What is the global market size of the Orthopedic Joint Replacement Market?

Global Orthopedic Joint Replacement Market size was valued at USD 22.94 billion in 2021 and is poised to grow from USD 24.57 billion in 2022 to USD 42.53 billion by 2030, at a CAGR of 7.10% during the forecast period (2023-2030).

What is the key driver of the Global Orthopedic Joint Replacement Market?

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

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

Report ID: SQMIG35A2134 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 92 | Figures: 65

Orthopedic Joint Replacement Market News

In May 2022, Conformis revealed the findings of a study that was published and investigated the characteristic shapes of knees to determine if patient identifiers like gender, body type, or ethnicity had any impact on the shape of the knee joint. The study, which was written up in The Knee, discovered that knee form happens independently of the traits commonly used to distinguish patients.
In September 2021, Stryker announced launch of a new tendon fixation device system, known as Citregen which provides surgeons a differentiated design via a tendon thread featuring a resorbable technology.

Orthopedic Joint Replacement Market Report Snapshots

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Global Orthopedic Joint Replacement Market size was valued at USD 19.29 billion in 2022 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).

Few key players can dominate due to consolidated market structure. For example, certain important players, like Zimmer Biomet, are dominating the market due to their wide range of joint implants for both the upper and lower extremities. With its joint knee and hip implants, Johnson Johnson Services, Inc. and Stryker dominate the market. Integra LifeSciences, B. Braun Melsungen AG, Bioimpianti, Conformis, MicroPort Scientific Corporation, and other manufacturers are also active in the market. 'Stryker Corporation (US)', 'Johnson Johnson Services, Inc. (US)', 'Smith Nephew (UK)', 'Zimmer Biomet (US)', 'Integra LifeSciences (US)', 'B. Braun Melsungen AG (Germany)', 'Bioimpianti (Italy)', 'Conformis (US)', 'MicroPort Scientific Corporation (China)'

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.

Patients now frequently use web-based technologies and online resources to access information on certain ailments due to the internet's rapid growth. One such field is joint replacement, where a number of internet tools are now available to help patients through their operations, communicate with their orthopedic physicians, and receive information on postoperative rehabilitation. Further, one of the top producers of orthopedic products, Zimmer Biomet, worked with Apple, Inc. to develop the cutting-edge smartphone app "Zimmer Biomet mymobility" in order to increase communication between patients undergoing knee or hip replacement surgery and the healthcare professionals.

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.

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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 News

Orthopedic Joint Replacement Market Report Snapshots

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