Joint replacement is the process of replacing a damaged joint with an artificial. Joint replacement operation differs according to the joints involved, the reason for replacement and the kind of artificial joints used. Various kind of joint diseases like osteoarthritic and Inflammatory arthritis lead to joint replacement. These operations are done to relieve severe pain and reduced mobility of advanced arthritis, particularly osteoarthritis. Robotic-assisted surgeries and technological advancements have played a principal role in industry growth during the recent years.
In the future, the global joint replacement market growth is predicted to boost due to increasing technological advancement in surgical field, increasing number of ageing population and rising numbers of chronic medical condition such as, osteoarthritis, inflammatory arthritis, trauma or injury and cancer in or near a joint. However, excessive cost associated with the joint replacement surgeries and lack of trained and expert & surgeons are the major factors hindering the growth of the market.
The report analysis the joint replacement market based on type, end user and geography.
The report analysis the joint replacement market based on type into knees replacement, hip replacement, ankle replacement, shoulder replacement and others. Others including finger and hand replacement. The Knee and hip replacements are two of the most common and successful surgical procedures performed today, Moreover, the Knee replacement segment is expected to account for the largest share in the global joint replacement market during the forecast period. The largest share is attributed to the rising incidences of physical injuries, advances in the medical technologies and its rising demand in the developing economies.
The joint replacement market is segmented by end user into hospitals, orthopaedic centres and ambulatory surgery centre. The hospital segment accounted for the highest share in terms of value and is expected to grow at a highest CAGR during the forecast period. Factors such as rising number of patients in the hospitals and considerable number of facilities offered in the hospitals are the major factors contributing to the growth of hospital segment during the projected period.
By geography the joint replacement market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and Middle East & Africa. North America accounted for largest market share owing to presence of developed and well-established health care system in the region. However, Asia Pacific is anticipated to grow at highest CAGR during the projected period owing to government initiatives, high investments in the healthcare sector, improving healthcare infrastructure in India and China and increasing demand in countries, such as India, China, and Japan.
Some of the key participants in the joint replacement market are B. Braun Melsungen AG, Stryker, AK Medical Holdings Limited, Mindray, Corin, Mathys AG Bettlach, Smith & Nephew, Waldemar LINK GmbH & Co. KG, Medacta International, Exactech, Inc, DePuy Synthes, Zimmer Biomet, Johnson & Johnson Services, Inc. Key players in the global joint replacement market are focusing on expansions, acquisitions, agreements and investments as their major growth strategies, to enter new untapped markets, consequently increasing their respective market shares.
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