Joint Replacement Market

The global joint replacement devices market is projected to reach USD 25.9 Billion by 2030 from USD 16.5 Billion in 2022, at a CAGR of 5.5% during the forecast period. The rising incidence of osteoarthritis in the older population, increasing number of orthopedic & sports-related injuries worldwide, continued technological advancements in orthopedic implants, and growing adoption of robotic-assisted orthopedic surgeries are poised to drive the market demand for joint replacement devices worldwide.

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However, high surgical procedure costs and clinical complications associated with orthopedic implants are significant factors restraining optimal market growth.

As of 2021, major players operating in the joint replacement devices market are Johnson & Johnson (US), Stryker (US), Zimmer Biomet (US), Smith & Nephew plc (UK), Enovis (US), Arthrex, Inc. (US), Conformis (US), cornin (UK), Integra life sciences (US), Conmed Corporation (US), Acumed LLC (US), Orthofix Medical (US), Ottobock SE (Germany), Ortho Solutions (UK), and Medartis AG (Switzerland), among others

Research Methodology

The study involved four major activities in estimating the current size of the joint replacement devices market. Exhaustive secondary research was conducted to collect information on the market and its different sub-segments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Top-down and bottom-up approaches were employed to estimate the total market size. After that, market breakdown and data triangulation procedures were used to estimate the size of segments and subsegments.

Secondary Research

The secondary sources referred to in this research study include corporate filings (such as annual reports, SEC filings, investor presentations, and financial statements); research journals; and press releases; trade, business, and professional associations. Secondary sources were used to identify and collect helpful information for this extensive and commercial study of the joint replacement devices market. Secondary research was mainly used to obtain essential information about the industry’s total pool of key players, market classification and segmentation according to industry trends to the bottom-most level, market trends, and critical developments by both the public and private organizations in the joint replacement devices market.

The secondary sources for this research study include government, independent or public, paid/private, and research databases, among others. Secondary data was collected and analyzed to arrive at the overall market size of the joint replacement devices market, which was further validated by primary research. Some of the vital secondary sources referred to during the preparation of this report are listed below-

• Governmental and inter-governmental sources & databases such as the World Health Organization (WHO), World Bank, Organisation for Economic Co-operation and Development (OECD), and Centers for Disease Control and Prevention (CDC), American Academy of Orthopaedic Surgeons (AAOS), British Orthopaedic Association (BOA). The Australian Orthopaedic Association National Joint Replacement Registry (AOANJRR), among others.
• Business and research articles such as Springer Nature, The Lancet, PubMed, and the US National Library of Medicine, among others.
• Company sources include annual reports, SEC filings, regulatory filings, investor presentations, press releases, and financial statements.

Primary Research

Extensive primary research was conducted after acquiring knowledge about the joint replacement devices market scenario through secondary research. A significant number of primary interviews were conducted from both the demand (healthcare providers, hospitals, orthopedic clinics, ambulatory surgical centers) and supply sides (manufacturers and distributors of joint replacement products). The primaries interviewed for this study include experts from the orthopedic implants industry (such as CEOs, VPs, directors, sales heads, and marketing managers of tier 1, 2, and 3 companies engaged in offering joint replacement implants across the globe) and administrators & purchase managers of hospitals, orthopedic clinics, ambulatory surgical centers, etc.).

Around 65% and 35% of primary interviews were conducted from the supply and demand sides. A robust primary research methodology has been adopted to validate the report's contents and fill gaps. Telephonic and e-mail communications were adopted to conduct interviews (questionnaires were designed and sent to primary participants at their convenience).

The joint replacement devices market comprises several stakeholders, such as hospitals, orthopedic clinics, trauma care centers, and ambulatory surgical centers. The demand side aspects of this market are characterized by the growing prevalence of orthopedic injuries, the rapidly increasing geriatric population, and the growing adoption of robotic-assisted orthopedic surgery. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. The following is the breakdown of primary respondents:

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the joint replacement devices market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

• The key players in the industry and markets have been identified through extensive secondary research
• The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research
• Analysis of relative share of key joint replacement procedures and consumption patterns of target implant products at region/country level
• All percentage shares split, and breakdowns have been determined using secondary sources and verified through primary sources

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the joint replacement devices market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the joint replacement devices industry.

Report Objectives

• To define, describe, and forecast the joint replacement devices market by product, procedure, fixation type, end user, and region
• To provide detailed information about significant factors influencing the market growth (key drivers, restraints, opportunities, and industry-specific challenges)
• To strategically analyze micromarkets1 concerning individual growth trends, prospects, and their contributions to the overall joint replacement devices market
• To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
• To forecast the market value of various segments and sub-segments concerning five main regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
• To profile the key players active in the joint replacement devices market and comprehensively analyze their global revenue shares and core competencies2
• To track and analyze competitive market-specific developments such as product approvals & commercialization, agreements, partnerships, collaborations, acquisitions, and expansions in the joint replacement devices market

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Scope of the Report

This research report categorizes the joint replacement devices market based on product, biomarker type, disease, end user, and region

By Product Type

• Upper extremities and upper body
  • Shoulder replacement devices
  • Elbow replacement devices
  • Wrist replacement devices
• Lower extremities and lower body
  • Knee replacement devices
  • Hip replacement devices
  • Ankle replacement devices
• Other joint replacement devices
• Bone grafts

By Procedure Type

• Total Joint Replacement
• Partial Joint Replacement
• Revision Joint Replacement

By Fixation Type

• Cemented Fixation
• Cementless Fixation
• Hybrid Fixation
• Reverse Hybrid Fixation

By End User

• Hospitals and Surgical Centers
• Orthopedic Clinics
• Trauma Centers & Ambulatory Surgical Centers
• Others

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • RoE
• Asia Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia and New Zealand
  • RoAPAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• The Middle East and Africa

Available Customizations

With the given market data, MarketsandMarkets offers customizations per the company’s specific needs. The following customization options are available for the joint replacement devices market report:

PRODUCT ANALYSIS

• Product Matrix, which gives a detailed comparison of the product portfolios of the top five global players

PRODUCT ANALYSIS

• Further breakdown of the Rest of Europe joint replacement devices market into Russia, Portugal, Belgium, Denmark, Switzerland, and other European countries (aggregated)

COMPANY INFORMATION

• Detailed analysis and profiling of additional market players (up to 5 OEMs)

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