Artificial Joints Market to Reach $31.8 Billion, Globally, by 2032 at 4.6% CAGR: Allied Market Research
The growth of the artificial joints market is driven by several factors, such as the rise in prevalence of orthopedic diseases such as osteoarthritis, joint degenerative disorders, and others, the increase in the number of geriatric populations, the high presence of market players, and rapid advancements in technology for the development of medical devices.
Portland, OR, July 20, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, ”Artificial Joints Market by Type (Cemented Artificial Joints and Non-cemented Artificial Joints), Application (Artificial Knee Joints, Artificial Hip Joints, and Others), Material (Ceramics, Alloy, and Others), and End User (Hospitals and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global artificial Joints industry was valued at $20.2 billion in 2022 and is projected to reach $31.8 billion by 2032, registering a CAGR of 4.6% from 2023 to 2032.
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Prime Determinants of Growth:
The growth of the artificial joints market is driven by several factors, such as the rise in prevalence of orthopedic diseases such as osteoarthritis, joint degenerative disorders, and others, the increase in the number of geriatric populations, the high presence of market players, and rapid advancements in technology for the development of medical devices. However, the high cost associated with artificial joints and joint replacement surgeries is anticipated to hinder the growth of the market. On the contrary, the high presence of artificial joint providers and the rise in initiative taken by the government to develop healthcare infrastructure are expected to create lucrative opportunities for the growth of the market.
Report Coverage & Details:
|Market Size in 2022||$20.2 Billion|
|Market Size in 2032||$31.8 Billion|
|No. of Pages in Report||447|
|Segments Covered||Type, Application, Material, End User, and Region|
|Drivers|| Rise in prevalence of orthopedic disease
High presence of market players who manufacture artificial joints
Increase in number of initiatives taken by the government for development of healthcare infrastructure
|Opportunities||Rise in adoption of number of strategies by market players of artificial joints|
|Restraints||High cost of artificial joints and joint replacement surgeries|
- The global artificial joints market had a negative impact during the pandemic owing to decrease in number of surgical procedures and cancelation of non-emergency surgeries during pandemic.
- However, the post-pandemic COVID-19 has had a setback in the recovery of the artificial joints market due to the increasing number of orthopedic surgical procedures that were cancelled due to the COVID-19 pandemic.
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The cemented artificial joints segment to maintain its leadership status throughout the forecast period
Based on type, the cemented artificial joints segment held the highest market share in 2022, accounting for nearly four-fifths of the global artificial joints market revenue, and is estimated to maintain its leadership status throughout the forecast period. due to the high presence of market players who manufacture cemented artificial joints. However, the non-cemented artificial joints segment is projected to manifest significant growth with a CAGR of 5.1% from 2023 to 2032. due to the rise in the number of product launches and product approvals for non-cemented artificial joints.
The artificial knee joints segment to maintain its leadership status throughout the forecast period
Based on application, the artificial knee joints segment held the highest market share in 2022, accounting for around half of the global artificial joints market revenue, and is estimated to maintain its leadership status throughout the forecast period. owing to a rise in the prevalence of knee osteoarthritis and knee replacement surgeries. However, the artificial hip joints segment would display the fastest CAGR of 5.0% from 2023 to 2032. owing to the rising prevalence of hip osteoarthritis.
The ceramics segment to rule the roost by 2032
Based on material, the ceramics segment held the highest market share in 2022, accounting for more than two-fifths of the global artificial joints market revenue, and is projected to rule the roost in terms of revenue during the forecast period. owing to the high presence of market players who manufacture ceramic artificial joints. However, the alloy segment would exhibit the fastest CAGR of 5.0% from 2023 to 2032. owing to a rise in the number of product launches and product approvals for alloy artificial joints.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly half of the global artificial joints market revenue, and is likely to maintain its dominance during the forecast period. This is attributed to the high presence of artificial joints manufacturers in North America and rising prevalence of orthopedic disease. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.5% from 2023 to 2032. owing to rising number of geriatric populations, as geriatric population is more susceptible to orthopedic diseases and increase in awareness among population regarding joint replacement surgeries. These factors are expected to boost the growth of the market.
Leading Market Players: -
- Zimmer Biomet Holding Inc.
- Smith And Nephew Plc
- Stryker Corporation.
- Johnson And Johnson (Depuy Synthes)
- Medtronic Plc
- Medacta International Sa
- Microport Orthopedics Inc
- Conformis Inc.
The report provides a detailed analysis of these key players of the global artificial joints market. These players have adopted different strategies such as agreement, partnership, acquisition, and business expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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