Joint Replacement Market Expected to Reach US$27 Billion by 2032, with CAGR of 4.3%

Joint Replacement Market
Joint Replacement Market

The joint replacement market is expected to generate US$ 17.1 billion in sales globally in 2021. It is anticipated that the market would reach a valuation of US$ 27 billion by 2032, growing at a CAGR of 4.3% between 2022 and 2032. With a predicted CAGR of more than 4.1% from 2022 to 2032, knee replacement is anticipated to be the segment that generates the most income

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This expansion is explained by a number of important factors:

  • Population aging: As a result of the world’s population aging quickly, osteoarthritis and other joint-related disorders are becoming more common. The need for joint replacement surgery is predicted to increase gradually as the number of elderly people increases.
  • Concentrate on knee replacements: It is projected that the knee replacement market will represent the largest share of the joint replacement market. The need for knee replacement surgery is rising as a result of increasing knee disorders brought on by aging, trauma, and obesity. This market is expanding as a result of developments in prosthetic knee designs and minimally invasive surgical methods.
  • Technological advancements: The medical technology sector is continuously innovating, leading to the development of more durable and sophisticated joint replacements. These advancements offer patients improved functionality, mobility

Key Takeaways:

  • The global joint replacement market reached a valuation of US$17.1 billion in 2021, according to a newly released analysis report by Future Market Insights.
  • With a projected CAGR of 4.3% from 2022 to 2032, the market is expected to reach a staggering US$27 billion by 2032.
  • Knee replacements are anticipated to be the highest revenue-generating segment, growing at a CAGR exceeding 4.1% from 2022 to 2032.

Competitive Analysis:

The joint replacement market is fragmented, with many large and small companies competing. Smith+Nephew, DJO, LLC, Johnson & Johnson Services Inc., Stryker, Zimmer Biomet, Arthrex Inc., Exactech Inc., Conformis, MicroPort Orthopedics, and Corin Group are some of the major players in the market.

Some of the recent developments of Joint Replacement Market key providers are as follows:

  • In January 2022, Engage Surgical, the owner of the only cement-less unicompartmental knee system commercially accessible in the United States, was acquired by Smith+Nephew, a multinational medical technology business.
  • In February 2021, MicroPort Orthopedics added hyaluronic acid-coated collared hip stems and affixed collared hip stems to their hip stems lineup.
  • In January 2021, Stryker purchased OrthoSensor, Inc., a forerunner in the digital evolution of full joint replacement.
  • In July 2018, Corin announced that it will offer the Trinity Dual Mobility System for Hip Replacement.

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Key Companies Profiled:

  • Johnson & Johnson Services, Inc.
  • Stryker
  • Zimmer Biomet
  • Smith+Nephew
  • DJO, LLC.
  • Arthrex, Inc.
  • Exactech, Inc.
  • Conformis
  • MicroPort Orthopedics
  • Corin Group

Market Segments Covered in Joint Replacement Market Analysis:

By Replacement Type:

  • Extremities
    • Upper
    • Lower
  • Knees
  • Hips

By Fixation Type:

  • Cemented
  • Cementless
  • Hybrid
  • Reverse Hybrid

By End-use:

  • Hospitals
  • Orthopedic Clinics
  • Other End-uses

By Procedure Type:

  • Total Replacement
  • Partial Replacement
  • Other Procedure Types

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa (MEA)

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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