Market Trends of Joint Reconstruction Devices Industry
This section covers the major market trends shaping the Joint Reconstruction Devices Market according to our research experts:
Joint Replacement Devices Segment is Expected to Witness a Significant Growth Over the Forecast Period.
The joint replacement devices segment is expected to witness significant growth over the forecast period owing to the increase in the geriatric population, the increase in degenerative knee diseases, and technological developments.
The increasing number of joint replacement surgery occurring globally is contributing to the growth of this segment. For instance, an article published in the journal, J. Orthop. Surg. Res., in October 2022, reported a significant increase in the number of osteosynthesis implants and joint replacement implants in the past decade, and the demand for knee replacement in the United States is expected to increase by 673% by 2030. Thus, the high demand for joint replacement surgery is propelling the growth of this segment.
Similarly, the increasing geriatric population globally is also propelling the growth of this segment, as the geriatric population is more prevalent in joint surgeries and the increasing their increasing population is expected to drive the growth of the studied market. For instance, United Nations 2022, factsheet reported that in 2022, about 9.7% population in the world aged 65 and above, and this number is expected to increase by 16.4% by 2050. Thus, the high geriatric population is propelling the growth of this segment.
The safety and efficacy of medical devices and technological advancements such as product launches, mergers, acquisitions, and partnerships are propelling the growth of this segment. For instance, in July 2022, Enovis launched a wearable device for knee and hip replacement. The system is said to be the only proprietary, real-time, hands-free augmented reality (AR) technology that has been developed to provide orthopedic surgeons with precision guidance visualization while performing hip and knee surgery. Similarly, in April 2022, a joint replacement device CUVIS third generation active and fully automated joint replacement system in one of the hospitals in India. Thus, such technological advancements is driving the growth of the segment.
Thus, due to the aforesaid reasons, the segment is expected to witness a significant over the forecast period.
North America is Expected to Witness a Significant Growth Over the Forecast Period
North America is expected to witness significant growth during the forecast period due to the increasing number of surgeries, the rising aging population with increasing orthopedic conditions, and the preference toward minimally invasive procedures.
The increasing number of joint surgeries in the region is propelling the growth of this market in the region. For instance, an article published in Arthroplasty Today in February 2022 reported that the AJRR 2021 accounted for 2,244,587 primary and revision hip and knee arthroplasties in the last decade. Most of the surgeries were primary total knee arthroplasty (54.5%) and primary total hip arthroplasty (38.6%). Female patients represented 58.5% of all procedures, while male patients represented 38.6% of all cases. The article reported a significant increase in these surgeries as compared to previous years. A high percentage of the geriatric population undergoes these surgical procedures. Thus, a high number of joint replacement surgical procedures is driving the growth of this market in the region.
The other two North American countries, Canada and Mexico, are also propelling the growth of the market owing to the increase in the geriatric population and technological development. In April 2022, Statistics Canada reported that there were 7.3 million people aged 65 and older in the country. Also, the population aged 85 and older is one of the fastest-growing age groups, with a 12% increase in the last six years. Thus, an increasing geriatric population is associated with an increase in joint reconstruction surgery, thereby propelling the market studied in the region.
Technological advancements by key market players are propelling the growth of this market in the region. For instance, in October 2022, Orthofix and SeaSpine combined in a merger of equals to create a global spine and orthopedics company. The combined company will be a global spine and orthopedics company. It will have highly complementary portfolios of biologics, innovative spinal hardware, bone growth therapies, specialized orthopedic solutions, and a surgical navigation system.
Thus, due to the above-mentioned factors, the region is expected to witness significant growth during the forecast period.
