Joint Replacement Market Size (2024 - 2029)

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 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.