Pune, India, Nov. 09, 2021 (GLOBE NEWSWIRE) -- According to the report, the global Orthopedic Joint Replacement market size market size was USD 20.00 billion in 2019 and is projected to reach USD 26.89 billion by 2027, exhibiting a CAGR of 7.6% during the forecast period. The increasing prevalence of bone diseases among the geriatric population will bolster healthy growth of the market during the forecast period, states Fortune Business Insights in a report.
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| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020-2027 CAGR | 7.6% |
| 2027 Value Projection | USD 191.83 billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 20.00 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 180 |
| Segments covered | Product, Procedure, End user |
| Growth Drivers | Technological Innovations in Orthopedic Implants to Augment Market Growth |
| Advancements in Robotic Surgeries to Boost the Demand for Joint Replacement Devices |
The growing demand for orthopedic joint implants will provide an impetus to the market. The adoption of robotic surgery and patient-specific 3-D printed implants will have a tremendous impact on the global market during the forecast period. The rising favorable reimbursement policies will favor the healthy growth of the market during the forecast period. in 2017, the Centers for Medicare and Medicaid Services added coverage of US$ 10,122.0 for outpatient total knee replacement procedures.
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The growing government initiatives will encourage the healthy growth of the market during the forecast period. The growing surgeries for knee replacement will impel companies to introduce innovative products for the prevailing incidents. For instance, the release of ATTUNE Revision Knee System, Persona Partial Knee System, JOURNEY II XR Total Knee, and others by major players will positively influence the growth of the market.
Furthermore, the shoulder segment is predicted to account for the lion’s share during the forecast period. The rising emphasis on the development of innovative shoulder implants by key manufacturers will accelerate the segment’s growth. The surge in the number of shoulder replacement surgeries can be a vital factor in propelling the growth of the market. In addition, the rising acceptance of joint replacement solutions by orthopaedics will consequently create opportunities for the market in the forthcoming years.
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Propitious Reimbursement Policies to Boost Growth in North America
The market in North America is likely to account for the lion’s share during the forecast period owing to the rising demand for joint implants. The favorable reimbursement policies along with rising replacement surgeries in outpatient settings will contribute to the growth of the market in North America. Europe is expected to rise tremendously during the forecast period owing to the growing number of joint replacement procedures.
The emergence of domestic manufacturers will have a positive impact on the European market. Asia Pacific is likely to witness an exponential growth rate due to the increase in orthopedic clinics. The rapid adoption of orthopedic products and active government support will encourage growth in the region. Nonetheless, the growing incidence of osteoarthritis in patients will promote the growth of the market in the region. In addition, the rising geriatric population will further enhance growth in the Asia Pacific.
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List of the Companies Operating in the Market:
- Stryker
- Johnson & Johnson Services, Inc.
- Smith & Nephew
- Zimmer Biomet
- Wright Medical Group N.V.
- Integra LifeSciences
- Braun Melsungen AG
- Bioimpianti
- Conformis
- MicroPort Scientific Corporation
- Other players
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Global Orthopedic Joint Replacement Market Segmentation:
By Product:
- Knee
- Hip
- Shoulder
- Ankle
By Procedure:
- Total
- Partial
- Others
By End user:
- Hospitals
- Ambulatory Surgical Centers
- Orthopedic Clinics
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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Table of Contents:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2 Technological Developments
4.3 Porter’s Five Forces Analysis
4.4 SWOT Analysis
4.5 Impact of COVID-19
Continued….
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