Joint Replacement Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Joint Replacement Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Joint Replacement Market is expected to register a CAGR of nearly 4.52% during the forecast period, 2022-2027.

COVID 19 has had a substantial impact on the market for joint replacements; because of the lockdown situation, there have been limitations on mobility and a decline in the number of joint replacement procedures performed globally. According to the study titled "The effects of the COVID-19 pandemic on joint replacement surgery: The patient perspective" published in the National Library of Medicine in April 2021, the first national lockdown on volume declines as a result of postponed joint replacement surgeries. COVID-19 has further hampered access to surgery and lengthened wait times for operations due to the rising waiting lists for joint replacement surgeries and the rising prevalence of osteoarthritis. However, the post-COVID 19 situation is likely to have huge growth as pending procedures will increase the surgical volume.

Certain factors that are driving the market growth include the increasing prevalence of osteoarthritis, the rising cases of orthopaedic injury, and an increasing geriatric population. For instance, according to arthritis statistics 2022 published by the SingleCare team in January 2022, in 2021, more than 350 million people have arthritis globally. Also, the study "Prevalence and Incidence of Osteoarthritis: A Population-Based Retrospective Cohort Study" published in September 2021 stated that the incidence of osteoarthritis was lowest in patients under 60 years and peaked at 60–70 years. With the growing incidences of osteoarthritis, the demand for joint replacement is expected to increase, which will further boost the market growth.

Other factors, such as an increasing geriatric population and a number of orthopaedic injuries are also expected to drive the joint replacement market over the forecast period. According to the United Nations, The Department of Economic and Social Affairs report titled ‘World population Ageing 2020 Highlights’ reported that globally, there were 727 million persons aged 65 years or over in 2020 which is estimated to reach over 1.5 billion in 2050. Additionally, the share of the population aged 65 years or over is also expected to increase globally from 9.3 per cent in 2020 to around 16.0 per cent in 2050. Such high prevalence of osteoarthirits in older age and growing geriatric population is driving the growth of market.

The key market players use a variety of strategies, including partnerships, mergers, and acquisitions, to help the market grow. For Instance,in August 2021, Exactech, a developer and producer of innovative implants, instrumentation, and smart technologies for joint replacement surgery, has expanded its Truliant Total Knee System with a new porous-coated implant option. It enhances the award-winning knee system and is designed for strength and stability for patients, and efficiency for surgeons and staff in the operating room.

Thus, all aforemention factors expected to boost the market growth over the forecast period. However, availability of alternatives and high cost of procedure restraint the market growth.

Key Market TrendsKnee Replacement is Expected to Hold a Significant Market Share in the Procedure Segment

The knee replacement segment is the leading segment, expected to witness major growth during the forecast periods, owing to the rising burden of the geriatric population, the growing prevalence of osteoarthritis, and other chronic diseases like osteoporosis, and diabetes.

According to a research study by AiyongCui et al., published in Lancet Journal in December 2020, the incidence of knee osteoarthritis was 130 per 10,000 population in the United States, 315 per 10,000 population in the United Kingdom, 525 per 10,000 population in Japan, 52 per 10,000 population in Finland, 84 per 10,000 population in the Netherlands, 33 per 10,000 population in Norway, and 295 per 10,000 population in Spain, respectively. Osteoarthritis has a considerable impact on the individual patient, resulting in pain and disability and on society, which is expected to boost the market in the near future as a knee replacement is one of the best treatment options for osteoarthritic conditions.

Total knee arthroplasty (TKA), also known as total knee replacement, is one of the most frequently performed orthopaedic procedures. Along with this, several studies have revealed the improvement in functionality after knee arthroplasty in the obese population. According to the Personalize Orthopaedics of the Palm Beaches in November 2021, in the United States, nearly 800,000 knee replacements are performed annually. According to estimates, knee replacement surgery is carried out about 800,000 times a year in the United States alone, and that number keeps rising. Moreover, according to the study titled "Obesity increases the risk of undergoing knee replacement at a younger age" by Emily Henderson in June 2022, Researchers discovered that 57.7% of the 56,217 patients who had knee replacement surgery for osteoarthritis (OA) were obese. Therefore, one of the factors that is also anticipated to fuel the segment's growth is the rising prevalence of obesity.

However, growing product launches by the key market players expected to supports the market growth. For Instance, in November 2021, OrthAlign, Inc., a privately held United States-based medical device and technology company launched of Lantern: the latest in smart, surgical technology for total and partial knee replacement surgery.

Thus, all aforementioned factors expected to boost the segment growth over the forecast period.

The Market is Dominated by North America and is Expected to Remain the Same in the Forecasted Period

The primary driving factors for the growth of the North American joint replacement market are the growing burden of osteoarthritis in the country, increasing injury cases, increasing prevalence of obesity, increasing product approvals, increasing investments, and key initiatives taken by the key market players. According to the National Safety Council (NSC) 2020, Bicycling injuries made for roughly 426,000 of all sports and leisure-time injuries in 2020. OHV, moped, and minibike use came in second with 230,000 injuries, followed by skateboard, scooter, and hoverboard use in third place with 218,000 injuries. Exercise, whether with or without equipment, came in third with roughly 378,000 injuries. Thus, with the increasing incidence of injury in the United States, it is expected that the demand for joint replacement increases thereby boosting the market growth.

According to the Centers for Disease Control and Prevention (CDC) updated in October 2021, about 1 in 4 United States adults (23.7%) or about 58.5 million people have doctor-diagnosed arthritis. Furthermore, According to the World Population Ageing in September 2020, there are more than 46 million older adults aged 65 and older living in the United States, by 2050, that number is expected to grow to almost 90 million. Such a huge prevalence of this disease will lead to increased adoption of hip replacement therapies for this, driving the market growth. Moreover, according to the Centers for Disease Control and Prevention (CDC) updated in October 2021, about 1 in 4 United States adults (23.7%) or about 58.5 million people have doctor-diagnosed arthritis.

The growing product launches by the market players support the market growth For Instance, in January 2022, Smith+Nephew expanded the indications on its CORI Surgical System, a handheld robotic solution in total hip arthroplasty (THA). Smith+Nephew's RI.HIP NAVIGATION is designed to help maximize accuracy and reproducibility by delivering patient-specific component alignment for THA. Moreover, in August 2021, Zimmer Biomet Holdings, Inc. received United States Food and Drug Administration (FDA) 510(k) clearance of the ROSA Hip System for robotically-assisted direct anterior total hip replacement.

Thus, owing to the aforementioned factors, the market is expected to witness a high growth rate over the forecast period.

Competitive Landscape

The market is highly competitive and consists of a number of major players. Companies like Stryker Corporation, Zimmer Biomet Holdings, Inc., Depuy Synthes (Johnson & Johnson), Smith & Nephew, and Wright Medical Group, among others, hold the substantial market share in the Joint Replacement market. Various developments have recently been taking place in the market, market players are actively participating in new product launches, developments and collaborations to expand their market share.

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