Artificial Joints Market
Number of pages: 100 | Report Format: PDF | Published date: June 13, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 23.5 billion |
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Revenue Forecast in 2031 |
US$ 40.4 billion |
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CAGR |
6.1% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, Material Type, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global artificial joints market was valued at US$ 23.5 billion in 2022 and is expected to register a revenue CAGR of 6.1% to reach US$ 40.4 billion by 2031.
Artificial Joints Market Fundamentals
Artificial joints, also known as prosthetic joints or joint replacements, are medical devices used to replace a damaged or diseased joint in the body. They are typically made of metal alloys, ceramics, or durable plastics and are designed to mimic the structure and function of a natural joint. The most common type of artificial joint is total joint replacement, which involves replacing both the articular surfaces of a joint. Total hip replacement and total knee replacement are the most frequently performed joint replacements. Artificial joints can significantly relieve pain, improve mobility, and restore joint function in individuals with severe joint damage or degenerative conditions.
Artificial Joints Market Dynamics
The rising incidence of joint-related diseases, including osteoarthritis and rheumatoid arthritis, is predicted to increase demand for prosthetic joints. The necessity for joint replacement surgery is a result of these illnesses and an aging population. According to a news story from 2021, 1.3 crore individuals in India have rheumatoid arthritis. A rise in sports-related injuries, obesity, and sedentary lifestyles are some factors that have led to an increase in the need for joint replacement surgery. These lifestyle choices may hasten joint aging, increasing the demand for replacement joints. According to estimates, about 2.3 billion children and adults worldwide suffer from overweight or obesity. If current trends continue, 2.7 billion adults could be living with overweight or obesity by 2025. Artificial joints now operate better and last longer due to manufacturing processes, design, and materials improvements in manufacturing processes, design, and materials. Improved wear resistance and a lower chance of implant failure have resulted from introducing novel materials such as highly cross-linked polyethylene and ceramic composites. Other technological developments include the use of robotics, 3D printing, and computer-assisted surgery, which further enhance surgical accuracy and implant customization. Patients are now more accepting of artificial joints thanks to improved knowledge about joint problems, available treatments, and the advantages of joint replacement surgery. The dissemination of knowledge and the eradication of myths through patient education programs launched by healthcare professionals and advocacy organizations have contributed to the increase in people seeking joint replacement surgery. The market for artificial joints is significantly influenced by the aging population. Aging increases the risk of joint-related illnesses and increases the prevalence of joint deterioration. As a result, more people are anticipated to need joint replacement procedures and artificial joints. Adopting artificial joints may be considerably impacted by favorable reimbursement policies implemented by public healthcare systems and commercial insurance firms. When joint replacement surgeries and related implants are covered by insurance, patients are less burdened financially, and more people choose to undergo these procedures.
However, artificial joints and joint replacement surgeries can be costly. The high cost of artificial joints, including the implant and associated surgical procedures, can limit access to these treatments for some patients, especially in regions with limited healthcare resources or inadequate insurance coverage. Affordability issues can restrict market growth and patient acceptance.
Artificial Joints Market Ecosystem
The global artificial joints market is analyzed from the following perspectives: type, material type, application, end user, and region.
Artificial Joints Market by Type
Based on the type, the artificial joints market is segmented into cemented and non-cemented joints.
The cemented joints segment is projected to grow at the highest revenue CAGR during the forecast period. Cemented joints are more flexible, stable, supportive, and better anchored to the skeleton. Throughout the anticipated time, these factors support the growth of the segment.
Artificial Joints Market by Material Type
Based on the material type, the global Artificial Joints market is segmented into alloy, ceramics, oxonium, and others.
The ceramic segment accounts for the highest market revenue share in the global artificial joints market. A ceramic-coated metal implant or an implant made entirely of ceramic are two more ways that ceramics are employed in artificial joints. Ceramic materials can lessen friction and wear on the joint and are biocompatible. The alloys sector is projected to grow at the market's highest CAGR throughout the anticipated time period. Because it has a high strength-to-weight ratio and is corrosion-resistant, titanium is a lightweight and robust metal frequently used in joint replacements.
Artificial Joints Market by Application
Based on the application, the global artificial joints market is segmented into artificial hip joints, artificial knee joints, artificial shoulder joints, and others.
The artificial knee joints segment accounts for the highest revenue share in the global artificial joints market. It is projected to grow at the highest rate (CAGR) during the predicted period. The need for knee and hip replacement surgeries and the associated implants is mostly driven by the aging population, which is increasing age-related musculoskeletal disorders, including osteoporosis and arthritis, and the rising obesity rate.
Artificial Joints Market by End User
Based on the end user, the global artificial joints market is segmented into hospitals, rehabilitation centers, orthopedic clinics, and others.
The hospitals segment accounts for the highest revenue share in the global artificial joints market. This is primarily due to increased healthcare infrastructure and better amenities in hospitals. According to projections, the hospital sector will continue to lead the way in the years to come. This is due to increased orthopedic surgery performed in hospitals and a rise in patients seeking medical attention for orthopedic problems. The market for orthopedic clinics is expected to expand significantly throughout the projected period due to the increase in orthopedic clinics. Additionally, because more orthopedic procedures are being conducted in ambulatory surgical centers, it is anticipated that demand for knee replacement goods will rise throughout the predicted period.
Artificial Joints Market by Region
Geographically, the global Artificial Joints market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share in the global artificial joints market. The region has a well-established healthcare infrastructure, advanced medical technologies, and a high prevalence of joint-related disorders, contributing to the demand for artificial joints. North America has a relatively high incidence of joint disorders such as osteoarthritis and rheumatoid arthritis. Combined with an aging population, these conditions drive the need for joint replacement surgeries and fuel the demand for artificial joints. North America is known for its advancements in medical technology and research. The region has been at the forefront of developing innovative materials, designs, and surgical techniques for artificial joints. These advancements improve implant longevity, reduce complications, and enhance patient outcomes. North America has well-established regulatory bodies such as the U.S. Food and Drug Administration (FDA) and Health Canada that oversee the approval and regulation of medical devices, including artificial joints. Compliance with regulatory requirements ensures patient safety and product quality.
The Asia Pacific market is anticipated to grow significantly over the anticipated period due to the rising prevalence of knee problems, the boom in medical tourism, rising disposable income, and the steadily improving healthcare infrastructure. In Latin America and Middle East & Africa, the market is predicted to grow slowly due to a lack of orthopedic surgeons and sluggish economic growth. However, it is anticipated that the acceptance of joint replacement surgeries and an increase in orthopedic injuries and disorders would lead to a growth in the need for artificial joints in these regions.
Artificial Joints Market Competitive Landscape
The prominent players operating in the global artificial joints market are: -
Artificial Joints Market Strategic Developments
Artificial joints, also known as joint prostheses or implants, are medical devices designed to replace a damaged or diseased joint. They are commonly used in joint replacement surgeries to restore joint function, alleviate pain, and improve mobility.
The revenue CAGR for the artificial joints market is 6.1% during the forecast period.
Aesculap, Inc., Stryker Corporation, B. Braun Melsungen AG, Smith & Nephew Plc, and Medical Devices Business Services, Inc. are a few of the major players in the Artificial Joints market.
Asia Pacific is the region with the highest growth rate in the global artificial joints market.
Reimbursement policies and limitations imposed by healthcare systems and insurance providers can impact the adoption and utilization of artificial joints.
*Insights on financial performance are subject to the availability of information in the public domain