NEW YORK, Sept. 28, 2020 /PRNewswire/ -- The factors projected to drive the market during the forecast period are global demand for minimally invasive diagnostic and surgical procedures, rising prevalence of orthopedic diseases, and increasing patient base due to the expanding population.
Joint Reconstruction Devices Market Size – USD 22.49 Billion in 2019, Joint Reconstruction Devices Market Growth - CAGR of 6.3%, Joint Reconstruction Devices Industry Trends –High demand from developing nations
VNCOUVER, B.C., September 28, 2020 - The Global Joint Reconstruction Devices Market is expected to reach USD 36.81 Billion by 2027, according to a new report by Emergen Research. The growing incidences of orthopedic and musculoskeletal disorders causing discomfort, weakness, and inflammation in joints like knee, hip, shoulder, and ankle, among others, and the need to treat them is likely to drive the market growth in the forecast period. Moreover, a rise in life expectancy leads to rising cases associated with joint disorders, particularly in developing nations, thereby substantially driving the market growth of joint reconstruction devices.
The high use of minimally invasive medicine worldwide has contributed to scientific advancements in medical instruments and procedures. The market for joint reconstruction devices is tied mainly to technological development. A growing number of studies to enhance bionic implants and robotic surgeries are anticipated to play an instrumental role in propelling the market demand.
Growth in the geriatric population in leading countries in the APAC region, including China, India, South Korea, and Japan, would raise demand for joint reconstruction devices. The APAC region is experiencing a considerable rise in the population of people aged more than 65 years, thus requiring frequent usage of joint replacement devices attributed to the aging bone tissues. As per the WHO (World Health Organization), the mean life expectancy of people is 82.3 years of age and 83.7 years of age in South Korea and Japan, respectively. As a result of the growing geriatric population at a higher risk of becoming affected by musculoskeletal disorders, the demand for various joint reconstruction devices is expected to increase over the coming next 5-7 years.
However, concerns associated with the biocompatibility of devices used in joint reconstruction in the joint surgical replacement procedure may lead to a rise in failure rates of the implanted device, therefore hampering the growth of the market.
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Key Highlights From The Report
By type, the ankle type accounted for a revenue of USD 5.69 billion in 2019 in the joint reconstruction devices market and is likely to rise with a CAGR of 6.7% in the forecast period as they are designed to provide patients with faster and longer-term relief, conducted through arthroscopy.
By technique, the arthroscopy technique is expected to grow with a CAGR of 6.1% in the forecast period as many of these procedures are conducted under local anesthetics, reducing the overall procedure rate directly related to the rising incidence of the disorders linked with the joint.
By application, the orthopedic clinic applications segment significantly contributes to the joint reconstruction devices market, due to the broad population of cases comprising primarily of people recovering from orthopedic disorders as they are surgically implanted, were mostly treated in clinics.
North America dominated the market for Joint Reconstruction Devices in 2019, due to variables such as the involvement of a vast number of market participants, the increasing incidence of joint diseases, supportive healthcare programs, and high disposable incomes of patients. The North America region held approximately 42.1% of the market, followed by Europe, which contributed to around 26.0% market in the year 2019
Key participants include Nuvasive Inc., Aesculap Implant Systems LLC, Stryker, Smith and Nephew, Medtronic, CONMED Corporation, Zimmer-Biomet, DJO Global Inc., DePuy Synthes Companies, and Microport Scientific Corporation, among others.
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Emergen Research has segmented the Global Joint Reconstruction Devices Market on the basis of type, technique, application, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
Technique Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Ambulatory Surgical Centers
Regional Outlook (Revenue, USD Billion; 2017-2027)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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SOURCE Emergen Research