Joint Replacement Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 19.10 Billion |
| Market Size (2029) | USD 23.70 Billion |
| CAGR (2024 - 2029) | 4.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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 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 a study published by the Institute for Health Metrics and Evaluation in August 2023, more than 1 billion individuals are expected to be affected with osteoarthritis worldwide by 2050. With the huge burden 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 United Nations Population Fund’s India Ageing Report 2023, published in September 2023, the population aged 60 years and above was expected to rise from 149 million in 2022 to 347 million by 2050 in India. Since the geriatric population is more prone to orthopedic disorders, an increasing number of the geriatric population is expected to drive the market.
Furthermore, market players adopt various strategies, such as partnerships and new product launches, which are also expected to drive market growth. For instance, in March 2023, Stryker launched Mako SmartRobotics Mako Total Knee 2.0, which 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.
Therefore, factors such as the growing burden of osteoarthritis, the high burden of the geriatric population, and key market player initiatives are anticipated to contribute to the market growth. However, the availability of alternatives and the high cost of the procedure are likely to restrain the market growth over the forecast period.
Joint Replacement Market Trends
Knee Replacement Segment is Expected to Hold a Significant Share Over the Forecast Period
Knee replacement surgery replaces parts of injured or worn-out knee joints. Surgery can help relieve pain and improve knee function. During surgery, damaged bones and cartilage are replaced with metal and plastic parts. The knee replacement segment is expected to witness major growth over the forecast period, 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), or total knee replacement, is one of the most frequently performed orthopedic procedures. Additionally, several studies have revealed an improvement in functionality after knee arthroplasty in the obese population. According to the Personalize Orthopaedics of the Palm Beaches, in November 2021, nearly 800,000 knee replacements were performed annually in the United States. According to estimates, knee replacement surgery is carried out about 800,000 times yearly in the United States alone, which keeps rising. Thus, increasing total knee replacement surgeries is expected to propel the segment growth.
Furthermore, product launches by key market players and technological advancements are expected to support market growth. For instance, in November 2021, OrthAlign Inc., a privately held United States-based medical device and technology company, launched Lantern, the latest smart surgical technology for total and partial knee replacement surgery. Similarly, in July 2022, Enovis launched the Arvis wearable device with augmented reality visualization and an orthopedic navigation information system. The product is intended for the specific needs of hip and knee joint replacement surgery. Thus, such factors are expected to boost segment growth over the forecast period.
North America is Expected to Witness Considerable Growth Over the Forecast Period
The primary driving factors for the growth of the North American joint replacement market are the growing burden of osteoarthritis in the region, increasing product approvals, and key initiatives the key market players take.
The growing burden of osteoarthritis and joint problems is anticipated to fuel the demand for joint replacement products, thus driving the market growth in the region. For instance, according to the Centers for Disease Control and Prevention report published in February 2024, the prevalence of arthritis among the population aged 18 years and above was 21.5% among women and 16.1% among men in 2022 in the United States. Moreover, according to the report published by Statistics Canada in September 2022, around 1.0% of Canadians had arthritis yearly, and around one out of every 100 adult Canadians had rheumatoid arthritis. Thus, such a high burden of orthopedic diseases is expected to positively impact the market in North America.
The growing product launches by the market players are one of the key factors propelling the market growth in the United States. For instance, in November 2022, Exactech received 510(k) clearance from the United States Food and Drug Administration (US FDA) to market the TriVerse primary knee system. The product was designed to meet surgical efficiency in hospitals and surgical centers alike. The TriVerse primary knee system offers crossed, anteriorly stabilized, and posteriorly stabilized designs.
Similarly, in January 2022, Smith+Nephew expanded the indications on its CORI Surgical System, a handheld robotic solution in total hip arthroplasty (THA). Smith+Nephew's RI. HIP NAVIGATION is designed to help maximize accuracy and reproducibility by delivering patient-specific component alignment for THA. Thus, owing to the factors above, the market is expected to witness a high growth rate in the United States over the forecast period.
Joint Replacement Industry Overview
The joint replacement market is highly competitive and consists of several major players. Companies like Stryker Corporation, Zimmer Biomet Holdings Inc., Depuy Synthes (Johnson & Johnson), Smith & Nephew, and B. Braun SE, among others, hold a substantial market share in the joint replacement market. Various developments have recently occurred in the market; market players are actively participating in new product launches, developments, and collaborations to expand their market share.
Joint Replacement Market Leaders
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Stryker Corporation
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Zimmer Biomet Holdings, Inc.
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Depuy Synthes (Johnson & Johnson)
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Smith & Nephew
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B. Braun SE
*Disclaimer: Major Players sorted in no particular order
Joint Replacement Market News
- October 2023: Ortho Development Corporation introduced BKS Uni, a product from the portfolio of Balanced Knee implant systems. This implant is a partial knee replacement solution developed to preserve bone and simplify the surgical procedure.
- September 2023: MISHA introduced a new product, the implantable shock absorber MISHA Knee System, which can be used to treat patients with knee osteoarthritis in the United States.
Joint Replacement Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Osteoarthritis
4.2.2 Rising Number of Cases of Orthopedic Injury
4.2.3 Increasing Geriatric Population
4.3 Market Restraints
4.3.1 Availability of Alternatives
4.3.2 Cost of the Procedure
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Procedure
5.1.1 Hip Replacement
5.1.2 Knee Replacement
5.1.3 Shoulder
5.1.4 Other Procedures
5.2 By Products
5.2.1 Implants
5.2.1.1 Metallic
5.2.1.2 Ceramic
5.2.1.3 Polymeric Biomaterials
5.2.2 Bone Grafts
5.2.2.1 Allograft
5.2.2.2 Synthetic
5.2.3 Other Products
5.3 Geography
5.3.1 North America
5.3.1.1 Unite States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East & Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle-East & Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 B. Braun Melsungen AG
6.1.2 Corin Group
6.1.3 DJO Global, Inc. (Enovis)
6.1.4 Depuy Synthes (Johnson & Johnson)
6.1.5 Smith & Nephew
6.1.6 Stryker Corporation
6.1.7 Uteshiya Medicare
6.1.8 Exactech, Inc.
6.1.9 Zimmer Biomet Holdings, Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Joint Replacement Industry Segmentation
As per the scope of the report, joint replacement surgery is performed most frequently to replace joints, which involves the complete or partial removal of the damaged joint and tissues to be replaced with new, man-made parts. The purpose of such a procedure is to relieve pain and restore a sense of normal function and mobility in the damaged joint. These joint replacement surgeries are predominantly suggested for patients undergoing severe pain and disability as a result of progressive arthritis. The devices for joint replacement surgeries include implants, grafts, and all other instruments related to joint replacement procedures.
The joint replacement market is segmented into procedure, products, and geography. By procedures, the market is segmented into hip replacement, knee replacement, shoulder, and other procedures. By products, the market is segmented into implants, bone grafts, and other products. The market is sub-segmented by implants into metallic, ceramic, and polymeric biomaterials. By bone grafts, the market is sub-segmented into allografts and synthetic. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America).
For each segment, the market size is provided in terms of USD value.
| By Procedure | |
| Hip Replacement | |
| Knee Replacement | |
| Shoulder | |
| Other Procedures |
| By Products | |||||
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| Other Products |
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Joint Replacement Market Research FAQs
How big is the Joint Replacement Market?
The Joint Replacement Market size is expected to reach USD 19.10 billion in 2024 and grow at a CAGR of 4.60% to reach USD 23.70 billion by 2029.
What is the current Joint Replacement Market size?
In 2024, the Joint Replacement Market size is expected to reach USD 19.10 billion.
Who are the key players in Joint Replacement Market?
Stryker Corporation, Zimmer Biomet Holdings, Inc., Depuy Synthes (Johnson & Johnson), Smith & Nephew and B. Braun SE are the major companies operating in the Joint Replacement Market.
Which is the fastest growing region in Joint Replacement Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Joint Replacement Market?
In 2024, the North America accounts for the largest market share in Joint Replacement Market.
What years does this Joint Replacement Market cover, and what was the market size in 2023?
In 2023, the Joint Replacement Market size was estimated at USD 18.22 billion. The report covers the Joint Replacement Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Joint Replacement Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Joint Replacement Industry Report
Statistics for the 2023 Joint Replacement market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Joint Replacement analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
