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The global orthopedic joint replacement market size was valued at USD 19,051.2 million in 2018 and is projected to reach USD 26,967.9 million by the end of 2026, exhibiting a CAGR of 5.1%.
Osteoarthritis is one of the most prevalent diseases among the geriatric population. Joint replacement has emerged as the most popular option for the treatment of osteoarthritis which has resulted in wider acceptance for joint implants, augmenting the market demand. With the introduction of robotic surgery and patient-specific 3-D printed implants, the demand for orthopedic joint implants has drastically increased. Spurred by this, the orthopedic joint replacement market growth rate is anticipated to expand through the forecast years.
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The market is also being favored by active government support and emerging health reimbursement policies. Also, in 2017, the Centers for Medicare and Medicaid Services removed knee replacement procedures from the inpatient-only list and provided coverage of US$ 10,122.0 for outpatient total knee replacement procedures, which is expected to positively impact the global market.
"Shoulder implants are expected to have a fast growth with the highest CAGR "
The knee segment is projected to dominate the market with a share of 42.5% in 2018. The increase in number of knee replacement procedures, robotic-assisted knee replacement surgeries, and launch of products such as ATTUNE Revision Knee System, Persona Partial Knee System, JOURNEY II XR Total Knee by key manufacturers are the reasons responsible for the estimated growth in the knee segment during the forecast period.
This, as a result, will positively affect the orthopedic joint replacement market share between 2018 and 2026. The shoulder segment is projected to register the highest CAGR of 5.5% owing to the shifting focus of manufacturers to shoulder implants. Also, the rapid increase in the number of shoulder replacement surgeries performed globally is anticipated to boost the sales of shoulder implants in the forecast period. Owing to the increasing sales of shoulder implants, the overall market revenue is likely to increase over the projected horizon.
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In terms of procedures, the orthopedic joint replacement market is categorized into total replacement, partial replacement, and others. The total replacement segment accounted for maximum market share in 2018, owing to more product offerings for total replacement when compared to that for partial, reverse or revision replacement.
The partial replacement segment is anticipated to report a remarkable CAGR which can be attributed to increased preference for partial replacement over total replacement among patients and healthcare providers. Several end users covered such as hospitals, ambulatory surgical centers, orthopedic clinics are increasingly adopting orthopedic joint replacement solutions to treat patients suffering from severe knee arthritis. The rising adoption of this solution across end-users is expected to increase the orthopedic joint replacement market size in the years to come.
"Increased Efforts to Establish Direct Presence Enables Market to Exhibit Highest CAGR in Asia Pacific"
North America dominated the global orthopedic joint replacement market with a maximum revenue of US$ 6,885.9 Mn in 2018 and will continue to dominate the market throughout the forecast period. Rising demand for joint implants, favorable health reimbursement, and growing trend of replacement surgeries in outpatient settings are the factors attributed to the expansion of orthopedic joint replacement market in North America during 2018-2026. Europe is anticipated to be the second most prominent region in terms of revenue by 2026 owing to the increased number of joint replacement procedures and expansion of domestic manufacturers. However, Asia Pacific is likely to register highest CAGR during the forecast period, primarily due to the emergence of standalone orthopedic clinics, rapid adoption of orthopedic products, active government support, and increased prevalence of osteoarthritis. Enabled by these factors, the market for orthopedic joint replacement is projected to expand in Asia Pacific by 2026.
North America Orthopedic Joint Replacement Market Share, 2018
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"Zimmer Biomet, Johnson & Johnson Services, Inc. and Stryker to Account for More Than Half of the Market Share in Terms of Revenue"
Zimmer Biomet is estimated to dominate the orthopedic joint replacement market owing to the successful launch of Persona Partial Knee System in 2017 and diversified product portfolio with joint implants for both upper and lower extremities. Johnson & Johnson Services, Inc. and Stryker with their knee and hip implants together hold a major position in the global market. Several companies are planning to introduce innovative procedures for orthopedic joint replacement to gain an edge in the competition. Other players operating in the market are Wright Medical Group N.V., Integra LifeSciences, B. Braun Melsungen AG, Bioimpianti, Conformis, and MicroPort Scientific Corporation,
The global orthopedic industry is witnessing a huge expansion owing to the rising demand for the orthopedic products and technological advancements. Rising prevalence of osteoarthritis, degenerative bone diseases, and traumatic injuries have increased the number of orthopedic joint replacement procedures. Furthermore, the introduction of customized joint implants by key players and rapid adoption of robotic-assisted joint replacement surgeries is also boosting the overall orthopedic joint replacement market.
The report provides qualitative and quantitative insights on the orthopedic joint replacement industry and detailed analysis of market size and growth rate for all possible segments in the market. The market is segmented by product, procedure, and end user. Based on product, the global market for orthopedic joint replacement is segmented into knee, hip, shoulder, ankle and others.
In terms of procedure, the market is categorized into total replacement partial replacement, and others. Various end users covered under the report are hospitals, ambulatory surgical centers, orthopedic clinics and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the number of joint replacement procedures for key countries, new product launch, the regulatory scenario for key countries, Overview of reimbursement policies in key countries, recent industry developments such as mergers & acquisitions, and key industry trends.
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August 2019: Globus Medical acquired StelKast, one of the manufacturers of knee and hip implants in order to expand its product portfolio.
February 2019: Colfax Corporation completed the acquisition of DJO which will strengthen the company’s position in the joint replacement market.
March 2018: Smith & Nephew launched bi-cruciate retaining JOURNEY II XR total knee arthroplasty (TKA) in U.S and Japan.
Fortune Business Insights says that the Orthopedic Joint Replacement Market was valued at US$ 19.05 Bn in 2018 and is projected to reach US$ 26.96 Bn by 2026.
In 2018, the Orthopedic Joint Replacement Market was valued at US$ 19.05 Bn.
Growing at a CAGR of 5.1 %, the Orthopedic Joint Replacement Market will exhibit steady growth in the forecast period (2019-2026)
Knee Orthopedic Joint Replacement segment is expected to be the leading segment in Orthopedic Joint Replacement Market during the forecast period.
Introduction of robotic surgery and patient-specific 3-D printed implants are some of the factors anticipated to drive the growth of the Orthopedic Joint Replacement Market.
Zimmer Biomet, Johnson & Johnson Services, Inc. and Stryker are the top players in Orthopedic Joint Replacement Market.
North America is expected to hold the highest market share in the Orthopedic Joint Replacement Market.
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