Joint replacement also known as replacement arthroplasty is a procedure of orthopedic surgery in which dysfunctional joint surface or arthritic is replaced with an orthopedic prosthesis. Joint replacement surgery is performed to replace joints, which involves the complete or partial removal of the damaged joint and tissues, and replacement with new, man-made parts. joint replacement is a procedure that many people undergo for reliving chronic joint pains and improving joint mobility. it is also a form of arthroplasty and is also indicated from several joint diseases including rheumatoid arthritis and osteoarthritis. Joint replacement surgeries are becoming more common with hips and knees replacement most often.
According to a market report published by Bizwit Research & Consulting, LLP, Global joint replacement market is valued approximately USD 17.35 Million in 2020 and is anticipated to grow with a healthy growth rate of nearly 4.27 % over the forecast period 2021-2027.
Osteoarthritis, being the most common arthritis is a serious chronic disease mostly affecting hand joints, finger joints, spine (lower back and neck) hips, and knees joints. The increasing prevalence of osteoarthritis has led to the increased adoption of the joint replacements market globally. For instance: according to the arthritis foundation osteoarthritis affects 1 in 7 United States adults which accounts for 32.5 million people in 2020. Further, according to the global burden of disease report osteoarthritis is the most common disease in older adults. As estimated 10% to 15% of all adult population have some degree of Osteoarthritis. Also, according to the Indian Government osteoarthritis is a chronic degenerative disease that has a prevalence in 22% to 39% of the Indian population in 2019. Thus, the growing number of osteoarthritis surgeries has a growing inclination for the market.
There is an increasing number of surgeries related to osteoarthritis worldwide to have a growing impact on the joint replacement market. For instance: as per the United States government the number of osteoarthritis surgeries increased in 2019 by 4.9% as compared to 2018. As illustrated: OrthoAlign the United States-based medical device and technology company announced on 9th September 2021 that they have performed 2,00,000 joint replacement surgeries worldwide. there is a larger number of knee replacement surgeries taking place in different countries. According to Statista, Switzerland accounts for 252.2 knee replacement surgeries per 100,00 inhabitants in 2019 which is the highest as compared to other countries.
Global joint replacement Market Size study, by products (Knees, Hips, Extremities) by fixation (Cemented, Cementless, Hybrid, Reverse Hybrid). by end use (Hospitals, Orthopaedic Clinics, Others). By procedure (Total Replacement, Partial Replacement and Others) and Regional Forecasts 2021-2027.
The total market revenue is calculated based on revenue generated through sales of joint replacement devices else (orthopedic devices which are used for procedures other than joint replacements such as for fractures and more) are excluded. Major companies covered under the report are Johnson & Johnson Services, Inc., Stryker, Zimmer Biomet, Smith+Nephew, DJO, LLC, Arthrex, Inc., Exactech, Inc., Conformis, MicroPort Orthopedics, Corin Group, and other popular regional players across various countries are also considered for revenue calculation group and other popular regional players across various countries are also considered for revenue calculation.
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