Market Trends of Joint Replacement Industry
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.
