Joint-Reconstruction Devices Market Size To Exceed $21.5 bn by 2024
Joint Reconstruction Devices Market size is set to exceed USD 21.5 billion by 2024, according to a new research study published by Global Market Insights, Inc.
SELBYVILLE, Del. - May 20, 2021 - (Newswire.com)
Global Market Insights, Inc. has recently added a new report on the joint-reconstruction devices market that estimates the market valuation for joint-reconstruction devices will cross USD 25.3 billion by 2027. Recent advancements in joint-reconstruction implants, along with an increasing number of joint-reconstruction surgeries across the globe, will drive the joint-reconstruction devices market growth.
The rising prevalence of orthopedic disorders such as osteoarthritis and rheumatoid arthritis will augment the joint-reconstruction devices market growth. The incidence of rheumatoid arthritis is surging with age and peaking between the ages of 35-50 years. As per the article published by the National Centre for Biotechnology Information (NCBI), knee replacement has been confirmed as the most effective intervention that reduces knee pain and promotes physical function in rheumatoid arthritis patients, thereby driving the market growth.
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Growing innovations in joint-reconstruction devices, technological advancements, and the rising geriatric population will drive the industry growth. Availability of minimally invasive surgeries has further proven beneficial for improving the scope of demand for joint-reconstruction surgeries. In addition to this, the development of new surgical techniques that follow different approaches that help reduce traumatic conditions has impacted the industry growth positively.
The demand for personalized and patient-specific implants is rising globally owing to the technological advancements in joint-reconstruction devices as it offers reduced operating time and better anatomic fit. The need for firmer surgical fit has made manufacturers of knee implants acknowledge the rising need for patient-centric implant designs. Therefore, various manufacturers have made progressive strategies to launch personalized implants over the years. Improvements in arthroscopic treatment and minimally invasive surgeries allow rapid stabilization in patients.
Moreover, smart implants combined with sensors avail real-time data for surgeons, thereby offering better positioning, postoperative assessment, and patient care. These implants can decrease post-surgical complications, which is a rising concern in joint-reconstruction surgeries. Sensor-enabled technologies allow healthcare facilities to provide cost-effective medical devices.
The hip-replacement segment accounted for more than USD 6.7 billion in 2020 and is anticipated to witness a robust growth at 4% till 2027. Hip-replacement devices are used to recover mobility and reduce pain associated with arthritis and other hip disorders. The high growth rate of the segment is attributable to rising incidences of joint reconstruction disorders, road accidents, hip arthritis, etc. Additionally, various benefits offered by hip-replacement procedures, including improved function, pain relief, and advanced quality of life, among others, result in augmenting the product demand. The surging adoption of hip-replacement devices is due to the high success rate of primary hip-replacement surgery.
Brazil dominated the Latin America joint-reconstruction devices market with more than USD 220 million revenue in 2020 and is estimated to progress at a significant growth rate of around 7% through 2027. Improvements in population health, progress towards the Universal Health Coverage (UHC), and investments in the health system are likely to drive the market demand. According to the article published by the National Center for Biotechnology Information (NCBI), osteoarthritis is the most prevalent musculoskeletal disorder, affecting 4% of the Brazilian population. By 2050, around 30% of the Brazilian population will be represented by elderly people, thereby driving product demand in the region. Furthermore, factors such as lack of physical activity and increasing government initiatives for spreading the awareness related to orthopedic disease treatment in the country are also driving the joint-reconstruction devices market growth.
Some of the major players operating in the joint-reconstruction devices industry are Stryker, Medtronic, Zimmer Biomet, DJO Global, ConforMIS, Smith & Nephew, NuVasive, MicroPort Scientific Corporation, Medacta, and Waldemar LINK, among others. These major players are emphasizing several strategic acquisitions and mergers, and geographical expansions to enhance their presence in the market. For instance, in September 2017, Zimmer Biomet announced the launch of the Persona Partial Knee System. Persona is designed for providing joint-reconstruction systems. This strategic move helped the company to expand its product portfolio and cater to a large customer base across the globe.
Some major findings of the joint-reconstruction devices market report include:
- The recent innovation and technological advancements in European countries by key market players to maintain significant industry position will positively impact the joint-reconstruction devices market growth.
- The increasing geriatric population along with surging orthopedic ailments such as osteoarthritis and osteoporosis will propel the number of joint-reconstruction surgeries, thereby driving the adoption of joint-reconstruction devices.
- The growing prevalence of arthritis and musculoskeletal diseases will promote the adoption of prosthetic joint replacement, thereby augmenting the demand for joint-reconstruction devices.
- The major players operating in the joint-reconstruction devices industry include Stryker, Medtronic, Zimmer Biomet, DJO Global, ConforMIS, Smith & Nephew, NuVasive, MicroPort Scientific Corporation, Medacta, and Waldemar LINK, among other players.
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Partial chapters of the report table of contents:
Chapter 3 Joint-Reconstruction Devices Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Increase in geriatric population in Asia Pacific countries
3.3.1.2 Rise in prevalence of orthopedic diseases in the Middle East and Africa
3.3.1.3 Technological advancements in European countries
3.3.1.4 Increase in number of joint-reconstruction surgeries in North America
3.3.2 Industry pitfalls & challenges
3.3.2.1 High cost of the devices
3.3.2.2 Stringent FDA regulations
3.3.2.3 Biocompatibility issues
3.3.2.4 Post-surgical complications
3.4 Growth potential analysis
3.4.1 By joint type
3.5 COVID-19 impact analysis
3.6 Regulatory Landscape
3.6.1 U.S.
3.6.2 Europe
3.7 Porter's analysis
3.7.1 Competitive matrix analysis, 2020
3.7.2 Company share analysis, 2020
3.8 PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Original Source: Joint-Reconstruction Devices Market to Cross $25.3 Bn by 2027; Global Market Insights, Inc.
