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

Orthopedic Joint Replacement Market Driver

Orthopedic Implant Technology Advancements to Support Global Orthopedic Joint Replacement Market Growth

• 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.

Robotic Surgery Innovations is Predicted to Increase Demand for Joint Replacement Devices

• 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

Orthopedic Device Lawsuits and Product Recalls will Obstruct Market Expansion

• 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.