Artificial Joints Market Expected to Reach $31.8 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Artificial Joints Market," The artificial joints market was valued at $20.2 billion in 2022, and is estimated to reach $31.8 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.

An artificial joint is a prosthesis or prosthetic joint, made of plastic, ceramic or metal, which is implanted to replace a damaged or diseased natural joint. The surgical procedure for implanting an artificial joint involves removal of the damaged or diseased joint of knee, hip, shoulder, and other joints. After removal of damaged part, surgeon replaces it with the prosthetic joint. The artificial joint mimics the natural movement of the original joint, allowing for improved mobility and pain reduction. The procedure is usually performed by an orthopedic surgeon and requires a period of rehabilitation and physical therapy to help the patient regain strength and function in the replaced joint.

Rise in the number of adoptions of key strategies such as product launch product approval, agreement, acquisition, and others by market players of artificial joints drives the growth of the artificial joints market. In addition, artificial joints are commonly used in knee and hip replacement surgeries. These procedures involve replacement of damaged or diseased joint surfaces with prosthetic components to restore joint function and alleviate pain. Thus, rise in the number of knee and hip replacement surgeries is expected to witness the growth of the artificial joints market size during the forecast period.

For instance, according to annual report of The Swedish Arthroplasty Register, 222,249 individuals had at least one hip replacement and 155,041 individuals had at least one knee replacement in Sweden at the end of 2021.

Moreover, increase in the number of product approvals for artificial joints is anticipated to drive the growth of the artificial joints market size. For instance, in November 2022, Zimmer Biomet Holdings, Inc., a global medical technology leader, announced the U.S. Food and Drug Administration (FDA) clearance for the Persona OsseoTi Keel Tibia for cementless knee replacement. This product is used in knee replacement surgery.

In addition, in September 2022, Zimmer Biomet Holdings, Inc., a global medical technology leader, announced the U.S. food and drug administration (FDA) 510(k) clearance of the identity shoulder system for anatomic, reverse, and revision shoulder replacement. The identity shoulder system is a convertible system that uses proprietary technologies to align each surgeon's approach to an individual patient's anatomy, with the goal of alleviating pain and optimizing range of motion.

Moreover, rise in prevalence of obesity has a significant impact on the rise of osteoarthritis. Excess weight places additional stress on joints, particularly on the weight-bearing joints, such as knees and hips. The wear and tear caused by excess weight can accelerate the development of osteoarthritis. Thus, rise in prevalence of obesity is anticipated to increase the number of populations suffering from osteoarthritis. Thus, this factor is anticipated to drive the growth of the artificial joints market share.

However, factors anticipated to restraint the growth of the market are high cost of surgery, limited accessibility for specialist, and long-term maintenance, which require regular visits to the surgeon. In addition, lack of awareness in population and availability of substitutional options such as medicine, exercise, and others are anticipated to hamper the growth of the artificial joints market share.

By type, the artificial joints market analysis is classified into cemented artificial joints and non-cemented artificial joints. The cemented artificial joints segment is expected to be the fastest growing segment during the forecast period as cemented fixation is widely used in joint replacement surgeries for several decades and has shown good long-term clinical outcomes. The technique has a well-established track record of success, particularly in older patients with compromised bone quality.

By application, the market is classified into artificial knee joints, artificial hip joints, and others. Others includes shoulder artificial joint and ankle artificial joint. The artificial knee joints segment is projected to be the fastest growing segment during the forecast period owing to rise in prevalence of knee osteoarthritis and increase in the number of knee replacement surgeries.

By material, the market is classified into ceramics, alloy, and others. Others includes high-density plastics and oxinium. The ceramic segment is projected to be the fastest growing segment during the forecast period owing to high provision of ceramic artificial joints , as ceramic materials are biocompatible and can reduce friction and wear on the joint.

By end user, the market is classified into hospitals and Others. The hospital segment is projected to be the fastest growing segment during the forecast period owing to rise in adoption of orthopedic surgical in hospital and increase in development in healthcare infrastructure.

Region-wise, North America had the highest artificial joints market forecast in 2022 and is expected to maintain its lead during the forecast period owing to increase in the number of market players who manufacture artificial joints, availability of well-developed healthcare infrastructure, and surge in prevalence of orthopedic diseases. However, Asia-Pacific is expected to exhibit fastest growth of artificial joints market trends during the forecast period owing to increase in awareness among the people regarding the availability of surgical procedures for osteoarthritis, rise in prevalence of osteoarthritis, and increase in the number of geriatric populations.

Key Findings of the Study

• By type, the cemented artificial joints segment dominated the artificial joints industry in 2022.
• By application, the artificial knee joints segment dominated the market in 2022.
• By material, the ceramics segment dominated the market in 2022.
• By end user, the hospitals segment dominated the market in 2022.
• By region, North America dominated the artificial joints industry in 2022 and is expected to grow during the forecast period.