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The Global Orthopedic Joint Replacement Market is anticipated to grow on account of rising geriatric population and su8bsequently rising demand in developed and developing nations. Fortune Business Insights in its new report, titled “Orthopedic Joint Replacement Market: Global Market Analysis, Insights and Forecast, 2018-2026” offers in-depth insights into the market. As per the report, the global orthopedic joint replacement was worth US$ 19051.2 Mn in the year 2018 and is estimated to reach US$ 26967.9 Mn by the end of 2026. Furthermore, it is projected that the global market for orthopedic joint replacement market will exhibit a CAGR of 5.1% from 2019 to 2026.
The scope of orthopedic joint replacement procedures is expected to increase in the forthcoming years. These procedures include partial replacement, total replacement, revision replacement, and reverse replacement. Among these, total replacement accounted for the maximum share in the global orthopedic joint replacement market in 2018. As per Fortune Business Insights, this segment is projected to remain strong throughout the forecast period between 2018 and 2026. This segment provides more product offerings in total replacement as compared to other segments.
On the other hand, the partial replacement is expected to report a healthy CAGR in the coming years. This is mainly attributable to the rising preference for partial replacement among healthcare providers and patients. The global orthopedic joint replacement market is expected to witness high demand for orthopedic joint implants in orthopedic clinics, ambulatory surgical centers, and hospitals by 2026.
North America Forecast to Hold Dominant Share
Among regions, the report forecasts North America to account for the largest share in the global orthopedic joint replacement market. The advent of advanced technologies such as artificial disc replacement and their rising adoption is the chief reason responsible for driving the market in North America. Also, rising awareness regarding the importance of joint replacements in this region may offer huge growth opportunities to the orthopedic joint replacement market. Asia Pacific is also expected to show considerable growth in the global orthopedic joint replacement market. Rising government initiatives to promote medical devices is likely to drive the market in this region.
Rising Incidence of Osteoarthritis and Arthritis to Drive the Market
“Rising prevalence of obesity across the world is likely to fuel demand for orthopedic joint replacement implants,” observes a lead analyst at Fortune Business Insights. “Obesity may further lead to rising incidence of arthritis and osteoarthritis, which in turn, is expected to drive the orthopedic joint replacement market,” he added. Also, the orthopedic joint replacement market is projected to gain traction on account of the recent launches of diverse healthcare reforms by governments of developing as well as developed nations. Several end users such as hospitals, clinics, and medical institutions are planning to promote medical devices via seminars, events, and campaigning. All these promotional methods are anticipated to increase awareness about different orthopedic joint replacement surgeries such as orthopedic joint implants.
Another factor boosting the market are technological developments in orthopedic joint replacement procedures. These advancements such as advent of automation, robotic surgery, and 3D printing can help to reduce the time and improve efficiency of surgical procedures. These technologies offer personalized care to those suffering from joint disorders. This is encouraging companies to adopt such technologies in the coming years by focusing on improving the patient’s quality of life.
Lack of Expertise to Conduct Joint Replacement Surgery May Restrict the Growth
The global orthopedic joint replacement market may face some challenges in the coming years. Lack of skilled experts or orthopedic surgeons is projected to negatively impact the market. This shortage is likely to be more in developing countries than developed ones. Another major restraint besetting the growth of the market is the usage of alternative treatments. Several patients suffering from arthritis prefer novel therapies and alternative medications instead of joint replacement surgeries.
FDA Approvals on Product to Help Companies Increase their Revenue
The spine division of Stryker announced FDA approval on a new lumbar cage called Tritanium TL Curved Posterior. This product’s approval was announced in 2018 with an aim to aid in lumbar fixation. These approvals are likely to help companies strengthen their product portfolio and improve share in terms of revenue in the global orthopedic joint replacement market. Some of the other companies operating in the global orthopedic joint replacement market are Wright Medical Group N.V., Zimmer Biomet, Integra LifeSciences, Johnson and Johnson Services, Inc., B. Braun Melsungen AG, Conformis, MicroPort Scientific Corporation, and Bioimpianti.
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Source: https://www.fortunebusinessinsights.com/industry-reports/orthopedic-joint-replacement-market-100314
