Artificial Hip And Knee Joints Market To Reach $15.31 Billion By 2030

Artificial Hip And Knee Joints Market Growth & Trends

The global artificial hip and knee joints market size is expected to reach USD 15.31 billion by 2030, and is anticipated to grow at a CAGR of 2.85% from 2024 to 2030, according to a new report by Grand View Research, Inc. The demand for artificial hip & knee joints is expected to increase due to the growing prevalence of weakened bones, reduced bone density, and musculoskeletal disorders. The growing risk of degenerative bone diseases is another factor expected to propel market growth over the forecast period. Moreover, the growing awareness and the availability of minimally invasive surgical techniques, which offer multiple benefits, are likely to facilitate market growth during the projected period.

The growing adoption of minimally invasive procedures is due to these procedures resulting in lesser trauma and faster recovery than invasive ones. With shorter recovery periods, the duration of hospital stays for patients is reduced, consequently lowering the expenses related to both the surgery and the hospitalization. For instance, traditional knee replacement operations require an 8 to 10-inch-long vertical cut to access the joint. However, minimally invasive procedures are becoming more popular than open or invasive surgeries for several reasons, which are as follows,

• Economically viable due to short duration of hospital stays

• Fewer incision wounds lead to higher patient satisfaction

• Fewer cases of postsurgical complications and low mortality.

Major locally present companies are adopting strategies, such as mergers, collaborations, and product launches, to maintain a competitive edge. For instance, in September 2022, Smith+Nephew announced the introduction of its OR3O Dual Mobility System in Japan; the system can be used in both revision and primary hip arthroplasty procedures. The OR3O uses the company's OXINIUM on XLPE for its polyethylene inserts & femoral head and OXINIUM DH, an advanced bearing surface for its liner. Compared to traditional solutions, mobility implants provide a wider range of motion, lowering the risk of dislocation and enhancing stability.

Moreover, continuous research and development in the artificial hip and knee joints market aim to improve joints' longevity, functionality, and biocompatibility. This includes incorporating innovative materials, such as advanced ceramics and highly durable metals, and developing minimally invasive surgical techniques to enhance patient outcomes and reduce recovery times.

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Artificial Hip And Knee Joints Market Report Highlights

• Based on site, the knee joints segment dominated the market in 2023. The increasing prevalence of knee osteoarthritis and the availability of a large number of products boost the segment's growth

• Based on end use, the hospitals & surgery centers segment dominated market in 2023. The rising number of hospital admissions for bone fractures and injuries caused by road accidents is estimated to boost the market's growth.

• North America dominated the global market due to the presence of a large number of major market players, favorable government initiatives and reimbursement policies, and the launch of a diverse range of products and procedures aimed at restoring stability and functionality.

Artificial Hip And Knee Joints Market Segmentation

Grand View Research has segmented the global artificial hip and knee joints market based on site, end use, and region:

Artificial Hip And Knee Joints Site Outlook (Revenue USD Million, 2018 - 2030)

• Hip Joints

  • By Hip Product

    • Total Hip

    • Partial Femoral Head

    • Hip Resurfacing

    • Revision Hip

• Knee Joints

  • By Knee Product

    • Fixed-bearing Implants

    • Mobile-bearing Implants

  • By Knee Procedure

    • Total Knee Replacement

    • Partial Knee Replacement

    • Revision Knee Replacement

Artificial Hip And Knee Joints End Use Outlook (Revenue USD Million, 2018 - 2030)

• Hospitals & Surgery Centers

• Orthopedic Clinics

• Others

Artificial Hip And Knee Joints Regional Outlook Revenue USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • Spain

  • Italy

  • France

  • Denmark

  • Norway

  • Sweden

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • Thailand

  • South Korea

• Latin America

  • Brazil

  • Argentina

• MEA

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in Artificial Hip And knee Joints Market

• Exactech, Inc.

• CORENTEC Co., Ltd.

• Smith+Nephew

• Zimmer Biomet

• Enovis Corporation

• Johnson & Johnson (DePuy Synthes)

• Medacta International

• MicroPort Orthopedics, Inc.

• Stryker

• CONMED Corporation.