The Artificial JointsMarket was valued at US$ 17.89 billion in 2021 and is expected to reach US$ 39.2 billion by 2031. The market is expected to register a CAGR of 7.3% from 2023–2031. Research & Development (R&D) activities is likely to remain key Artificial Joints Market trends.
Joint replacements have become an intrinsic factor for maintenance and restoration to treat a wide range of musculoskeletal problems among musculoskeletal disorders. For instance, in 2019, in England, more than 200,000 hip and knee replacements were performed, with 189 hip replacements and 130 knee replacements. Therefore, with rising musculoskeletal disorders, there is an accelerated demand for artificial joints. Modern artificial joints are high-tech products made from specialized materials using unique technological equipment. These designs are justified and designed based on system analysis methods, the physiological state of the patients, and the elimination of the complications. Therefore, the development of modern artificial joints with non-invasive surgery option, less painful for the patients are the most influential factors responsible for artificial joints market growth during 2021-2031.
Technology, innovation, and smart technological solutions such as continue to influence Artificial Joints significantly. Rising musculoskeletal disorders and smart technologies in artificial jointsare the most influential factors responsible for Artificial Joints Market growth. Research & Development (R&D) activities is a key trend for Artificial Joints Market growth. Innovations in materials will provide lucrative market opportunity.
Manufacturers want to design smart orthopaedic implants that monitor progression in patients. Webster is one such manufacturer that is in the process of development of smart orthopaedic implants that monitor patients progression and then transmit the information to healthcare professionals through radio and a handheld device. If infection occurs, the implants could not only alert doctors, but also can release a drug. Traditionally, strong and lightweight titanium is a material choice for artificial implants. However, Webster is using a different material other than titanium with an oxidized surface that's coated with carbon nanotubes with working as an electrode. By applying a voltage and measuring the conductivity of the implant surface, doctors could use the nanotubes to sense one of the three things that can happen to an implant. Therefore, smart artificial joints will take a considerable market in the coming years and even top manufacturers like Zimmer Biomet will develop devices that will overcome traditional artificial joints implants methods.
With innovation in surgical techniques, procedures like hip replacements and knee operations have become a common practice. Additionally, innovation in artificial joint materials will provide lucrative market opportunities for the manufacturers in the long run. For example, the development of a patented type of nylon can be used as an extra coating on top of the plastic surface of a replacement joint. This surface covers the ball part of a ball-and-socket joint, usually composed of an "ultra-high-molecular-weight polyethylene (UHMWPE)" material. Additionally, experiments are still being done using nylon coating to merge with the UHMWPE to create a new material with exciting characteristics. Therefore, material innovation in artificial joints will provide lucrative market opportunities accounting for considerable market share in the coming years.
Key segments that contributed to the derivation of the Artificial Joints Market analysis are candidature and services.
The geographic scope of the Artificial JointsMarket report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the Artificial Joints Market. In North America, US accounts considerable share for artificial joints. Presence of top medical manufacturers present in the US and rising R&D activities in terms of materials are the most influential factors responsible for market growth. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
The regional trends and factors influencing the Artificial Joints Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Artificial Joints Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 17.89 Billion |
| Market Size by 2031 | US$ 39.2 Billion |
| Global CAGR (2023 - 2031) | 7.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Artificial Joints Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Artificial Joints Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Artificial JointsMarket is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Artificial Joints and strategies:
The “Artificial JointsMarket Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: