Global Joint Replacement Devices Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Joint Replacement Devices Market 2021 (Includes Business Impact of COVID-19)
Global Joint Replacement Devices Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2030 is a recent report generated by Trusted Business Insights. The global joint replacement devices market report has been segmented on the basis of product type, fixation, technique, indication, end-use industry, and region
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The global Joint Replacement Devices market size was valued at USD $18.02 billion in 2020 and is projected to reach $27.47 billion by 2030, and is anticipated to expand at a CAGR of 4.30% over the forecast period from 2020 to 2030.


Global Joint Replacement Devices Market: Overview


Joint implants are used for replacing a damaged joint ligament of patients injured mostly during accidents or sport injures. They are mostly used in order to reduce pain as well as restoring joint functionality in patient. With increasing awareness about joint implants in both patient and physicians is expected to facilitate medical services for joint replacements.


Global Joint Replacement Devices Market: Dynamics


Increasing prevalence of accidents and problems associated with bone joints, coupled with growing geriatric population across the globe are some major factors expected to drive growth of the global joint replacement devices market. In addition, rising income, increasing spending capacity is resulting in increasing demand for advanced medical facilities, and inclination towards joint replacements surgeries, owing to high reliability on advanced medical devices are some other factors expected to further support growth of the global market.

Moreover, increasing government expenditure on development of healthcare infrastructure is resulting in increasing adoption of joint replacement devices from hospitals and clinics which is another factor expected to support growth of the global market. In addition, availability of advanced healthcare infrastructure, coupled with favorable reimbursement policies in developed countries is another factor expected to further boost growth of the global market to certain extent.

However, stringent government regulations related to product approval is a major factor expected to hamper growth of the global joint replacement devices market to certain extent. In addition, wide presence of refurbished market is another factor expected to limit growth of the global market to certain extent.

Increasing investment by major players for technological advancements and R&D activities, and increasing promotional activities by the government in enduring peoples trust to undergo joint replacement surgical procedures with the help of advanced medical devices that are minimal invasive and less painful post surgeries are some factors expected to create potential revenue opportunities in terms of revenue for plyers operating in the target market over the forecast period.


Global Joint Replacement Devices Market: Region Analysis


The market in North America is expected to dominate in the global joint replacement devices market and is expected to continue its dominance over the forecast period. This can be attributed to well-developed healthcare infrastructure, favorable reimbursement policies, and presence of major manufacturers operating in the countries in this region. In addition, growing merger and acquisition activities among regional and international players is another factor expected to further support growth of the global market in this region.

The market in Asia Pacific is expected to witness faster growth, owing to increasing government expenditure on healthcare infrastructure and presence of prominent players operating in the emerging economies in this region.

The market in Latin America is expected to witness moderate growth, this can be attributed to fiscal incentives by the governments in order to attract FDI and increasing presence of major manufacturer in developing countries such as Brazil and Argentine in this region.

Global Joint Replacement Devices Market Segmentation:

By Product Type:

  
Knee Reconstruction Devices
  
Hip Reconstruction Devices
  
Extremity Reconstruction Devices

By Technique:

  
Traditional Surgery
  
Minimally Invasive Surgery (MIS)
  
Computer-assisted Surgery (CAS)

By Fixation:

  
Cementless
  
Hybrid
  
Cemented

By Indication:

  
Osteoarthritis
  
Rheumatoid Arthritis
  
Hip Dysplasia
  
Orthopedic Trauma
  
Joint Stiffness

By End user:

  
Hospitals
  
Orthopedic Clinics
  
Ambulatory Surgical Centers


Key Market Players included in the report:


  
Aesculap Implant Systems, Inc.
  
Arthrex, Inc.
  
Conformis, Inc.
  
Corin Group
  
DePuy Synthes (a Johnson & Johnson Company)
  
DJO Global Inc.
  
Exactech, Inc.
  
Johnson & Johnson Services, Inc. (DePuy Synthes)
  
Medtronic, Inc.
  
MicroPort Orthopedics
  
Smith & Nephew plc
  
Stryker Corporation
  
Zimmer Biomet Holdings, Inc.


Below are the key development related to Joint Replacement Devices Market in 2020 and 2021.


June 2021: Paragon 28®, Inc. Acquires the Assets of Additive Orthopaedics. The Additive Orthopaedics acquisition includes FDA Approved, First in the World 3D-printed Patient Specific Talus Spacer for the Treatment of Avascular Necrosis (AVN) for Humanitarian Use. Paragon 28, Inc., a market-leading orthopedic medical device company focused exclusively on the foot-and-ankle, announced that the Company has acquired the product lines of Additive Orthopaedics ("Additive"). The Additive 3D-printed Patient Specific Talus Spacer was approved on February 17, 2021 by the US Food and Drug Administration ("FDA") and is the first and only patient-specific total talus replacement implant authorized for use in the United States. The FDA approved the implant as a humanitarian use device. It is designed to replace the talus, the bone in the ankle that connects the leg and foot. The Additive implant provides patients access to a novel, joint-sparing alternative to traditional ankle fusion therapies. Also acquired as part of the transaction was Additives internally developed, proprietary pre-operative surgical planning application to assist in surgical planning. The application is an end-to-end, fully integrated cloud-based communication tool that aligns surgeons and engineers to design patient specific surgical plans and implants, optimizing patient outcomes. Source

April 2021: LimaCorporate Announces the Successful Completion of the First Total Shoulder Arthroplasty Using the Smart Space Cubit Intraoperative Guidance System. Source

January 2021: Stryker announces the acquisition of OrthoSensor. Stryker announced it has acquired OrthoSensor Inc., a company focused on the digital evolution of musculoskeletal care and sensor technology for total joint replacement. The acquisition of OrthoSensor Inc. allows Stryker to provide surgeons with comprehensive data-driven solutions through technologies that span the continuum of care. Source

January 2021: DePuy Synthes Receives 510(k) FDA Clearance for VELYS™ Robotic-Assisted Solution Designed for Use with the ATTUNE® Total Knee System. The VELYS™ Robotic-Assisted Solution is adaptable technology that helps simplify surgeons existing workflow, and is designed around how surgeons plan, execute and perform surgery for total knee replacement. The VELYS Robotic-Assisted Solution Becomes the Latest Addition to the companys VELYS Digital Surgery Platform. Source

December  2020: Exactech Acquires Muvr, Innovative Patient Wearable and Communication Solutions for Orthopaedic Practices. Company Expands Active Intelligence® Platform of Smart Technologies. Exactech, a developer and producer of innovative implants, instrumentation and smart technologies for joint replacement surgery, announced the acquisition of Muvr Labs Inc, a pioneer in intelligent patient wearables and digital communication tools. The latest addition to Exactech’s Active Intelligence® platform of technologies, the Muvr portfolio is designed to help surgeons engage with their joint replacement patients throughout the journey of care. Source

September 2020 : Stryker reaches agreement with Colfax for Wright Medical deal divestitures. Stryker in an SEC filing Thursday said it entered into a "definitive agreement" with Colfax Corporation for the previously announced proposed divestiture of Stryker’s STAR total ankle replacement product and related assets, as well as finger joint replacement products. The medtech giant last month proposed divesting the businesses to Colfax subsidiary DJO Global in connection with regulatory review of Strykers not-yet-closed $4 billion acquisition of Wright Medical. Source