Joint Replacement Market Size (2024 - 2029)

The joint replacement market is projected to experience growth driven by an increasing prevalence of osteoarthritis, a rising number of orthopedic injuries, and a growing geriatric population. These factors are expected to enhance the demand for joint replacement procedures, contributing to the expansion of the market. Additionally, strategic initiatives by market players, such as partnerships and the launch of innovative products, are anticipated to further support market growth. However, the market's expansion may be constrained by the availability of alternative treatments and the high costs associated with joint replacement procedures.

Market Size of Joint Replacement Industry

Joint Replacement Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 19.10 Billion
Market Size (2029) USD 23.70 Billion
CAGR (2024 - 2029) 4.60 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Joint Replacement Market Major Players

*Disclaimer: Major Players sorted in no particular order

Joint Replacement Market Analysis

The Joint Replacement Market size is estimated at USD 19.10 billion in 2024, and is expected to reach USD 23.70 billion by 2029, growing at a CAGR of 4.60% during the forecast period (2024-2029).

The key factors driving the market growth include the increasing prevalence of osteoarthritis, the rising cases of orthopedic injury, and an increasing geriatric population. For instance, according to a study published by the Institute for Health Metrics and Evaluation in August 2023, more than 1 billion individuals are expected to be affected with osteoarthritis worldwide by 2050. With the huge burden of osteoarthritis, the demand for joint replacement is expected to increase, further boosting market growth.

Furthermore, the increasing geriatric population and several orthopedic injuries are also expected to drive the joint replacement market over the forecast period. For instance, according to the United Nations Population Fund’s India Ageing Report 2023, published in September 2023, the population aged 60 years and above was expected to rise from 149 million in 2022 to 347 million by 2050 in India. Since the geriatric population is more prone to orthopedic disorders, an increasing number of the geriatric population is expected to drive the market.

Furthermore, market players adopt various strategies, such as partnerships and new product launches, which are also expected to drive market growth. For instance, in March 2023, Stryker launched Mako SmartRobotics Mako Total Knee 2.0, which consists of a new intuitive design, customizable workflow, and other key features, including an innovative digital tensioner that allows surgeons to assess knee stability during total knee arthroplasty (TKA) surgery without additional instruments.

Similarly, in January 2022, Symbios launched the ORIGIN CR Total Knee System, which completes the ORIGIN product line with both monoblock and modular versions for lower back support. The product will allow surgeons to perform a custom posterior cruciate ligament (PCL)-preserving knee replacement. Thus, considerable market growth is expected over the forecast period due to such factors.

Therefore, factors such as the growing burden of osteoarthritis, the high burden of the geriatric population, and key market player initiatives are anticipated to contribute to the market growth. However, the availability of alternatives and the high cost of the procedure are likely to restrain the market growth over the forecast period.

Joint Replacement Industry Segmentation

As per the scope of the report, joint replacement surgery is performed most frequently to replace joints, which involves the complete or partial removal of the damaged joint and tissues to be replaced with new, man-made parts. The purpose of such a procedure is to relieve pain and restore a sense of normal function and mobility in the damaged joint. These joint replacement surgeries are predominantly suggested for patients undergoing severe pain and disability as a result of progressive arthritis. The devices for joint replacement surgeries include implants, grafts, and all other instruments related to joint replacement procedures.

The joint replacement market is segmented into procedure, products, and geography. By procedures, the market is segmented into hip replacement, knee replacement, shoulder, and other procedures. By products, the market is segmented into implants, bone grafts, and other products. The market is sub-segmented by implants into metallic, ceramic, and polymeric biomaterials. By bone grafts, the market is sub-segmented into allografts and synthetic. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America).

For each segment, the market size is provided in terms of USD value.

By Procedure
Hip Replacement
Knee Replacement
Shoulder
Other Procedures
By Products
Implants
Metallic
Ceramic
Polymeric Biomaterials
Bone Grafts
Allograft
Synthetic
Other Products
Geography
North America
Unite States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle-East & Africa
South America
Brazil
Argentina
Rest of South America
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Joint Replacement Market Size Summary

The joint replacement market is poised for significant growth over the forecast period, driven by the increasing prevalence of osteoarthritis, a rising number of orthopedic injuries, and a growing geriatric population. These factors are expected to substantially boost the demand for joint replacement procedures, as older adults are more susceptible to orthopedic disorders. The market is also witnessing a surge in product innovations and strategic initiatives by key players, such as partnerships and new product launches, which are further propelling market expansion. Notable advancements include the introduction of advanced surgical technologies and customizable workflows, enhancing the efficiency and outcomes of joint replacement surgeries.

In North America, the joint replacement market is experiencing robust growth due to the high burden of osteoarthritis and joint-related issues, coupled with increasing product approvals and innovative solutions from market players. The prevalence of arthritis in the region is driving the demand for joint replacement products, with significant contributions from the United States and Canada. The competitive landscape is marked by the presence of major companies like Stryker Corporation, Zimmer Biomet Holdings Inc., and Depuy Synthes, which are actively engaging in new product developments and collaborations to strengthen their market position. Despite the promising growth prospects, challenges such as the availability of alternative treatments and the high cost of procedures may pose constraints to market expansion.

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Joint Replacement Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increasing Prevalence of Osteoarthritis

      2. 1.2.2 Rising Number of Cases of Orthopedic Injury

      3. 1.2.3 Increasing Geriatric Population

    3. 1.3 Market Restraints

      1. 1.3.1 Availability of Alternatives

      2. 1.3.2 Cost of the Procedure

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Buyers/Consumers

      2. 1.4.2 Bargaining Power of Suppliers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD)

    1. 2.1 By Procedure

      1. 2.1.1 Hip Replacement

      2. 2.1.2 Knee Replacement

      3. 2.1.3 Shoulder

      4. 2.1.4 Other Procedures

    2. 2.2 By Products

      1. 2.2.1 Implants

        1. 2.2.1.1 Metallic

        2. 2.2.1.2 Ceramic

        3. 2.2.1.3 Polymeric Biomaterials

      2. 2.2.2 Bone Grafts

        1. 2.2.2.1 Allograft

        2. 2.2.2.2 Synthetic

      3. 2.2.3 Other Products

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 Unite States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Mexico

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Spain

        6. 2.3.2.6 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Australia

        5. 2.3.3.5 South Korea

        6. 2.3.3.6 Rest of Asia-Pacific

      4. 2.3.4 Middle East & Africa

        1. 2.3.4.1 GCC

        2. 2.3.4.2 South Africa

        3. 2.3.4.3 Rest of Middle-East & Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Rest of South America

Joint Replacement Market Size FAQs

The Joint Replacement Market size is expected to reach USD 19.10 billion in 2024 and grow at a CAGR of 4.60% to reach USD 23.70 billion by 2029.

In 2024, the Joint Replacement Market size is expected to reach USD 19.10 billion.

Joint Replacement Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)