Joint Replacement Market Size

Joint Replacement Market Analysis

The Joint Replacement Market size is estimated at USD 19.10 billion in 2024, and is expected to reach USD 23.70 billion by 2029, growing at a CAGR of 4.60% during the forecast period (2024-2029).

The outbreak of COVID-19 adversely impacted the joint replacement market initially. For Instance, according to the NCBI research study published in April 2021, the first national lockdown on volume declined due to postponed joint replacement surgeries. The same source also stated that COVID-19 further hampered access to surgery and lengthened wait times for operations due to the rising waiting lists for joint replacement surgeries and the rising prevalence of osteoarthritis. However, with the ease of restriction and resumption of surgeries, the market started to gain traction and is expected to continue the upward trend over the forecast period.

The key factors driving the market growth include the increasing prevalence of osteoarthritis, the rising cases of orthopedic injury, and an increasing geriatric population. For Instance, according to arthritis statistics 2022 published by the SingleCare team in January 2022, 2021 more than 350 million people have arthritis globally. With the growing incidences of osteoarthritis, the demand for joint replacement is expected to increase, further boosting market growth. Furthermore, the increasing geriatric population and several orthopedic injuries are also expected to drive the joint replacement market over the forecast period. For Instance, according to the WHO report published in October 2022, in 2030, 1 in 6 people in the world will be over 60 years old. The same source also stated that the proportion of the population aged 60 and over will increase from 1 billion in 2020 to 1.4 billion. Furthermore, by 2050, the world's population of people aged 60 and over will be doubled. Since the geriatric population is more prone to orthopedic disorders, an increasing number of the geriatric population is expected to drive the market.

Furthermore, adopting various strategies, including partnerships, mergers, and acquisitions by key market players and product launches, is also expected to drive market growth. For Instance, in March 2023, Stryker launched Mako Total Knee 2.0, the next chapter in Mako SmartRobotics, at the AAOS 2023 Annual Meeting in Las Vegas. The Mako Total Knee 2.0 consists of a new intuitive design, customizable workflow, and other key features, including an innovative digital tensioner that allows surgeons to assess knee stability during total knee arthroplasty (TKA) surgery without additional instruments. Similarly, in January 2022, Symbios launched the ORIGIN CR Total Knee System, which completes the ORIGIN product line with both monoblock and modular versions for lower back support. The product will allow surgeons to perform a custom posterior cruciate ligament (PCL)--preserving knee replacement. Thus, considerable market growth is expected over the forecast period due to such factors.

However, the availability of alternatives and the high cost of the procedure are likely to restrain the market growth over the forecast period.