Orthopedic Joint Replacement Market Size to Record 7.9% CAGR Over 2023-2030; Innovations in Robotic Surgeries to Accelerate Adoption of Joint Replacement Devices

The global orthopedic joint replacement market size touched USD 20.80 billion in 2022 and is predicted to reach USD 22.28 billion in 2023. The market is anticipated to touch USD 37.99 billion by 2030, recording a CAGR of 7.9% over 2023-2030.

Fortune Business Insights™ presents this information in its latest report titled “Orthopedic Joint Replacement Market Size, Share & COVID-19 Impact Analysis, By Product (Knee, Hip, Shoulder, Ankle, and Others), By Procedure (Total, Partial, and Others), By End user (Hospitals & ASCs, Orthopedic Clinics, and Others) and Regional Forecast, 2023-2030”.

Joint-related ailments, such as osteoarthritis are increasing at a steady pace across the world due to factors, such as old age, obesity, and injuries. Osteoarthritis is one of the most common disorders that majorly affects the elderly population. The growing percentage of elderly population has also increased the volume of joint replacement surgeries. This scenario is predicted to fuel the orthopedic joint replacement market growth in the coming years.

Reduction in Orthopedic Procedures Restrained Market Growth During Pandemic

The COVID-19 pandemic had a negative impact on the market progress as most hospitals had chosen to either postpone or cancel elective surgeries, which also includes orthopedic joint replacement surgeries. Since hospitals had dedicated most of their medical resources to treating COVID-19-positive patients, the demand for joint replacement surgeries dropped considerably, impeding the market progress.

Australian Orthopedic Surgeon Conducted First 3D Printed Custom Knee Replacement Surgery

In November 2022, an Australian orthopedic surgeon carried out the first 3D-printed, custom knee replacement surgery in Victoria. It was a U.S.-made technology which was made available across Australia since March 2022. The development is set to create market opportunities and also create demand for the customers

Innovations in Robotic Surgeries to Accelerate Adoption of Joint Replacement Devices

Surgical robots are gaining immense popularity in the healthcare industry, more so in the field of orthopedics, as these machines can dramatically increase the efficiency of surgical procedures. Many hospitals today are offering the option of robotic surgeries to treat a wide variety of orthopedic ailments. Many manufacturers are also focusing on developing surgical robots that can effectively carry out spinal fusion procedures by using their navigation tools and implants. For example, in November 2021, Smith & Nephew launched the CORI handheld robotics to assist surgeons in both total and partial knee arthroplasties. Such initiatives and developments in the industry are predicted to boost the demand for orthopedic joint replacement devices.

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https://www.fortunebusinessinsights.com/industry-reports/orthopedic-joint-replacement-market-100314

Key Market Players to Focus On New Product Launches to Maintain Their Lead Position

Stryker Corporation, Zimmer Biomet, Smith & Nephew, and Johnson and Johnson Services, Inc. are some of the top players operating in this market. These companies have held a dominant share of the industry as they have a diversified portfolio of joint implants for both lower and upper extremities. They are also increasing their focus on launching new products to cater to the unique medical requirements of their clients. These initiatives will not only help them expand their customer base, but also strengthen their competitive edge.

Notable Industry Development:

• November 2022: Zimmer Biomet Holdings, Inc. announced that it had received the 510(k) clearance from the U.S. FDA for its Persona OsseoTi Keel Tibia for cement-less knee replacement.

List of the Companies Profiled in the Report:

• Stryker (U.S.)


• Johnson & Johnson Services, Inc. (U.S.)


• Smith + Nephew (U.K.)


• Zimmer Biomet (U.S.)


• B. Braun Melsungen AG (Germany)


• Bioimpianti (Italy)


• Conformis (U.S.)


• MicroPort Scientific Corporation (China)


• Enovis (U.S.)

Further Report Findings

• North America captured a dominant market share in 2022 and might maintain its lead position in the global market during the forecast period. Factors, such as rising availability of different options to treat chronic orthopedic ailments and growing awareness regarding innovative joint implants are expected to improve the regional market outlook.


• The market in Asia Pacific is predicted to record the highest CAGR during the forecast timeframe as the region has a vast pool of patients suffering from severe orthopedic disorders. The regional governments are also increasing their investments in the healthcare sector, which will further boost the regional demand for orthopedic joint replacement.


• The total replacement segment accounted for the biggest share in the market in 2022 as a bigger range of products were readily available for this type of procedure as compared to that for reverse, partial, and revision replacement surgeries.

Table of Segmentation