Report : Artificial Joints Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Cemented Joints and Non-Cemented Joints), Material (Ceramics, Alloys, Oxinium and Others), Application (Artificial Joints of Knee, Artificial Joints of Hip, Artificial Joints of Shoulder and Others), End User (Hospitals, Ambulatory Care Centers and Other End Users) and Geography
According to The Insight Partners market research study of “Artificial Joints Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type, Material, Application, and End User,” the global artificial joint market is expected to reach US$ 28,614.88 million in 2027 from US$ 18,356.80 million in 2019; it is estimated to grow at a CAGR of 5.8% from 2020 to 2027. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth.
Based on the material, the global artificial joint market is segmented into ceramics, alloys, oxinium, and others. The ceramic segment held the largest share of the market in 2019. The adoption of ceramic artificial joints for bone replacements is prominent factor for the growth of the segment. In addition, increasing number of ceramic product launches coupled with ease of availability are also anticipated to drive the segment growth. However, alloys segment is estimated to register fastest growth by 2027. The growth of alloys segment is attributed to rising preference for alloy material due to superior flexibility and biocompatibility. In addition, overall growth in number of hip and knee arthroplasty are estimated to offer lucrative opportunity for the segment growth during the forecast period.
The growth of the artificial joints market is primarily attributed to the factors such as increasing prevalence of bone and joint conditions and rising prevalence of obesity. However, high cost of joint replacement therapies restrains the growth of the market.
The substantial impact of COVID-19 pandemic on the artificial joints market is expected to last for the next few quarters. Major focus on prevention and treatment of coronavirus has led to stopping or postponement of elective knee and hip arthroplasty in developing as well as developed countries. In addition, disruptions caused in supply chain distributions due to shut down of global operations has also impacted on the market growth.
Zimmer Biomet, Smith & Nephew, Stryker Corporation, Medtronic, Johnson and Johnson Services, Inc., Exactech, Inc., JRI Orthopaedics Limited, SAMO SpA, Colfax Corporation, and B. Braun Melsungen AG are few of the leading companies operating in the artificial joints market.
The report segments global artificial joints market as follows:
By End User