An artificial joint is a ceramic, metal, or another compatible device that is surgically implanted to replace a natural joint to correct joint abnormalities and enhance joint function. Rising geriatric and obese populations, increasing incidence of diseases such as osteoarthritis and arthritis, and technological advancement are the key growth drivers of the global artificial joints market.
The report titled “Artificial Joints Market: Growth, Future Prospects, and Competitive Analysis, 2016–2024” offers strategic insights into the overall artificial joints market, along with the market size and estimates for the duration of 2014–2024. The research study covers an in-depth analysis of market segments based on material type (ceramics, alloys, oxonium, and other materials), application (artificial joints of the knee, hip, shoulder, and others), and different geographical regions.
The report also includes sections on the competitive profiling of the leading players in the global artificial joint market, appealing investment propositions, and market positioning of key manufacturers to assist strategic decision-makers.Other in-depth analysis provided in the report includes:
Geographically, the global artificial joint market is studied for the following regional markets:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- South-east Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
The market size and forecast for these regional and country-level markets are presented in this study for the period 2014–2024. Market growth rates for the forecast period 2016–2024 are also included in this report, considering 2015 as the base year.
Along with quantitative information, qualitative information sets and assessment tools are provided in this study for a better analysis of the overall market scenario and future prospects. Information such as market inclination insights and drivers, challenges, and opportunities assists the readers in understanding the ongoing trends in the global artificial joint market. Tools such as key player market positioning and appealing investment propositions provide readers with insights into the global artificial joint market’s competitive scenario. This report concludes with a company profiles section that highlights major information about the key players engaged in the global artificial joint market. In-depth competitive environment analysis and historical 2014 market size data are also provided in the report.
Thus, the research study provides a holistic view of the global artificial joint market, offering market size and estimates for the period from 2014 to 2024, keeping in mind the above-mentioned factors.
Based on the material type, the global artificial joint market is segmented as follows:
An artificial joint is a compatible device that is surgically implanted to replace a natural joint to correct joint abnormalities and enhance joint function. Different types of materials, such as alloys (CrCo-based alloy, Ti-based alloy), ceramics (alumina, zirconia, silica, hydroxyapatite, titanium nitride, silicon nitride), oxonium, and polyethylene (ultra-high molecular weight polyethylene, cross-linked polyethylene), are used to prepare artificial joints. However, currently, a combination of materials such as metal-on-metal, metal-on-ceramic, ceramic-on-ceramic, ceramic-on-metal, metal-on-polyethylene, and ceramic-on-polyethylene are observed in the market.
In the base year of 2015, ceramic implants held the largest market share in the global artificial joints market, and it is anticipated to grow further during the forecast period. Ceramic artificial joint market growth would be driven by factors such as the reduced risk of osteolysis, chemical inertness, corrosion resistance, non-allergic properties, and biocompatibility. However, factors such as slow crack growth and brittleness may negatively impact the market growth of artificial ceramic joints. In recent years, the use of alloys and polymers for total hip and knee replacements has increased significantly. Factors such as hardness, corrosion resistance, good resistance, and high mechanical strength contribute to the market growth of artificial alloy joints. Currently, titanium alloys are widely used as they are biocompatible, highly corrosion resistant, have a lower density, and are also elastic in nature. Artificial joints made of polymer material will show steady market growth in the future; factors such as low friction coefficients and good chemical stability will contribute to the market growth. Oxinium is a metal alloy that will experience significant market growth during the forecast period due to its high surface hardness, low risk of brittle fracture, and lighter weight properties.
Based on applications, the global artificial joint market is segmented as follows:
- Knee Replacement Systems
- Hip Replacement Joints
- Artificial Shoulder Joints
Joint replacement is a surgical procedure in which a metal, plastic, or ceramic device is surgically implanted into the body. Factors such as a growing aging population and consequently increasing incidence of age-related diseases such as arthritis, an upsurge in funding by government agencies and private organizations for joint replacement surgeries, a growing population, and a sedentary lifestyle that, in turn, results in obesity all contribute to the growth in the number of joint replacement surgeries.
In the base year 2015, knee joint replacement was observed as the largest revenue-generating segment. According to the American Academy of Orthopaedic Surgeons (AAOS), more than 0.8 percent of Americans are living with a hip replacement and 1.5 percent with a knee replacement. The prevalence of total knee replacement and total hip replacement is higher among adults aged 50 and older. According to the AAOS, the prevalence of hip and knee replacement surgery is the highest in geriatric age groups 80 and older, at 6 and 10 percent, respectively. Knee and hip replacements are the most commonly performed joint replacement surgeries among ankle, shoulder, wrist, and elbow replacement surgeries. It is observed that knee replacement holds the largest share of the global artificial joint market and is anticipated to grow significantly further during the forecast period. Factors such as the increase in the prevalence of overweight and obesity, the rising geriatric population, and the increasing incidence rates of osteoarthritis and arthritis drive the market growth of the knee and hip joint replacement market.
The global artificial joint market is divided into three segments for the purposes of this study:
- North America
- Asia Pacific
- Latin America (LATAM)
- Middle East and Africa (MEA)
North America dominated the artificial joint market in terms of revenue in 2015, and it is expected to continue growing during the forecast period 2016-2024. Factors such as the rising geriatric and obese population, the upsurge in funding by government agencies and private organizations in the healthcare system, the increasing incidence of osteoarthritis, arthritis, and other musculoskeletal diseases, high healthcare expenditure, and continuous R&D activities pertaining to the development of novel artificial joints drive the market growth of the artificial joints market in North America. Many studies indicated that the incidence of adults younger than 65 undergoing total knee and hip replacement surgeries were contributing to market growth in North America. According to the American Academy of Orthopaedic Surgeons (AAOS), more than 7 million Americans are living with artificial (prosthetic) hips and knees. California, Florida, and Texas are major revenue-contributing regions in North America. Joint replacement surgery is performed on the knee, hip, ankle, wrist, shoulder, and elbow joints. However, among these, knee and hip joint surgeries are most commonly performed globally. Europe is the second-largest revenue-generating regional market for artificial joints. Factors such as rising demand for minimally invasive surgeries, rising replacement device costs, and rising healthcare expenditures drive market growth in Europe. Austria, Belgium, Germany, and Switzerland are major revenue-contributing countries in Europe, as these countries have the highest rate of knee and hip replacement surgeries. Currently, Asia Pacific is not a major revenue-generating segment, and it is anticipated that it will experience sluggish growth during the forecast period. Factors such as an increasing population, continuous economic development, and developing healthcare infrastructure contribute to market growth in Asia Pacific.