Joint Replacement Market is Set to Experience a Significant Growth of 4.52% CAGR from 2022 To 2031

The global joint replacement market is expected to witness a CAGR of 4.52% during the forecast period. Certain factors that are driving the market growth include the increasing prevalence of osteoarthritis, the rising cases of orthopaedic injury, and an increasing geriatric population.

Osteoarthritis plays a significant role in driving the joint replacement market by influencing the procedure volume. According to data provided by the Arthritis Foundation, in 2017, about 54.4 million adults in the United States had doctor-diagnosed arthritis. Along with this, osteoarthritis is the most common type of arthritis in the United Kingdom, predicted to affect nearly 9 million people.

Other factors, such as an increasing geriatric population and a number of orthopaedic injuries are also expected to drive the joint replacement market over the forecast period.

However, the cost of this procedure is becoming a major hindrance for the growth of the joint replacement market especially in the developing and the underdeveloped countries. According to the research article “The Cost of Joint Replacement”, published in 2018, the total cost per hip replacement was USD 22,076, whereas total cost per knee replacement was USD 29,488. Additionally, the presence of alternative methods is also restraining the market’s growth.

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Key Market Trends

Knee Replacement is Expected to Hold a Significant Market Share in the Procedure Segment

The knee replacement segment is the leading segment, expected to witness major growth during the forecast periods, owing to the rising burden of the geriatric population, the growing prevalence of osteoarthritis and other chronic diseases like osteoporosis, and diabetes.

Total knee arthroplasty (TKA), also known as total knee replacement, is one of the most frequently performed orthopaedic procedures. Along with this, several studies have revealed the improvement in functionality after knee arthroplasty in the obese population.

According to the Agency for Healthcare Research and Quality, more than 600,000 knee replacements are performed each year in the United States. Similarly, Data from “The Second Australian Atlas of Healthcare Variation” showed that 53% of total knee replacements in Australia are due to obesity, as obesity puts excess pressure on weight-bearing joints.

The Market is Dominated by North America and is Expected to Remain the Same in the Forecasted Period

Owing to the presence of well-established healthcare facilities, the rise in geriatric population in the region, and certain other factors, like the rising number of orthopaedic procedures, North America is likely to dominate the joint replacement market. In general, hip, knee and other joint replacement procedures are among the most common elective surgeries in the United States. The average age of patients undergoing hip replacement operations although continues to decrease, but more men are undergoing these operations than in the past, according to a study presented at the American Academy of Orthopaedic Surgeons’ annual meeting.

According to the American Academy of Orthopedic Surgeons, by 2030, total knee replacement surgeries are projected to grow 673% to 3.5 million procedures per year. This high projected number is indicative of the likely market growth during the forecast period. In addition, the market is also driven by the presence of all the leading manufacturers of the studied market.

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