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Joint diseases and related conditions causes degradation of cartilage and fluid between bones, which is necessary for smooth, painless, and quick movement of joints. Degenerative disorders such as osteoarthritis and stress related conditions results in abnormalities in the joints, which in turn, requires surgical procedure, arthroplasty. Arthroplasty is the medical procedure to treat joints for effective and pain free movement of the interlinked bones. The procedure is mostly carried out for large joints such as hip, shoulder, elbow, and knees. An ideal artificial joint is made to withstand joint biocompatibility, wear, kinetic impacts, and antibacterial properties. Various materials are used such as ceramic (silica, zirconia, hydroxyapatite, titanium nitride, and silicon nitride), alloys (titanium and Chromium cobalt based alloys), Oxinium, and polyethylene (cross-linked polyethylene and ultra-high molecular weight polyethylene). However, the combination of materials such as metal-on-metal, metal-on-ceramic, ceramic-on-metal, metal-on-polyethylene, and ceramic-on-polyethylene are widely used in the market.
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Rising geriatric population and obese individuals is leading to the musculoskeletal disorders, hypertension, and other lifestyle diseases. Osteoarthritis is the most prevalent musculoskeletal disease affecting geriatric population, causing a rise in demand for artificial joints. Moreover, the artificial joints with integrated circuits and other R&D initiatives relevant to the artificial joints accessing brain neuron impulses are expected to further drive growth of the market. However, factors such as high cost of artificial joints and product recalls are expected to hamper growth of the market.
According to the estimates of American Joint Replacement Registry (AJRR), hip or knee surgeries are performed on around 7 million people in the U.S. Hip and Knee surgeries account for more than 85% of the total joint replacement surgeries in the U.S. Similarly, according to National Joint Registry, in 2016, around 101,651 hip, 108,713 knees, 6,967 shoulders, and 722 elbow replacement surgeries were performed in U.K.
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North America is expected to hold a dominant position in the global artificial joints market over the forecast period. This is mainly due to presence of developed healthcare infrastructure, high healthcare expenditure, and continuous R&D initiatives in the development of artificial joints. Asia Pacific is projected to exhibit above average growth over the forecast period, owing to the presence of large pool of population suffering from joint related diseases coupled with presence of untapped market opportunity and developing healthcare infrastructure.
Table of Contents
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Top players in the market
Global artificial joints market is oligopolistic in nature with few players holding majority of the share. Various strategies are adopted by market players such as new product launches, acquisitions, and agreements, in order to retain their market position. In 2017, Exactech Inc., a US based medical device maker, announced that it agreed to be acquired by TPG Capital to go private. With the purchase, the private equity firm plans to compete with larger players in the orthopedic industry.
Some of the major players operating in the global artificial joints market are Abbott Laboratories, Boston Scientific, Stryker Corporation, Intuitive Surgical Inc., Zimmer Biomet Holdings Inc., Smith and Nephew Plc, Varian Medical Systems, Sonova Holdings AG., Aesculap AG, Arthrex, Globus Medical, and JRI orthopedics.
Research methodology adopted by Coherent Market Insights
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• Primary Research (Trade Surveys and Experts Interviews)
• Desk Research
• Proprietor Data Analytics Model
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
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