Artificial Joints Market Size, Growth, Share by 2031
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.
Artificial JointsMarket Analysis
Rising Musculoskeletal Disorders
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.
Artificial JointsMarket Overview
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.
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Artificial Joints Market: Strategic Insights
Market Size Value in US$ 18,356.80 Million in 2019 Market Size Value by US$ 28,614.88 Million by 2027 Growth rate CAGR of 5.8% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Artificial Joints Market: Strategic Insights
| Market Size Value in | US$ 18,356.80 Million in 2019 |
| Market Size Value by | US$ 28,614.88 Million by 2027 |
| Growth rate | CAGR of 5.8% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Artificial JointsMarket Drivers and Opportunities
Smart Technologies in Artificial Joints to Favor Market
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.
Innovations in Materials for Artificial Joints Market– An Opportunity
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.
Artificial Joints
Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Artificial Joints Market analysis are candidature and services.
- Based on Type, the Artificial Joints Market is bifurcated into cemented joints and non-cemented joints. The cemented joints may hold a larger market share in 2023.
- Based on Material, the Artificial Joints Market is segmented into ceramics, alloys, oxinium, and others. The ceramics may hold a larger market share in 2023.
- Based on Application, the Artificial Joints Market is segmented into artificial joints of knee, artificial joints of hip, artificial joints of shoulder, and others. The artificial joints of knee may hold a larger market share in 2023.
- Based on End User, the Artificial Joints Market is segmented into Hospitals, Ambulatory Care Centers, and Others. The Hospitals may hold a larger market share in 2023.
Artificial Joints Market Share Analysis by Geography
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.
Artificial Joints
Market Report Scope
Artificial JointsMarket News and Recent Developments
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:
- In February 2020, RSIP Vision announced introducing a computer-based vision technology to more accurately visualize bone before knee and hip replacement procedures to reduce human error.
Artificial JointsMarket Report Coverage and Deliverables
The “Artificial JointsMarket Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Material , Application , End User and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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