Joint replacement is a surgical procedure performed to replace joints that involve the complete or partial removal of the damaged joint and tissues, to be replaced with metal, plastic or ceramic implants. Joint replacement devices are implantable medical devices intended to be used as a replacement for joints such as shoulder joint, hip joint, and others. The devices include implants, grafts, and all other instruments related to joint replacement procedures. Implants are utilized to replace and restore the patient's joint functionality and reduce pain.
The "Global Joint Replacement Devices Market Analysis to 2028" is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of the joint replacement devices market with detailed market segmentation by procedure, products, technique, end-user, and geography. The report provides key statistics on the market status of the leading joint replacement devices market players and offers key trends and opportunities in the market.
- Based on procedure, the global joint replacement devices market is segmented into hip replacement, knee replacement, elbow replacement and others.
- Based on product, the market is segmented into implants, bone grafts and others.
- Based on technique, the market is segmented into traditional surgery, minimally invasive surgery (MIS) and computer assisted surgery (CAS).
- On the basis of end-user, the market is bifurcated into hospitals, orthopedic clinics and ambulatory surgical centers.
- Increase in the prevalence of osteoarthritis.
- Rise in the cases of orthopedic injury.
- Growing geriatric population in the world.
- The growing success of hip and knee implant procedures.
- Technological advancements in joint replacement surgeries such as robotic surgeries and 3D implants.
- High cost of joint replacement surgeries.
- Availability of alternative methods.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The joint replacement devices market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the joint replacement devices market in these regions.
IMPACT OF COVID-19 ON JOINT REPLACEMENT DEVICES MARKET
COVID-19 initially began in Wuhan (China) in December 2019, and till now, it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Italy, and Spain are some of the worst affected countries in terms of confirmed cases and reported deaths. The pandemic has affected the economies and industries of various countries and, in turn, influenced the global joint replacement devices market. Lockdowns, business shutdowns, restricted supply chain, and travel bans caused a slump in business and consumer spending. Moreover, there were cancellations and delays in elective surgical procedures to prevent virus transmission such as joint replacement surgeries, and had a negative impact on the market. The pandemic led to the cancellation of around 80% of joint replacement surgeries. The restrictions hampered the market growth as they caused factories to shut down, which disturbed supply chain channels in the market. Therefore, the growth of the market was impacted during the pandemic and with the removal of restrictions, the market demand may witness growth in the forecast period.
The report covers key developments in the joint replacement devices market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from joint replacement devices market are anticipated to have lucrative growth opportunities in the future with the rising demand for joint replacement devices in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the joint replacement devices market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Arthrex, Inc.
- Stryker Corporation
- Zimmer Biomet Holdings
- DJO Global
- Wright Medical Group
- Aesculap Implant Systems
- Exactech, Inc.
- B. Braun Melsungen AG
- Smith & Nephew
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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to segments covered.
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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to country scope.
1. Arthrex, Inc.
2. Stryker Corporation
3. Zimmer Biomet Holdings
4. DJO Global
5. Wright Medical Group
7. Aesculap Implant Systems
8. Exactech, Inc.
9. B. Braun Melsungen AG
10. Smith and Nephew
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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