artificial joints market. In-depth competitive environment analysis and historical years (2014) market size data are also provided in the report.
Thus, the research study provides a holistic view of the global artificial joints market, offering market size and estimates for the period from 2014 to 2024, keeping in mind the above-mentioned factors.
Based on the material type, the global artificial joints market is segmented as follows:
Artificial joint is a compatible device that is surgically implanted to replace a natural joint to correct join abnormalities and to enhance join function. Different types of materials such as alloys (CrCo-based alloy, Ti-based alloy), ceramic (alumina, zirconia, silica, hydroxyapatite, titanium nitride, silicon nitride), Oxinium and polyethylene (ultra-high molecular weight polyethylene, cross-linked polyethylene) used to prepare artificial joints. However, currently combination of materials such as metal-on-metal, metal-on-ceramic, ceramic-on-ceramic, ceramic-on-metal, metal-on-polyethylene and ceramic-on-polyethylene trend is observed in the market.
In the base year 2015, ceramic implant held the largest market share in the global artificial joints market and it is anticipated to grow further during the forecast period. Factors such as reduced risk of osteolysis, chemical inertness, resistance to corrosion, non-allergic properties and biocompatibility would drive the market growth of ceramic artificial joints market. However, factors such as slow crack growth and brittleness may negatively impact the market growth of ceramic artificial joints. In the recent years, the use of alloys and polymers for total hip and knee replacements has increased significantly. Factors such as hardness, corrosion resistant, good resistance and high mechanical strength contribute the market growth of alloy artificial joints. Currently, titanium alloys are widely used as these are biocompatible, highest corrosion resistant, lower density and also elastic in nature. Artificial joints of polymer material will show steady market growth in future; factors such as low friction coefficients and good chemical stability would contribute the market growth. Oxinium is a metal alloy with owning to its surface hardness, no risk of brittle fracture, lighter weight properties oxinium it will show significant market growth during forecast period.
Based on applications, the global artificial joints market is segmented as follows:
Joint replacement is a surgical procedure in which metal, plastic or ceramic device is surgically implanted into body. Factors such as growing aging population consequently increasing incidence of age related diseases such as arthritis, upsurge in funding by government agencies and private organizations for joint replacement surgeries, growing population and sedentary lifestyle which in turn results in obesity contribute to the growth in number of joint replacement surgeries.
In the base year 2015, knee joint replacement was observed as the largest revenue generating segment. According to American Academy of Orthopaedic Surgeons (AAOS), more than 0.8 percent of Americans are living with a hip replacement, and 1.5 percent with a knee replacement. Prevalence of total knee replacement and total hip replacement is higher among adults aged 50 and older. According to AAOS prevalence of hip and knee replacement surgery is the highest in geriatric age 80 and older, is as high as 6 and 10 percent, respectively. Knee and hip replacements are the most commonly performed joint replacement surgeries among the ankle, shoulder, wrist and elbow replacement surgeries. It is observed that knee replacement held the largest share in the global artificial joint market and is anticipated to grow significantly further during the forecast period. Factors such as increase in the prevalence of overweight and obesity, rising geriatric population and increasing incidence rates of osteoarthritis and arthritis drive the market growth of knee and hip join replacement market.
In the base year 2015, North America was dominating artificial joint market in terms of revenue and it is anticipated to further grow during forecast period 2016-2024. Factors such as rising geriatric and obese population, upsurge in funding by government agencies and private organizations in healthcare system, increasing incidence of osteoarthritis, arthritis and other musculoskeletal diseases, high healthcare expenditure, continuous R&D activities pertaining to the development of novel artificial joints drive the market growth of artificial joints market in North America. Many studies indicated that incidence of adults younger than age 65 undergoing total knee and hip replacement surgeries contributing the market growth in North America. According to American Academy of Orthopaedic Surgeons (AAOS) more than 7 Mn Americans are living with artificial (prosthetic) hip and knee. California, Florida and Texas are major revenue contributing regions in North America. Joint replacement surgery performed on knee, hip, ankle, wrist, shoulder, and elbow joints. However, among these, knee and hip joint surgeries are most commonly performed globally. Europe is the second largest revenue generating regional market for artificial joints. Factors such as increasing demand for minimally invasive surgeries, higher cost of replacement device and growth in health expenditure drive the market growth in Europe. Austria, Belgium, Germany and Switzerland are major revenue contributing countries in Europe as these countries have the highest rate of knee and hip replacement surgeries. Currently, Asia Pacific is not a major revenue generating segment and it is anticipated that it will experience a sluggish growth during the forecast period. Factors such as increasing population, continuous economic development and developing healthcare infrastructure contribute the market growth in Asia Pacific.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Artificial Joints market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Material
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Applications
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
