![Global Orthopedic Joint Replacement Market](https://res.cloudinary.com/devmoveo/image/upload/v1704974857/skyquest/report/phpEdOt8y.jpg)
Report ID: SQMIG35A2134
Report ID:
SQMIG35A2134 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
92 |
Figures:
65
Orthopedic Joint Replacement Market Driver
The growing demand for specialized joint implants for both men and women is anticipated to promote the growth of the orthopedic joint replacement market. The idea of "one size fits all" is inappropriate because every patient has a different anatomy, so major medical device companies are working to use cutting-edge technologies to produce orthopedic implants that are patient-specific. For instance, MicroPort was granted permission to sell its Superior Medial Stability Total Knee Replacement System and Aspiration Medial Pivot Total Knee Replacement System in China in 2019.
A significant increase in demand for personalized implants has also been brought about by the development of 3-D printing technology for the production of orthopedic implants. In order to deliver technically improved joint implants, many orthopedic firms are creating cutting-edge technologies, which are predicted to support market expansion throughout the anticipated time frame.
Numerous hospitals now provide robotic surgeries for the treatment of various orthopedic disorders as a result of the growing use of surgical robots in the field of orthopedics, which has boosted the effectiveness of surgical treatments. In addition to their implants and navigational devices, some manufacturers are concentrating on creating surgical robots that can be utilized in spinal fusion surgery.
Orthopedic Joint Replacement Market Restraint
Joint replacement surgeries are becoming more and more common. However, a significant issue that is projected to impede the growth of the orthopedic joint replacement market in the upcoming years is the difficulties related to the use of the implant. The market's expansion is also predicted to be hampered by key companies' global product recalls of knee and hip replacement devices. The US Food and Drug Administration (FDA) reports that more than 13,000 knee replacement systems and components have been recalled between 2003 and 2019. Zimmer Biomet reported the most recalls, followed by Johnson and Johnson Services Inc. and Smith & Nephew.
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REQUEST FREE CUSTOMIZATIONOrthopedic Joint Replacement Market size was valued at USD 19.29 billion in 2019 and is poised to grow from USD 20.48 billion in 2023 to USD 35.2 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031).
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Report ID: SQMIG35A2134