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

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).

The market for joint replacement is being driven by an increase in the prevalence of orthopedic illnesses, osteoporosis, osteoarthritis (OA), and conditions affecting the lower extremities. According to the Arthritis Foundation, by 2031, it is expected that over 78 million Americans who are 18 years of age or older would have been diagnosed with arthritis. Another type of arthritis that impacts the body's joints and causes muscle pain is rheumatoid arthritis. Because of the significant demand for surgical procedures brought on by the rising prevalence of various chronic diseases, the market for joint replacement is growing.

Many nations made the necessary decision to stop all non-emergency surgical procedures with the initial wave of COVID-19 in order to free up caretakers for patients with COVID-19. According to a recent study published in the Annals of Surgery, stopping major elective surgery across the COVID-19 is expected to cost the US$ 22.3 billion. For the orthopedic industries, widespread surgical limits and cancellations meant enormous revenue losses. However, the joint replacement market began to improve during the third quarter and quickly started clearing a sizable backlog of postponed operations. As a result, it is anticipated that the market for joint replacement will quickly rebound in the years to come once surgical procedures resume in full force.

Additionally, the market participants reported a drop in sales for 2020. For instance, Zimmer Biomet's sales declined by approximately 11.8% in 2019 compared to 2019 and Stryker's net revenue decreased by 9.1% from the previous year. Due to the less urgent nature of knee replacements compared to hip replacements, the pandemic had a major negative impact on sales. As a result of its faster underlying growth, the extremities section continued to grow consistently. Many businesses reported a comeback in sales by 2031, with optimistic outlooks for the future. However, post-pandemic the companies have reported recovery in their orthopedics market revenue, for instance, Stryker's orthopedics segment revenue increased by a double-digit rate of 21.4% in the first quarter of 2021 compared to the first quarter of 2020.