The Artificial Joints Market was valued for $20.23 Billion in 2022 and is estimated to reach $31.74 Billion by 2032, exhibiting a CAGR of 4.6% from 2023 to 2032.
Artificial joints, also known as prosthetic joints or joint replacement, is a medical device designed to replace damaged or diseased joints in the human body. These joints are primarily used to restore joint function and relieve pain in individuals with conditions, such as arthritis, joint degeneration, or joint injuries. Artificial joints are typically composed of a combination of metal alloys, high-density plastics, and ceramic materials. The design and composition of artificial joints vary depending on the specific joint being replaced, such as hip, knee, shoulder, or elbow.
The artificial joints market growth is driven by high presence of market players who manufacture artificial joints and Increase in prevalence of orthopedic diseases. In addition, an artificial joint (called a prosthesis) is used in various types of arthritis, such as osteoarthritis, or degenerative joint disease. Thus, rise in prevalence of orthopedic diseases and Increase in prevalence of osteoarthritis are anticipated to drive the growth of the market. For instance, according to Center for Disease Control and Prevention (CDC), in 2021, about 23.7% of adults were diagnosed with arthritis in the U.S. Arthritis is more common in women (23.5%) as compared to men (18.1%).
In addition, Increase in prevalence of obesity, modern sedentary lifestyles, long hours of sitting, lack of physical activity, and injuries to the joints, such as sports-related injuries, repetitive stress injuries, or accidents, can Increase the risk of developing osteoarthritis. Thus, this factor is anticipated to drive the demand for surgical treatment and usage of artificial joints, which fuels the growth of the market.
Geriatric population is more susceptible to osteoarthritis. Thus, Increase in the number of geriatric populations is expected to witness growth in prevalence of osteoarthritis. Therefore, this is expected to Increase the number of surgical interventions, Increase the demand for artificial joints and boost the growth of the market. According to World Health Organization, (WHO), population aged 60 years and over were expected to Increase from 1 billion in 2020 to 1.4 billion in 2022 globally. By 2050, the global population of people aged 60 years and older is expected to double . The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.
On the other hand, side effects associated with artificial joints and surgical procedures related to joint degeneration are anticipated to hamper the growth of the market. Moreover, high cost of surgical procedure and availability of substitutional option such as exercise are expected to restrain the growth of the market. For instance, side effects of surgery such as nerve or blood vessel damage, infection, blood clots, implant problems, pain and stiffness, allergic reaction and others is anticipated to hamper the growth of the market.
However, Increase in demand for medical services in the developed countries such as U.S., Canada, and Germany and growth opportunities in emerging markets are expected to create immense opportunities for the artificial joints market during the forecast period.
The artificial joints market is segmented on the basis of type, application, material, end user, and region. On the basis of type, the market is bifurcated into cemented artificial joints and non-cemented artificial joints. On the basis of application, the market is divided into artificial knee joints, artificial hip joints, and others. Others Includes shoulder artificial joint and ankle artificial joint. On the basis of material, the market is segmented into ceramics, alloy, and others. Others Includes high-density plastics and oxinium. On the basis of end user, the market is bifurcated into hospitals and Others.
Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
Major key players that operate in the global artificial joints market are Zimmer Biomet, Smith & Nephew, Stryker Corporation, DePuy Synthes, B. Braun, Aesculap, Medtronic, Medacta International, Exactech, and MicroPort Orthopedics Inc. Key players operating in the market have adopted product approval, product launch, acquisition, and agreement as their key strategies to expand the artificial joints market share.
Artificial joints, also known as prosthetic joints or joint replacement, is a medical device designed to replace damaged or diseased joints in the human body. These joints are primarily used to restore joint function and relieve pain in individuals with conditions, such as arthritis, joint degeneration, or joint injuries. Artificial joints are typically composed of a combination of metal alloys, high-density plastics, and ceramic materials. The design and composition of artificial joints vary depending on the specific joint being replaced, such as hip, knee, shoulder, or elbow.
The artificial joints market growth is driven by high presence of market players who manufacture artificial joints and Increase in prevalence of orthopedic diseases. In addition, an artificial joint (called a prosthesis) is used in various types of arthritis, such as osteoarthritis, or degenerative joint disease. Thus, rise in prevalence of orthopedic diseases and Increase in prevalence of osteoarthritis are anticipated to drive the growth of the market. For instance, according to Center for Disease Control and Prevention (CDC), in 2021, about 23.7% of adults were diagnosed with arthritis in the U.S. Arthritis is more common in women (23.5%) as compared to men (18.1%).
In addition, Increase in prevalence of obesity, modern sedentary lifestyles, long hours of sitting, lack of physical activity, and injuries to the joints, such as sports-related injuries, repetitive stress injuries, or accidents, can Increase the risk of developing osteoarthritis. Thus, this factor is anticipated to drive the demand for surgical treatment and usage of artificial joints, which fuels the growth of the market.
Geriatric population is more susceptible to osteoarthritis. Thus, Increase in the number of geriatric populations is expected to witness growth in prevalence of osteoarthritis. Therefore, this is expected to Increase the number of surgical interventions, Increase the demand for artificial joints and boost the growth of the market. According to World Health Organization, (WHO), population aged 60 years and over were expected to Increase from 1 billion in 2020 to 1.4 billion in 2022 globally. By 2050, the global population of people aged 60 years and older is expected to double . The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.
On the other hand, side effects associated with artificial joints and surgical procedures related to joint degeneration are anticipated to hamper the growth of the market. Moreover, high cost of surgical procedure and availability of substitutional option such as exercise are expected to restrain the growth of the market. For instance, side effects of surgery such as nerve or blood vessel damage, infection, blood clots, implant problems, pain and stiffness, allergic reaction and others is anticipated to hamper the growth of the market.
However, Increase in demand for medical services in the developed countries such as U.S., Canada, and Germany and growth opportunities in emerging markets are expected to create immense opportunities for the artificial joints market during the forecast period.
The artificial joints market is segmented on the basis of type, application, material, end user, and region. On the basis of type, the market is bifurcated into cemented artificial joints and non-cemented artificial joints. On the basis of application, the market is divided into artificial knee joints, artificial hip joints, and others. Others Includes shoulder artificial joint and ankle artificial joint. On the basis of material, the market is segmented into ceramics, alloy, and others. Others Includes high-density plastics and oxinium. On the basis of end user, the market is bifurcated into hospitals and Others.
Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
Major key players that operate in the global artificial joints market are Zimmer Biomet, Smith & Nephew, Stryker Corporation, DePuy Synthes, B. Braun, Aesculap, Medtronic, Medacta International, Exactech, and MicroPort Orthopedics Inc. Key players operating in the market have adopted product approval, product launch, acquisition, and agreement as their key strategies to expand the artificial joints market share.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the artificial joints market analysis from 2022 to 2032 to identify the prevailing artificial joints market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the artificial joints market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global artificial joints market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Cemented artificial joints
- Non-cemented artificial joints
By End user
- Hospitals
- Other
By Application
- Artificial knee joints
- Artificial hip joints
- Others
By Material
- Ceramics
- Alloy
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- B. Braun Melsungen AG
- Conformis Inc.
- Exactech
- Johnson and Johnson (DePuy Synthes)
- Medacta International SA
- Medtronic plc
- MicroPort Orthopedics Inc
- Smith & Nephew plc
- Stryker Corporation.
- Zimmer Biomet Holding Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ARTIFICIAL JOINTS MARKET, BY TYPE
CHAPTER 5: ARTIFICIAL JOINTS MARKET, BY APPLICATION
CHAPTER 6: ARTIFICIAL JOINTS MARKET, BY MATERIAL
CHAPTER 7: ARTIFICIAL JOINTS MARKET, BY END USER
CHAPTER 8: ARTIFICIAL JOINTS MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Artificial Joints Market,' The artificial joints market was valued at $20.2 billion in 2022, and is estimated to reach $31.8 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.Artificial joints, also known as prosthetic joints or joint replacements, are medical devices designed to replace damaged or diseased joints in the human body. They are typically used to alleviate pain, improve joint function, and restore mobility in individuals with conditions such as arthritis, joint degeneration, or joint injuries. They are composed of biocompatible materials, including metal alloys, high-density plastics, and sometimes ceramics. The specific materials used may vary depending on the joint being replaced and individual patient needs. There are two types of artificial joints such as cemented artificial joints and non-cemented artificial joints. Applications of artificial joints include artificial knee joints, artificial hip joints, and others. Material used in artificial joint are ceramics, alloy, and others.
Key factors driving the growth of the artificial joints market include rise in prevalence of orthopedic diseases, high presence of market players, and surge in number of geriatric populations. High presence of market players who manufacture artificial joints is anticipated to boost the growth of the market. For instance, Zimmer Biomet, Smith & Nephew, Stryker Corporation, DePuy Synthes, and B. Braun are major market players who manufacture advanced artificial joints. In addition, provision of technologically advance artificial joints by market players boosts the growth of the market.
For instance, Zimmer Biomet, a medical equipment manufacturing company, provides knee artificial joints such as Oxford Fixed Lateral Partial Knee, Oxford Partial Knee, Persona Partial Knee, Gender Solutions Patello-Femoral Joint System, Persona OsseoTi Keel Tibia, Persona Personalized Knee, Persona IQ Smart Knee, NexGen Complete Knee Solution, Vanguard Knee System, Persona Revision Knee, and NexGen Legacy Constrained Condylar Knee (LCCK). Thus, rise in the number of sports injuries is anticipated to increase the prevalence of osteoarthritis. This factor is expected to increase the number of joint replacement surgeries and boost the growth of the artificial joints market.
Moreover, increase in the number of adoptions of key strategies such as product approval, product launch, acquisition, and agreement by market players of artificial joints is anticipated to drive the growth of the market. For instance, in November 2022, Exactech, a developer and producer of innovative implants, instrumentation, and smart technologies for joint replacement surgery, announced the U.S. Food and Drug Administration (FDA) clearance to market the TriVerse primary knee system. The TriVerse primary knee system is designed to accommodate surgical efficiency in hospitals and surgery centers alike, offering cruciate retaining, anterior stabilized and posterior stabilized constructs.
In addition, in August 2022, Exactech, a developer and producer of innovative implants, instrumentation, and smart technologies for joint replacement surgery announced the successful first surgeries of the spartan stem and logical Cup System for total hip arthroplasty. In addition, in January 2022, Smith+Nephew, the global medical technology business, announced the acquisition of Engage Surgical, an owner of the only cementless un compartmental (partial) knee system commercially available in the U.S. The Engage Surgical Partial Knee System is a novel, modern cementless knee implant to serve a resurgent segment driven by the potential for better long-term fixation through biologic integration, shorter operating times, and the shift to ambulatory surgery centers (ASCs).
The artificial joints market is segmented based on type, application, material, end user, and region. Based on type, the market is bifurcated into cemented artificial joints and non-cemented artificial joints. Based on application, the market is divided into artificial knee joints, artificial hip joints, and others. Others includes shoulder artificial joint and ankle artificial joint. Based on material, the market is segmented into ceramics, alloy, and others. Others includes high-density plastics and oxinium. Based on end user, the market is bifurcated into hospitals and Others.
- Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
Key Market Insights
- By type, cemented artificial joints segment was the highest revenue contributor to the market and is estimated to reach $24,689.07 million by 2032, with a CAGR of 5.1%.
- By application, the artificial knee joints $15,314.27 million by 2032 segment dominated the global market. However, the artificial hip joints segment is expected to be the fastest-growing segment with a CAGR of 5.0% during the forecast period.
- By material, the ceramic segment $13,740.31 million by 2032 segment dominated the global market. However, the alloy segment is expected to be the fastest-growing segment with a CAGR of 5.0% during the forecast period.
- By end user, the hospitals segment dominated the global market. However, the others segment is expected to be the fastest-growing segment with a CAGR of 5.1% during the forecast period.
- Based on region, North America garnered the largest revenue share in 2022, whereas Asia-pacific is anticipated to grow at the highest CAGR of 5.5% during the forecast period
Companies Mentioned
- B. Braun Melsungen AG
- Conformis Inc.
- Exactech
- Johnson and Johnson (DePuy Synthes)
- Medacta International SA
- Medtronic plc
- MicroPort Orthopedics Inc
- Smith & Nephew plc
- Stryker Corporation.
- Zimmer Biomet Holding Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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