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Osteoarthritis is among the most prevalent diseases amongst the elderly population. Joint replacement has emerged as the most popular option for treating osteoarthritis, which resulted in the wider adoption of joint implants among patients. An evidential increase in the geriatric population is adding to the growth of the orthopedic joint replacement market because of the rising prevalence of hip fractures in the geriatric population.
According to the report published by the United Health Foundation in 2015, more than 300,000 adults, aged 65 and older are witnessed to be hospitalized each year for hip fractures. With the introduction of patient-specific 3-D printed implants and robotic surgery, the demand for implants of joints has seen a steep rise, which is further anticipated to enhance the market. For example, Paragon received approval for total ankle replacement systems APEX 3D in the year 2020.
Impact of COVID-19 Pandemic on Orthopedic Joint Replacement Market (Pre and Post Analysis)
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The market of orthopedic joint replacement is expected to boost in the form of rising demand for customized joint implants in both females and males. Thus, each individual has a unique anatomy, the theory of “one size fits for all” does not prove applicable and hence core medical device companies are making efforts to leverage technological advancements to manufacture patient-oriented or patient-specific orthopedic implants. For example, in 2019, MircoPort received
approval to launch its Superior Medial Stability Total Knee Replacement System & Aspiration Medial Pivot Total Knee Replacement System in China.
Additionally, the introduction of 3-D technology to make orthopedic implants have resulted in more demand for customized implants. Huge companies are developing cutting-edge technologies that can be helpful to supply advanced joint implants, which is to fuel the growth of the market in the forecast timeline. The increasing adoption of surgical robots in the stream of orthopedics has improved the efficiency of surgical procedures and hence, many hospitals are now providing robotic surgeries for the treatment of orthopedic diseases.
Many companies are focusing on developing surgical robots, which have their use in surgeries of spinal fusion along with the company’s navigation and implant tools. For example, Mazor X Stealth Edition launched by Medtronic is a robotic system for spine surgery. The system is proved helpful with the company’s 3D imaging & spine implants tools, which provide a comprehensive solution for healthcare professionals.
Complications associated while the use of the implant are likely to restrain the market growth of orthopedic joint replacement in the years to come. Also, product recalls of hip and knee replacement devices are likely to hinder the growth of the market. AS per U.S. FDA, almost 19,000 recalls for knee replacements system and components.
North America is dominated the virtual clinical trial’s market globally because of the rise in investments from the public as well as private players and the contribution of core market leaders for enhanced virtual trial solutions. It accounted for a prominent share in the virtual clinical trials market globally in terms of revenue, due increase in R&D activities in the region, increasing rate of adoption of technology in the clinical region, and government support. Also, market players are adopting digital technologies to interact with clients.
Asia-Pacific followed by Europe is witnessed lucrative growth and holding a notable share in the market owing to a rapid increase in the number of experiments to adopt new medications for different diseases as well as the digitalization of laboratories.
Key Benefits of the Report
Questions Answered in the Orthopedic Joint Replacement Market Research Report
Orthopedic Joint Replacement Market Report Highlights
Aspects | Details |
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By Procedure |
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Key Market Players | J&J (Orthopaedics), Integra LifeSciences, Globus Medical, Medtronic (Spine Division), Orthofix Medical, DePuy Synthes, tryker, DJO Global, Össur, Zimmer Biomet, Wright Medical., ConMed (Orthopaedic Surgery), Trauma, and Reconstruction), Colfax Corp, NuVasive, Smith & Nephew (Sports Medicine, Wright Medical |
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