According to the latest market report published by Credence Research, Inc. “Artificial Joints Market – Growth, Future Prospects and Competitive Analysis, 2016 – 2024” 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.
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Market Insights
Artificial joint, also known as prosthesis, it is device that is surgically implanted to replace a natural joint to correct join abnormalities and to enhance join function. The global artificial joints market is segmented on the basis of material used such as ceramic, alloy, Oxinium and other materials. In the base year 2015, ceramic artificial joints was observed as the largest revenue generating segment 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, currently, a trend of combining different materials is being observed in the market.
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Based on applications, the global artificial joints market is categorized into artificial joints of knee, hip, shoulder and other. In the base year 2015, it is observed that artificial joints of knee segment holds the largest market share. Factors such growing aging population, consequently increasing incidence of age related musculoskeletal diseases such as arthritis and osteoporosis, rising obese population are majorly contributing to the demand for of knee and hip replacement surgeries, and consequently respective implants.
The artificial joints market is currently dominated by North America due to continuous increase in obese population, higher cost of implantable joints, technological advancement, rising geriatric population, upsurge in funding by government agencies and private organizations in healthcare. California, Florida and Texas are major revenue contributing regions in North America. It is observed that Europe is the second largest revenue generating segment in the global artificial joints market. Austria, Belgium, Germany and Switzerland are major revenue contributing countries in Europe. Factors such as increasing demand for the minimally invasive surgeries, higher cost of replacement devices, growth in health expenditure and technological advancement drive the market growth in Europe.
Market Competition Assessment:
The artificial joints market is observed to be highly competitive and comprises large number of players. However, the market is currently dominated by few players such as Aesculap AG, AK Medical, Arthrex, Biomet, Inc., Depuy Synthes (Johnson & Johnson), DJO Global, Inc., Exactech, Inc., Globus Medical, JRI Orthopaedics, Medtronic, Inc., NuVasive, Inc., SAMO, Smith & Nephew, Stryker Corp., Zimmer Holdings and others.
Key Market Movements:
Factors such as increasing geriatric population, rising incidence of osteoarthritis and arthritis would further drive the market growth of global artificial joints market.
Increasing obese population, rising unhealthy eating habits which in turn result in obesity tend to increase knee and hip replacement surgeries increase the size of global artificial joints market.
Osteoarthritis is one of the ten most disabling diseases in developed countries also adults younger than age 60 undergoing total knee and hip replacement surgeries contributing the market growth in developed countries.
However, factors such as high cost of surgery, post-surgical complications and increasing awareness for some non-surgical treatment may negatively impact the market growth of global artificial joints market.
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