The global Artificial Joints Market was valued at USD 16.5 billion in 2022 and is projected to reach USD 27.9 billion by 2032, with a revenue CAGR of 5.1% during the forecast period. Key drivers of market revenue growth include the increasing elderly population and the rising prevalence of joint-related disorders like osteoarthritis and rheumatoid arthritis. The market is also fueled by the growing number of accidents, sports-related injuries, and motor vehicle collisions.
Furthermore, advancements in technology and manufacturing methods have led to the development of more durable and effective prosthetic joints, which are preferred by patients. Increased consumer awareness about the benefits of artificial joints, such as pain reduction and improved mobility, is driving the market’s revenue growth.
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Major Companies
- Johnson & Johnson
- Smith & Nephew plc
- Medtronic plc
- ConforMIS
- Exactech, Inc.
- B. Braun Melsungen AG
- DJO Global Inc.
- MicroPort Scientific Corporation
- Wright Medical Group N.V.
Key Data and Statistics about the Global Artificial Joints Market:
- The World Health Organization (WHO) estimates that around one million artificial joint replacements are performed worldwide each year. Government Regulations:
- The U.S. Food and Drug Administration (FDA) establishes standards for medical devices, including artificial joints, to ensure their safety and efficacy in the U.S. market.
- The European Union has implemented the Medical Device Regulation (MDR) and In Vitro Diagnostic Regulation (IVDR), which set high standards for the safety and performance of medical devices, including artificial joints.
- Japan’s Pharmaceutical Affairs Law establishes standards for medical devices, including artificial joints, to be marketed in Japan.
- The Australian Therapeutic Goods Administration (TGA) sets standards for medical devices, including artificial joints, to be marketed in Australia.
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Here are some key highlights from the report:
Government initiatives aimed at promoting the use of artificial joints in joint replacement surgeries are also contributing to market growth. For example, the Indian government implemented the ‘National Health Protection Plan’ in 2018, providing health coverage for over 100 million poor families in India, including joint replacement procedures, which is expected to drive the demand for artificial joints in the country.
Moreover, market participants stand to benefit from the increasing demand for customized artificial joints. Advancements in 3D printing technology and computer-aided design and manufacturing have made it possible to create custom artificial joints that are more effective and tailored to the patient’s anatomy.
However, the high cost of artificial joints could hinder the market’s revenue growth. Additionally, a shortage of qualified healthcare professionals and the occurrence of product recalls due to manufacturing flaws could pose challenges to market expansion.
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For the purpose of this study, Reports and Data have segmented the global Artificial Joints Market on the basis of Material, End-User, Application and Region:
Product Type Outlook: The market segments include Hip Joint, Knee Joint, Shoulder Joint, Elbow Joint, and Others.
End-use Outlook: The market segments include Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, and Others.
Regional Outlook: The market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Country Scope: The countries included are U.S., Canada, U.K., Germany, France, BENELUX, China, India, Japan, South Korea, Brazil, Saudi Arabia, UAE, and Turkey.
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