Joint Replacement Market Worth $25.4 Billion By 2028 | CAGR: 3.4%

Joint Replacement Market Growth & Trends

The global joint replacement market size is expected to reach USD 25.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.4% from 2021 to 2028. The growing incidence of orthopedic diseases and the increasing number of the target population are boosting the market growth.

According to the Centers for Disease Control and Prevention, 1 in every 4 adults in the U.S. is suffering from arthritis in 2019. In addition, it is projected that by 2040, approximately 78 million of the U.S. adult citizens aged 18 years or older will suffer from arthritis diagnosed by doctors. This upsurge in the number of patients suffering from arthritis is increasing the number of joint replacement surgeries.

Moreover, the increasing demand for minimally invasive joint replacement operations is likely to propel the market over the forecast period. In addition, growing awareness about day surgeries, increasing healthcare reimbursement, and rapid adoption of advanced technologies are some of the key factors expected to contribute to market growth over the coming years. The COVID 19 had negatively impacted the market in 2020. However, it started recovering during the third quarter of 2020 and is expected to pace up in the coming years.

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Joint Replacement Market Report Highlights

• The knee replacement was the largest revenue-generating segment of the market in 2020. This contribution is mainly because of the increased demand for these surgeries and continuous technological advancements

• The cemented fixation segment dominated the market and accounted for the largest revenue share of over 49.0% in 2020. The associated advantages such as its low revision rate, better acceptance, lesser hospital stay among others are boosting segment growth

• The total replacement segment held the largest revenue share of over 64.0% in 2020. The growth can be attributed to the increased number of this kind of surgery and continuous technological advancements by the leading industry players

• The hospitals held the largest revenue share in 2020. The growth can be attributed to advanced treatment options and a large number of patient footfalls

• North America dominated the market in the year 2020. The growing target population and favorable reimbursement policies along with the advanced healthcare infrastructure are anticipated to contribute to market growth

Joint Replacement Market Segmentation

Grand View Research has segmented the global joint replacement market on the basis of product, fixation type, end-use, procedure, and region:

Joint Replacement Product Outlook (Revenue, USD Million, 2016 - 2028)

• Knees

• Hips

• Extremities

  • Upper

  • Lower

Joint Replacement Fixation Type Outlook (Revenue, USD Million, 2016 - 2028)

• Cemented

• Cementless

• Hybrid

• Reverse Hybrid

Joint Replacement End-use Outlook (Revenue, USD Million, 2016 - 2028)

• Hospitals

• Orthopedic Clinics

• Others

Joint Replacement Procedure Outlook (Revenue, USD Million, 2016 - 2028)

• Total Replacement

• Partial Replacement

• Others

Joint Replacement Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • Japan

  • China

  • India

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East and Africa

  • South Africa

  • Saudi Arabia

List of Key Players of Joint Replacement Market

• Johnson & Johnson Services, Inc. (DePuy Synthes)

• Stryker

• Zimmer Biomet

• Smith+Nephew

• DJO, LLC

• Arthrex, Inc.

• Exactech, Inc.

• Conformis

• MicroPort Orthopedics

• Corin Group