One of the most prevalent issues arising among the geriatric population of today is osteoarthritis. Joint replacement has risen as the most efficient remedy for this age-induced crisis of failing bones. Global reports suggest an increase in the number of geriatric patients being admitted to hospitals due to hip fractures and bone injuries each passing year. This has largely aided growth of the global orthopaedic joint replacement market. While the COVID-19 pandemic clasped its grip across the world, widespread surgical restrictions and cancellations took place. This caused a momentary halt in market expansion. Nevertheless, during the third wave, a situation of fast recovery arose. A significant backlog of postponed surgeries was cleared which amplified market growth. Furthermore, innovations and advancements on the technological front with respect to knees and hip replacements are rapidly charging up the market for orthopaedic joint replacement.
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Technological Advancements Expected to Curate a Comfortable Customer Base in Favour of the Orthopaedic Joint Replacement Market
The coming market period is expected to see a boost in the extremity surgery and implant section. Introduction of new and safer implants like reverse shoulder implants, mobile bearing implants, etc. are aiding adaptation of replacement surgeries to treat diseases like osteoporosis and arthritis. Similarly, amplified technologies like non-invasive surgeries have also escalated the market growth rate. Moreover, cemented fixations have good survivorship and low revision rates as compared to other types of fixations. This has caused the cemented fixation segment to hold a major share of market expansion. Also, an ever-increasing number of sports-related injuries, chronic diseases, and other incidents of trauma are projected to facilitate a rapid growth of the orthopaedic clinic segment.
North America Emerges as the Dominant Shareholder of the Market for Orthopaedic Joint Replacement; Asia Pacific Follows in Close Trail
North America is reported as the leading region of the market for orthopaedic joint replacement. With an increasing number of osteoarthritis cases among older generations, prevalence of trauma and accident cases, as well as the convenience of insurance coverage, are expected to keep the demand for orthopaedic joint replacements popular in the region.
Countries of the Asia Pacific region are projected to display soaring growth rates with respect to the market. This is due to growing medical tourism in the region. India, and other countries of the region are investing in better healthcare facilities and are increasingly financing the evolvement of healthcare infrastructure and technology. Other factors supplementing growth of the market for orthopaedic joint replacement in the region include the increasing geriatric population among Asian countries, as well as overall prevalence of osteoarthritis, bone injuries, osteoporosis, diabetes, and obesity.
Business Acquisitions Pose as the Go-To Strategy of Key Market Players
January 2021, Stryker acquired OrthoSensor, Inc., a leader of the digital evolution for total joint replacement market. Simlarly, De Puy Synthes’s VELYS Robotic-Assisted Solution intended for practice with the ATTUNE Total Knee System, strengthening their position in the market. Key companies included in the market are Conformis; Johnson & Johnson Services, Inc. (DePuy Synthes); MicroPort Orthopedics; Stryker; Zimmer Biomet; Smith+Nephew; DJO, LLC.; Arthrex, Inc.; Exactech, Inc.; and Corin Group.
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