Artificial Joints Market - By Material Type, Application And Product Type
Rising geriatric population and obese individuals is leading to the musculoskeletal disorders, hypertension, and other lifestyle diseases. Osteoarthritis is the most prevalent musculoskeletal disease affecting geriatric population, causing a rise in demand for artificial joints. Moreover, the artificial joints with integrated circuits and other R&D initiatives relevant to the artificial joints accessing brain neuron impulses are expected to further drive growth of the market. However, factors such as high cost of artificial joints and product recalls are expected to hamper growth of the market. According to the estimates of American Joint Replacement Registry (AJRR), hip or knee surgeries are performed on around 7 million people in the U.S. Hip and Knee surgeries account for more than 85% of the total joint replacement surgeries in the U.S. Similarly, according to National Joint Registry, in 2016, around 101,651 hip, 108,713 knees, 6,967 shoulders, and 722 elbow replacement surgeries were performed in U.K.
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High healthcare expenditure and continuous R&D initiatives in the development of artificial joints is expected to propel growth of the market in North America
North America is expected to hold a dominant position in the global artificial joints market over the forecast period. This is mainly due to presence of developed healthcare infrastructure, high healthcare expenditure, and continuous R&D initiatives in the development of artificial joints. Asia Pacific is projected to exhibit above average growth over the forecast period, owing to the presence of large pool of population suffering from joint related diseases coupled with presence of untapped market opportunity and developing healthcare infrastructure.
Some of the major players operating in the global artificial joints market are Abbott Laboratories, Boston Scientific, Stryker Corporation, Intuitive Surgical Inc., Zimmer Biomet Holdings Inc., Smith and Nephew Plc, Varian Medical Systems, Sonova Holdings AG., Aesculap AG, Arthrex, Globus Medical, and JRI orthopedics.
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