PUBLISHER: The Business Research Company | PRODUCT CODE: 1426399
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426399
Total hip and knee replacements involve surgical procedures that replace damaged or arthritic hip or knee joints with artificial implants made of metal, plastic, or ceramic materials. These procedures are utilized to address conditions such as knee damage or arthritis.
The main categories of procedures for total hip and knee replacement include total hip replacement, partial hip replacement, revision hip replacement, total knee replacement, partial knee replacement, and revision knee replacement. Total hip replacement, for instance, is a surgical procedure that replaces a damaged or diseased hip joint with an artificial prosthetic joint. This procedure aims to alleviate pain, restore mobility, and improve the function of the hip joint in individuals with conditions such as osteoarthritis, rheumatoid arthritis, and arthritis. Various implant types, such as mobile bearings, fixed bearings, and others, are used in total hip and knee replacement procedures. End-users include hospitals, ambulatory surgical centers, orthopedic clinics, and others.
The total hip and knee replacements market research report is one of a series of new reports from The Business Research Company that provides total hip and knee replacements market statistics, including total hip and knee replacements industry global market size, regional shares, competitors with a total hip and knee replacements market share, detailed total hip and knee replacements market segments, market trends and opportunities, and any further data you may need to thrive in the total hip and knee replacements industry. This total hip and knee replacements market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The total hip and knee replacements market size has grown strongly in recent years. It will grow from $20.44 billion in 2023 to $21.68 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period for total hip and knee replacements can be attributed to factors such as osteoarthritis and joint degeneration, increased awareness and education among patients, development of healthcare infrastructure, favorable reimbursement policies, and the globalization of medical tourism.
The total hip and knee replacements market size is expected to see strong growth in the next few years. It will grow to $26.64 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period for total hip and knee replacements can be attributed to advancements in regenerative medicine, the development of biocompatible implant materials, initiatives promoting value-based healthcare, personalized medicine approaches, and a growing demand for joint preservation strategies. Major trends in the forecast period include technological advancements in implant design, minimally invasive surgical techniques, the adoption of robot-assisted surgery, the implementation of value-based care and bundled payment models, and the integration of telehealth and remote patient monitoring.
The anticipated rise in sports injuries is poised to act as a driving force behind the expansion of the total hip and knee replacement market. Sports injuries encompass a spectrum of physical injuries incurred during athletic activities, affecting various parts of the body, including muscles, bones, tendons, ligaments, and joints. Significant high-impact or repetitive sports injuries, such as torn ligaments, cartilage damage, and fractures, often necessitate joint replacement surgeries as a viable long-term solution, particularly for severe damage to the hip and knee joints. Notably, findings from the National Safety Council in September 2022 indicated a substantial 20% increase in reported sports and recreational injuries in the US during 2021, followed by a subsequent 12% rise in 2022. Additionally, emergency departments treated approximately 3.6 million individuals for sports and recreational equipment-related injuries in 2022. Consequently, the upsurge in sports injuries is expected to drive the growth of the total hip and knee replacement market.
The escalating number of individuals grappling with obesity is projected to propel the growth of the total hip and knee replacement market. Obesity, characterized by an excess accumulation of body fat posing potential health risks, contributes to joint problems, particularly in the hips and knees, due to increased stress and pressure on these weight-bearing joints. Hip and knee replacements serve as surgical interventions to address joint issues and enhance the quality of life for obese patients. As noted by the Government Digital Service in May 2023, there was an anticipated increase in the prevalence of overweight or obese adults aged 18 and above, projecting a rise from 63.3% in 2020 to 63.8% in 2021 to 2022 in the UK. Consequently, the mounting number of individuals affected by obesity serves as a significant driver fueling the growth of the total hip and knee replacement market.
The projected increase in FDA recalls stands as a potential constraint likely to impede the growth of the total hip and knee replacement market during the forecast period. The Food and Drug Administration (FDA) plays a pivotal role in disseminating information concerning recalls, market withdrawals, and safety alerts for FDA-regulated products, encompassing medical devices such as hip and knee replacements. Product recalls within this market can precipitate adverse effects such as diminished trust, reduced sales, heightened scrutiny, and increased costs. Notably, in March 2023, the FDA reported a recall of Exactech joint replacement devices manufactured between 2004 and August 2021 due to packaging defects. These defective packaging materials lacked vital oxygen barrier layers, potentially leading to accelerated device wear or failure, component cracking, fractures, and necessitating corrective revision surgeries. Consequently, the mounting number of FDA recalls poses a hindrance to the growth of the total hip and knee replacement market.
Leading entities within the total hip and knee replacement market are strategically focusing on robot-assisted surgical solutions, such as VELYS, to attain a competitive edge. VELYS represents an advanced medical system integrating robotic systems and technology to augment the precision and accuracy of orthopedic hip and knee replacement surgeries. For instance, DePuy Synthes Companies, a US-based orthopedic and medical device company, introduced the Velys Digital Joint Reconstruction System in July 2021. Specifically engineered for hip and knee replacement surgeries, this system seamlessly interfaces with the Attune knee implant and offers advanced planning capabilities. It assists surgeons in executing precise bone cuts and accurately positioning the replacement joint relative to the knee's surrounding muscles, tendons, and ligaments, thereby enhancing surgical precision.
In July 2022, Enovis Corporation, a US-based medical technology company primarily dedicated to orthopedic advancements, completed the acquisition of Insight Medical Systems Inc., with the financial details remaining undisclosed. This strategic acquisition signifies Enovis's endeavor to broaden its medical device portfolio by incorporating Insight's flagship solution, ARVIS. ARVIS stands as an FDA-cleared augmented reality solution meticulously engineered to cater to the specific requirements of hip and knee replacement surgeries. Insight Medical Systems, Inc., the acquired company, specializes in the manufacture of medical devices, particularly in the realm of total hip, total knee, and Unicompartmental arthroplasty systems.
Major companies operating in the total hip and knee replacements market report are Johnson & Johnson, Stryker Corporation, B. Braun SE, DePuy Synthes Companies, Zimmer Biomet Holdings Inc, Smith & Nephew Plc, Shenzhen Mindray Bio-Medical Electronics Co Ltd, Medtronic Plc, NuVasive Inc, Globus Medical Inc, Wright Medical Group N.V., MicroPort Scientific Corp, Exactech Inc, Beijing Chunlizhengda Medical Instruments, AK Medical Holdings Ltd, Mathys AG Bettlach, Corin Group, Waldemar Link GmbH Co., DJO Global Inc, Groupe Lepine, FH Orthopedics S.A.S, Conformis Inc, Peter Brehm GmbH, Adler Ortho S.R.L, implantcast GmbH
North America was the largest region in the total hip and knee replacements market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the total hip and knee replacements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the total hip and knee replacements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The total hip and knee replacement market consists of revenues earned by entities that provide services such as rehabilitation and physical therapy, revision surgery, consultation, and assessment. The market value includes the value of related goods sold by the service provider or included within the service offering. The total hip and knee replacement market also includes sales of ceramic implants, mental implants, and plastic implants. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Total Hip and Knee Replacements Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on total hip and knee replacements market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for total hip and knee replacements? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The total hip and knee replacements market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.