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)
- The outbreak of COVID-19 is likely to have a moderate impact on the market in the forecast period. Research and development activities to identify the threat of SARS-CoV-2 virus on the patients suffering are likely to slow the market growth.
- COVID-19 has brought about a significant burden on the healthcare industry globally, with disruption in the treatment of non-communicable diseases. Challenges exist in providing effective care.
- Realizing the disturbing healthcare trends, governments globally are making efforts to provide excellent quality healthcare to patients globally. Nationwide lockdowns, canceled or postponed elective surgeries, denied wound care services, rise in skin injuries in COVID-19, the market is expected to show a decline during the forecast timeline. However, on the flip side, the latter half of the forecast is predicted to show a drastic rise.
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
- This study presents the analytical depiction of the global orthopedic joint replacement market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global orthopedic joint replacement market share.
- The current market is quantitatively analyzed to highlight the global orthopedic joint replacement market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global orthopedic joint replacement market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Orthopedic Joint Replacement Market Research Report
- What are the leading market players active in the orthopedic joint replacement market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Orthopedic Joint Replacement Market Report Highlights
| Aspects | Details |
 By Anatomy |
|
 By Procedure |
|
 By Application |
|
 By Region |
|
 Key Market Players | Wright Medical, Smith & Nephew (Sports Medicine, Integra LifeSciences, ConMed (Orthopaedic Surgery), J&J (Orthopaedics), Globus Medical, Orthofix Medical, Wright Medical., Trauma, and Reconstruction), DJO Global, tryker, Medtronic (Spine Division), Zimmer Biomet, NuVasive, Össur, DePuy Synthes, Colfax Corp |
Loading Table Of Content...
