In the forthcoming years, the scope of orthopedic joint replacement procedures is expected to increase, including partial replacement, total replacement, revision replacement, and reverse replacement. Among these, total replacement accounted for the largest share in the global orthopedic joint replacement market in 2018. As per Fortune Business Insights, this segment is projected to remain strong throughout the forecast period between 2018 and 2026. This segment provides more product offerings in total replacement as compared to other segments.
The partial replacement is also expected to report a healthy CAGR in the coming years. This is mainly attributable to the rising preference for partial replacement among healthcare providers and patients. The global orthopedic joint replacement market is expected to witness high demand for orthopedic joint implants in orthopedic clinics, ambulatory surgical centers, and hospitals by 2026.
North America Forecast to Hold Dominant Share
Among regions, the report forecasts North America to account for the largest share in the global orthopedic joint replacement market. The advent of advanced technologies such as artificial disc replacement and their rising adoption is the chief factor driving the market in North America. Also, rising awareness regarding the importance of joint replacements in this region may offer huge growth opportunities to the orthopedic joint replacement market. Asia Pacific is also expected to show considerable growth in the global orthopedic joint replacement market. Rising government initiatives to promote medical devices is likely to drive the market in this region.
Rising Incidence of Osteoarthritis and Arthritis to Drive the Market
“Rising prevalence of obesity across the world is likely to fuel demand for orthopedic joint replacement implants,” observed a lead analyst at Fortune Business Insights. “Obesity may further lead to rising incidence of arthritis and osteoarthritis, which in turn, are expected to drive the orthopedic joint replacement market,” he added. Also, the orthopedic joint replacement market is projected to gain traction on account of the recent launches of diverse healthcare reforms by governments of developing as well as developed nations. Several end users such as hospitals, clinics, and medical institutions are planning to promote medical devices via seminars, events, and campaigning. All these promotional methods are anticipated to increase awareness about different orthopedic joint replacement surgeries such as orthopedic joint implants.
Another factor boosting the market are technological developments in orthopedic joint replacement procedures. These advancements such as the advent of automation, robotic surgery, and 3D printing can help to reduce the time and improve efficiency of surgical procedures. These technologies offer personalized care to those suffering from joint disorders. This is encouraging companies to adopt such technologies in the coming years by focusing on improving the patient’s quality of life.
Lack of Expertise to Conduct Joint Replacement Surgery May Restrict the Growth
The global orthopedic joint replacement market may face some challenges in the coming years. Lack of skilled experts or orthopedic surgeons is projected to negatively impact the market. This shortage is likely to happen more in developing countries than developed ones. Another major restraint besetting the growth of the market is the usage of alternative treatments. Several patients suffering from arthritis prefer novel therapies and alternative medications instead of joint replacement surgeries.
FDA Approvals on Product to Help Companies Increase their Revenue
The spine division of Stryker recently announced FDA approval of a new lumbar cage called Tritanium TL Curved Posterior. This product aims to aid in lumbar fixation. These approvals are likely to help companies strengthen their product portfolio and improve share in terms of revenue in the global orthopedic joint replacement market. Some of the other companies operating in the global orthopedic joint replacement market are Wright Medical Group N.V., Zimmer Biomet, Integra LifeSciences, Johnson and Johnson Services Inc., B. Braun Melsungen AG, Conformis, MicroPort Scientific Corporation, and Bioimpianti.
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Deepu Bhat is currently working as a content specialist in the reputed market research firm, Fortune Business Insights. As a content writer and editor, her role involves creating unique content. She has experience in writing articles, blogs, press releases, and social media marketing. Bhat believes in writing engaging content as per customer requirements. She strongly believes in continuous learning and improving her skill sets. She specializes in offering key insights and relevant information.