Pune, June 01, 2020 (GLOBE NEWSWIRE) -- The global orthopedic joint replacement market size is predicted to reach USD 26,967.9 million by 2026 exhibiting a CAGR of 5.1% during the forecast period. The increasing prevalence of bone diseases among the geriatric population will bolster healthy growth of the market during the forecast period, states Fortune Business Insights in a report, titled "Orthopedic Joint Replacement Market Size, Share and Industry Analysis By Product (Knee, Hip, Shoulder, Ankle, Others), By Procedure (Total Replacement, Partial Replacement, Others), By End User (Hospital, Ambulatory Surgical Centers, Orthopedic Clinics, Others), and Regional Forecast 2019-2026" the market size stood at USD 19,051.2 million in 2018. The rising cases of osteoarthritis will spur opportunities for the market in the foreseeable future.
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Market Driver:
Advent of Robotic Surgery to Aid Robust Development
The growing demand for orthopedic joint implants will provide an impetus to the market. The adoption of robotic surgery and patient-specific 3-D printed implants will have a tremendous impact on the global market during the forecast period. The rising favorable reimbursement policies will favor the healthy growth of the market during the forecast period. in 2017, the Centers for Medicare and Medicaid Services added coverage of US$ 10,122.0 for outpatient total knee replacement procedures. The growing government initiatives will encourage the healthy growth of the market during the forecast period. The growing surgeries for knee replacement will impel companies to introduce innovative products for the prevailing incidents.
For instance, the release of ATTUNE Revision Knee System, Persona Partial Knee System, JOURNEY II XR Total Knee, and others by major players will positively influence the growth of the market. Furthermore, the shoulder segment is predicted to account for the lion's share during the forecast period. The rising emphasis on the development of innovative shoulder implants by key manufacturers will accelerate the segment's growth. The surge in the number of shoulder replacement surgeries can be a vital factor in propelling the growth of the market. In addition, the rising acceptance of joint replacement solutions by orthopedics will consequently create opportunities for the market in the forthcoming years.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Regional Analysis:
Propitious Reimbursement Policies to Boost Growth in North America
The market in North America is likely to account for the lion's share during the forecast period owing to the rising demand for joint implants. The favorable reimbursement policies along with rising replacement surgeries in outpatient settings will contribute to the growth of the market in North America. Europe is expected to rise tremendously during the forecast period owing to the growing number of joint replacement procedures.
The emergence of domestic manufacturers will have a positive impact on the European market. Asia Pacific is likely to witness an exponential growth rate due to the increase in orthopedic clinics. The rapid adoption of orthopedic products and active government support will encourage growth in the region. Nonetheless, the growing incidence of osteoarthritis in patients will promote the growth of the market in the region. In addition, the rising geriatric population will further enhance growth in the Asia Pacific.
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Key Development:
August 2019: Globus Medical announced that it has signed an agreement with StelKast, one of the manufacturers of knee and hip implants.
March 2018: Smith & Nephew announced the release of bi-cruciate retaining JOURNEY II XR total knee arthroplasty (TKA) in the U.S and Japan.
List of Key Companies Operating in the Orthopedic Joint Replacement Market are:
- Stryker
- Johnson & Johnson Services, Inc.
- Smith & Nephew
- Zimmer Biomet
- Wright Medical Group N.V.
- Integra LifeSciences
- Braun Melsungen AG
- Bioimpianti
- Conformis
- MicroPort Scientific Corporation
- Other players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Number of Orthopedic Replacement Procedures - For Key Countreis, 2017
- Regulatory Scenario - For Key Countries
- Overview of Reimbursement Policies, in Key Countries
- New Product Launch
- Key Industry Developments - Mergers, Acquisitions and Partnerships
- Global Orthopedic Joint Replacement Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Knee
- Hip
- Shoulder
- Ankle
- Others
- Market Analysis, Insights and Forecast – By Procedure
- Total Replacement
- Partial Replacement
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Ambulatory Surgical Centers
- Orthopedic Clinics
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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