Artificial Joints Market Forecasts to 2030 – Global Analysis By Type (Non Cemented Artificial Joints, Cemented Artificial Joints and Other Types), Material, Application and By Geography

Artificial Joints Market Forecasts to 2030 – Global Analysis By Type (Non Cemented Artificial Joints, Cemented Artificial Joints and Other Types), Material, Application and By Geography

According to Stratistics MRC, the Global Artificial Joints Market is accounted for $21.53 billion in 2023 and is expected to reach $33.62 billion by 2030 growing at a CAGR of 6.6% during the forecast period. Artificial joints, also known as prosthetic joints or joint implants, are medical gadgets designed to replace a human body joint that has been damaged or is aging. These devices are made to function like a natural joint would, enhancing joint mobility, reducing pain, and regaining physical function. Artificial joints are frequently used in orthopedic procedures like joint replacement surgeries to replace joints that have suffered severe damage from diseases like osteoarthritis, rheumatoid arthritis, joint degeneration, or joint trauma.

According to, National Library of Medicine, in 2022, the demand for total knee arthroplasty (TKA) in the U.S. was anticipated to increase 673% from 2005 to 2030, with 5.28 million TKAs to be done annually.

Market Dynamics

Driver

Increasing awareness and aging population

Growing awareness about joint health and available treatment options, as well as improved patient education, encourages individuals to seek timely medical intervention and joint replacement surgeries. Additionally, as the global population continues to age, the prevalence of joint-related conditions like osteoarthritis and rheumatoid arthritis increases, driving the demand for joint replacement surgeries and artificial joints.

Restraint

Limited lifespan and surgical risks

While artificial joints have improved over the years, they are not permanent solutions. Most joints have a limited lifespan, and patients may require revision surgeries, which can be costly and complicated. In addition to that joint replacement surgeries come with inherent risks, including infection, blood clots, and anesthesia complications, which can deter some patients from opting for the procedure.

Opportunity

Technological advancements

Ongoing advancements in materials, implant design, and surgical techniques offer opportunities for the development of more durable, efficient, and innovative artificial joint products that can improve patient outcomes. Moreover, manufacturers can tap into emerging markets with growing healthcare needs, as these regions may experience increased demand for joint replacement surgeries and artificial joints over the forecast period.

Threat

Regulatory challenges

Stringent regulatory requirements and approval processes can delay the introduction of new artificial joint products and increase development costs. In addition, reports of adverse events or safety concerns related to artificial joints can erode patient trust and lead to reduced demand for these products. Such limitations hinder the market expansion.

Covid-19 Impact

The COVID-19 pandemic initially disrupted the artificial joints market due to supply chain disruptions and postponed elective surgeries. However, the market rebounded as surgeries resumed, creating a backlog of procedures. The pandemic accelerated the adoption of telehealth, potentially impacting patient consultations and follow-up care. Long-term prospects remain positive due to an aging population's sustained demand for joint replacements, coupled with ongoing advancements in medical technology and research.

The cemented joints segment is expected to be the largest during the forecast period

The market's largest share was held by the cemented joints segment in 2022, and it is anticipated that it will hold that position throughout the forecast period. Joints made of cement are more elastic, stable, and securely attached to the bones. Additionally, biocompatible ceramic materials and artificial joints with a high ceramic content can lessen joint friction and wear. Such elements contribute to the segment's growth over the course of the forecast period.

The artificial knee joint segment is expected to have the highest CAGR during the forecast period

Due to the rising prevalence of knee osteoarthritis and the rising number of knee replacement surgeries, the artificial knee joint segment is anticipated to experience the highest growth over the course of the forecast period. In addition, factors like the aging population, which is increasing the prevalence of age-related musculoskeletal conditions like osteoporosis and arthritis, and the rising obesity rate are all significant drivers of the demand for knee and hip replacement surgeries and the corresponding implants, which is boosting the segment's growth.

Region with largest share

The North American region is expected to continue to dominate the market throughout the anticipated period. The two largest economies in the area, the U.S. and Canada, are the main revenue generators for the market value in the area. An increase in osteoarthritis patients and an aging population are the two primary factors that are most likely to increase demand for market expansion in North America. Additionally, it is anticipated that the U.S. artificial joints market will be fueled by an increase in the use of computer-aided implant designs, robotic surgery, and favorable reimbursement conditions over the course of the projection period.

Region with highest CAGR

As knee disorders are becoming more prevalent, medical tourism is booming, disposable income is rising, and the healthcare infrastructure in this region is steadily improving, the Asia Pacific market is predicted to grow quickly over the forecasted period. Additionally, there is a rise in geriatric populations and osteoarthritis prevalence. The number of people with osteoarthritis is expected to rise, as will the demand for artificial joints and arthroplasty surgeries. Thus, it is anticipated that these factors will fuel the development of the artificial joint market in Asia-Pacific.

Key players in the market

Some of the key players in Artificial Joints market include Zimmer Biomet Holding Inc, Conformis Inc, Smith & Nephew plc, Stryker Corporation, B. Braun Melsungen AG, Medtronic plc, Johnson and Johnson, Exactech, Medacta International SA and MicroPort Orthopedics Inc.

Key Developments

In June 2023, BioMed X has announced that it has begun a joint research project with Sanofi on artificial intelligence (AI)-driven drug development. The two companies initially announced their partnership late last year, and are now ready to begin work on their AI drug discovery platform. The “Next Generation Virtual Patient Engine for Clinical Translation of Drug Candidates” (VPE) project aims to develop a computational platform capable of predicting the efficacy of first or best-in-class drug candidates.

In August 2023, Corentec, a company specializing in the production of artificial joints, announced that the inaugural surgery involving its patient-specific implant (PSI) designed for artificial shoulder joints was effectively carried out at Kyungpook National University Hospital in Korea.

Types Covered
• Non Cemented Artificial Joints
• Cemented Artificial Joints
• Other Types

Materials Covered
• Alloy
• Ceramics
• Other Materials

Applications Covered
• Artificial Hip Joints
• Artificial Knee Joints
• Hospitals
• Prosthetics Clinics
• Rehabilitation Center
• Other Applications

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements