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Orthopedic Joint Replacement Market to Rise at 7.6% CAGR Hit USD 26.89 Billion by 2027; Increasing Number of Orthopedic Specialists Worldwide to Aid Growth: Fortune Business Insights™

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Pune, India, Nov. 30, 2020 (GLOBE NEWSWIRE) — The global orthopedic joint replacement market size is projected to reach USD 26.89 billion by 2027, exhibiting a CAGR of 7.6% during the forecast period. The development and introduction of surgical robots for performing orthopedic procedures will open a new dimension of growth for this market, observes Fortune Business Insights™ in its report. North America, with a market size of USD 7.23 billion in 2019, is expected to dominate the orthopedic joint replacement market share during the forecast period. The prime mover for this market is the advancements made in orthopedic technologies in the region and the active adoption of next-gen solutions by patients and doctors.Industry Developments:July 2020: Paragon 28 secured approval from the US FDA for its total ankle replacement technology called APEX 3D. The technology comprises of 3D-printed implants and cross-linked polyethylene components infused with vitamin E to ensure the stability and long life of the implant.July 2020: Smith & Nephew announced the release of RI.HIP NAVIGATION for total hip arthroplasty (THA). The system enables the surgeon to control the patient’s pelvic tilt, offset measurement, and leg length as well as provides a post-operation X-ray during surgery.
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The acceptance of robot-assisted surgeries is widening in the healthcare industry, with hospitals rapidly installing cutting-edge health technologies to boost the efficiency of doctors and other healthcare professionals. Shaping these changing dynamics are some of the leading medical device companies that are constantly innovating and developing novel robotic solutions, especially in orthopedics.Contracting Demand for Orthopedic Procedures amid COVID-19 to Limit Market GrowthMounting fears over catching the coronavirus at healthcare facilities has kept patients away from hospitals, which has deeply impacted the demand for non-essential procedures such as joint replacement surgeries. This has had a dramatic effect on hospital revenues worldwide.In the US, for example, researchers from the Johns Hopkins University School of Medicine found that cancellation of elective procedures would result in revenue losses ranging between USD 16.3 billion and USD 17.7 billion per month and between USD 4 billion and USD 5.4 billion in net income for hospitals across the US. Furthermore, governments have been prioritizing treatment for coronavirus patients over other patients.For example, in April 2020, the UK’s National Health Service (NHS) instructed all hospitals in the UK to postpone al elective procedures by 3 months. In Germany, research by the University of Bonn showed that orthopedics being an unrelated specialty to COVID-19, orthopedic surgeons, especially self-employed ones, are under tremendous financial stress. The health crisis caused by COVID-19 will, thus, inhibit the orthopedic joint replacement market growth.  
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Technological Advancements in Orthopedics to Accelerate Market Growth in North AmericaNorth America, with a market size of USD 7.23 billion in 2019, is expected to dominate the orthopedic joint replacement market share during the forecast period. The prime mover for this market is the advancements made in orthopedic technologies in the region and the active adoption of next-gen solutions by patients and doctors. Robust healthcare infrastructure will also provide the necessary impetus for the regional market growth.In Europe, increasing prevalence of osteoarthritis and the presence of a large number of medical device companies will play an instrumental role in fueling the growth of the regional market. Asia Pacific is anticipated to generate incredible opportunities in the forthcoming years owing to expanding budgetary outlays for healthcare in India and China, improving per capita healthcare spending, and evolving health infrastructure.
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Key Players to Benefit from Supportive Regulatory ClimateRegulatory bodies such as the US Food and Drug Administration (FDA) are providing timely approvals to innovative orthopedic joint replacement products by key players. This is encouraging other market participants to increase their R&D capacities and develop and launch novel solutions to cater to the surging demand for joint replacement procedures.List of Key Companies Profiled in the Market for Orthopedic Joint Replacement:Stryker (U.S)Johnson & Johnson Services, Inc. (U.S)Smith & Nephew (U.K)Zimmer Biomet (U.S)Integra LifeSciences (U.S)B. Braun Melsungen AG (Germany)Bioimpianti (Italy)Conformis (U.S)MicroPort Scientific Corporation (China)Other players
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Table of Contents:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesMarket TrendsKey InsightsPrevalence of Osteoarthritis – For Key Countries, 2019Prevalence of Rheumatoid Arthritis – By Region, 2019Distribution of Arthroplasty Procedures, by Type, United States, 2018Joint Replacement Surgery- SnapshotPrevalence of Key Disease Conditions – For Key CountriesKey Industry Developments – Mergers, Acquisitions, PartnershipsKey Industry Developments – New Product Launches (Orthopedic Sector)Key Industry Developments – New Product Launches (Hip & Knee)Overview of the Regulatory Scenario by Key CountriesOverview of the Reimbursement Scenario by Key CountriesMajor Factors Driving the Impact of COVID-19Global Orthopedic Joint Replacement Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By ProductKneeHipShoulderAnkleOthersMarket Analysis, Insights and Forecast – By ProcedureTotal ReplacementPartial ReplacementOthersMarket Analysis, Insights and Forecast – By End UserHospitalsAmbulatory Surgical CentersOrthopedic ClinicsOthersMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia PacificLatin AmericaMiddle East & Africa
TOC Continued….!
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SECONDARY DATA SOURCES THAT WE REFER TO:Annual reports, investor presentation, SEC filings, and press releases of companies operating in the marketStudies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, ClinicsIndustry journals and paid databasesSECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companiesDetails in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facilityNumber of procedures and average price of proceduresReplacement rate and pricing of capital equipmentMarket dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunitiesMarket & technological trends, new product developments, product pipeline.
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