SAN FRANCISCO, July 14, 2021 /PRNewswire/ — The global joint replacement market size is expected to reach USD 25.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.4% from 2021 to 2028. The growing incidence of orthopedic diseases and the increasing number of the target population are boosting the market growth.
Key Insights & Findings:
- The knee replacement was the largest revenue-generating segment of the market in 2020. This contribution is mainly because of the increased demand for these surgeries and continuous technological advancements
- The cemented fixation segment dominated the market and accounted for the largest revenue share of over 49.0% in 2020. The associated advantages such as its low revision rate, better acceptance, lesser hospital stay among others are boosting segment growth
- The total replacement segment held the largest revenue share of over 64.0% in 2020. The growth can be attributed to the increased number of this kind of surgery and continuous technological advancements by the leading industry players
- The hospitals held the largest revenue share in 2020. The growth can be attributed to advanced treatment options and a large number of patient footfalls
- North America dominated the market in the year 2020. The growing target population and favorable reimbursement policies along with the advanced healthcare infrastructure are anticipated to contribute to market growth
Read 150 page market research report, “Joint Replacement Market Size, Share & Trends Analysis Report By Product (Knees, Hips, Extremities), By Fixation Type, By End-use (Hospitals, Orthopedic Clinics), By Procedure, By Region, And Segment Forecasts, 2021 – 2028“, By Grand View Research.
According to the Centers for Disease Control and Prevention, 1 in every 4 adults in the U.S. is suffering from arthritis in 2019. In addition, it is projected that by 2040, approximately 78 million of the U.S. adult citizens aged 18 years or older will suffer from arthritis diagnosed by doctors. This upsurge in the number of patients suffering from arthritis is increasing the number of joint replacement surgeries.
Moreover, the increasing demand for minimally invasive joint replacement operations is likely to propel the joint replacement market over the forecast period. In addition, growing awareness about day surgeries, increasing healthcare reimbursement, and rapid adoption of advanced technologies are some of the key factors expected to contribute to market growth over the coming years. The COVID 19 had negatively impacted the market in 2020. However, it started recovering during the third quarter of 2020 and is expected to pace up in the coming years.
Grand View Research has segmented the global joint replacement market on the basis of product, fixation type, end-use, procedure, and region:
- Joint Replacement Product Outlook (Revenue, USD Million, 2016 – 2028)
- Joint Replacement Fixation Type Outlook (Revenue, USD Million, 2016 – 2028)
- Reverse Hybrid
- Joint Replacement End-use Outlook (Revenue, USD Million, 2016 – 2028)
- Orthopedic Clinics
- Joint Replacement Procedure Outlook (Revenue, USD Million, 2016 – 2028)
- Total Replacement
- Partial Replacement
- Joint Replacement Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players of Joint Replacement Market
- Johnson & Johnson Services, Inc. (DePuy Synthes)
- Zimmer Biomet
- DJO, LLC
- Arthrex, Inc.
- Exactech, Inc.
- MicroPort Orthopedics
- Corin Group
Check out more studies on orthopedic treatment devices, by Grand View Research:
- Orthopedic Implants Market – The global orthopedic implants market is expected to reach USD 6.2 billion by 2024, according to a new report by Grand View Research, Inc. Major drivers, such as the surging geriatric population count and the increasing number of sports injuries are fueling the demand for the orthopedic prostheses globally.
- MEA Hip And Knee Reconstruction Devices Market–The MEA hip and knee reconstruction devices market size is expected to reach USD 2.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.1% from 2021 to 2028.
- Joint Reconstruction Devices Market– The global joint reconstruction devices market size is expected to reach USD 30.4 billion by 2025, according to a new report by Grand View Research, Inc.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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