Orthopedic Joint Replacement Market Size, Share, Growth Analysis, By Product(Knee, Hip, Shoulder, Ankle), By Procedure(Total Replacement, Partial Replacement), By End-User(Hospitals, Ambulatory Surgical Centers, Orthopedic Clinics, Others), By Region - Industry Forecast 2024-2031

In terms of market share for orthopedic joint replacements, North America now dominates and will remain so for the foreseeable future. The area holds a leading share of the global market as a result of factors including the patient population's increased awareness of technologically advanced orthopedic implants and novel treatment choices available in the region.

Additionally, the US's rising need for hip replacement surgery is boosting the regional industry. For instance, the Agency for Healthcare Research and Quality estimates that more than 450,000 complete hip replacements are carried out annually in the United States. In addition to this, the American Joint Replacement Registry (AJRR), as of July 2020, there were 2 million procedures (hip and knee procedures) recorded which represented data coming from 9,387 surgeons and 1,347 institutions from hospitals, ambulatory surgery centers (ASCs) and private practice groups from all 50 states across the United States and the District of Columbia. This corresponded to an overall cumulative procedural volume growth of 24.4% compared to the previous year. Consequently, this encourages the expansion of the joint replacement market. The market for joint replacement is projected to develop in the area as a result of the rising prevalence of orthopedic illnesses and the quick uptake of novel products.

The market is expanding in Europe, which can be attributed to the rising incidence of osteoarthritis, the rising demand for joint implants, and the rising number of day surgery procedures. The market is expanding in Europe, which can be attributed to the rising incidence of osteoarthritis, the rising demand for joint implants, and the rising number of day surgery procedures. Additionally, it is projected that an increase in healthcare spending by the European Commission will spur regional market expansion.

However, over the projection period, Asia-Pacific is expected to experience the largest growth in the market for orthopedic joint replacement. The market growth in Asia Pacific is being supplemented and driven by elements including a sizable patient pool and rising healthcare spending in the area, rapidly changing healthcare infrastructure, and expanding medical tourism in the area. According to The Asian Federation of Osteoporosis Societies (AFOS), there were 1.2 million hip fractures overall in 2019 and 2.6 million are anticipated by 2050. Over the next few years, it is anticipated that additional factors will affect the joint replacement market, including the ageing population, rising healthcare spending in developing Asian economies, and an increase in the prevalence of osteoarthritis, osteoporosis, bone injuries, diabetes, and obesity. Some of the main drivers boosting market growth in Latin America and the Middle East & Africa include technological improvements, expansion of distribution networks of key players in emerging economies, and rising healthcare spending.