The Global Artificial Joints Market forecast by 2027

From USD 19.32 billion in 2019, the Global Artificial Joints Market is expected to grow at a CAGR of 6%, generating USD 27.97 billion in sales by 2027. Globally, the rising occurrences of age-related musculoskeletal ailments are driving market expansion. Osteoarthritis, fractures, joint infections, and osteoporosis are among the most frequent musculoskeletal problems in the elderly.

A joint replacement is a surgical process in which components of a damaged or arthritic joint are removed and replaced with a prosthesis, which is a plastic, ceramic, or metal device that mimics the movement of a normal, healthy human joint. By 2027, the artificial joints market will benefit from an increase in the senior population, as well as an increase in the incidence and prevalence of chronic arthritis.

According to the Centers for Disease Control and Prevention, arthritis will affect almost 67.1 million Americans over the age of 18 by 2030. By 2050, the World Health Organization predicts that the number of persons aged 60 and up would have risen to 2 billion. The rising prevalence of rheumatoid arthritis will provide huge growth opportunities for the artificial joint industry.

Market share will be supplemented by industry players' increasing focus on the development of technologically superior prosthetics materials. Furthermore, until 2027, the availability of high-level prostheses with customizable possibilities and increased functionality would boost artificial joint market revenue share. However, industry expansion may be hampered by a lack of appropriate reimbursement rules and high-cost joint replacement surgery.

The metal-plastic sector accounted for the greatest revenue generation in the worldwide artificial joints market share in 2018, with USD 7.37 billion, and is expected to grow significantly in the future, as it is the most common and favored form of artificial implants used worldwide.

The prosthetic clinics category, which accounted for 38.85 percent of the artificial joint market share in 2018, was followed by the hospital segment. Hip and knee replacements were the most often done joint replacements in 2018, accounting for 39.30 percent of the market revenue share.

Due to the highest prevalence of arthritis, which is one of the primary causes of disability in the region, the United States holds the largest proportion of the artificial joint market in the regional landscape. According to the American Joint Replacement Registry, almost 7 million people in the United States had hip or knee replacement surgery. Hip and knee replacement surgeries account for more than 85% of total joint replacement surgeries in the region. Over the projection term, a similar growth tendency in these surgeries will promote regional growth.

In 2018, Europe held the second-largest share of the global artificial joints market, with a share of 21.30 percent, and is expected to rise rapidly throughout the projected period. In 2016, roughly 101,651 hips, 6,967 shoulders, 108,713 knees, and 722 elbow replacement procedures were conducted in the United Kingdom alone, according to the National Joint Registry. Factors such as rising demand for low-cost procedures, high replacement device costs, rising healthcare spending, technology advancements, and attractive medical reimbursement scenarios could all help the region thrive. Furthermore, an aging population and higher life expectancy have resulted in an increase in musculoskeletal illnesses such as rheumatoid arthritis, osteoarthritis, and osteoporosis. and others in the region, further bolstering artificial joints market growth.

Aesculap AG, Depuy Synthes (Johnson & Johnson), Biomet, Inc., DJO Global, Inc., Globus Medical, Exactech, Inc., JRI Orthopaedics, NuVasive, Inc., Medtronic, Inc., AK Medical, Smith & Nephew, SAMO, Stryker Corp., Zimmer Holdings, and Arthrex are among the major players in the global artificial joint market.