Persistence Market Research
Artificial joints have been in widespread use as medical prostheses, world over. This is notably evident in their substantial use in a vast number of hip and knee joint replacements over the past several decades. The demand rides on the back of growing numbers of orthopedic surgeries in developed and developing countries across the world. Changing demography trends in recent years, such as more young adults entering the patient stream, has driven the need for frequent technological advancements in the artificial joints market.
The directions of developments in the global artificial joints market are increasingly contoured into meeting the unmet needs of rapidly emerging target populations. In this regard, artificial joints’ safety and effectiveness are notable areas attraction attention of medical device manufacturers and surgeons alike in recent years. On the other hand, the demand for joint replacement implants with better safety profile among elderly patient populations is rising. Rapidly aging populations of developing countries are hence contributing to the expansion of the market.
Over the past few decades, several in vivo and in vitro studies have focused on evaluating the material wear properties of prostheses. The results of these studies have helped in improving the clinical evaluation of various products in the artificial joints market. The assessment of novel articular cartilage in treating osteoarthritis of the knee in non-human subjects is a recent case in point.
Relentless focus on bringing design innovations in the artificial joints market will undoubtedly increase the reliability and safety of artificial joints. Further, regulators, healthcare providers, and clinicians have been increasingly active in improving the success rate of artificial joints in various patient cohorts in various parts of the world.
Artificial joints are medical devices that are surgically implanted to conceive for total or fractional replacement of a joint. These are designed to restore normal joint functionality. The artificial joints are called prosthesis. The prosthesis are made up of medical grade metal alloys such as stainless steel, cobalt chrome, titanium, bio-ceramic materials and ultra high molecular weight polyethylene. Hip and knee joints are the most common joint surgeries performing worldwide.
There has been an unprecedented growth in the aging population globally. According to the World Health Organization (WHO), the number of people aged 60 years and over is expected to increase from 605 million to 2 billion over 2000 to 2050. This rise in geriatric population has led to a rise in the incidence and prevalence of chronic arthritis. According to the World Health Organization, in 2010, the global prevalence of rheumatoid arthritis in seven major developed markets (U.S., U.K, France, Japan, Germany, Italy and Spain) was approximately 4.6 million (above the age group of 16). This high prevalence of rheumatoid arthritis presents the artificial joints market with a large patient pool to cater to. In addition, the U.S. approximately accounts for the largest market share of this market and has reported arthritis as one of the leading cause of disability. According to the Centers for Disease Control and Prevention (CDC), by 2030 an estimated 67 million Americans above the age of 18 years are projected to have doctor diagnosed arthritis. Thus, rise in aging population coupled with rising incidences of chronic arthritis is expected to push the demand for artificial joints market. Stringent regulatory requirements and lengthy process of FDA approvals have discouraged the medical devices sector in the U.S., which is now eyeing other regions such as Asia and Latin America to launch newer products in the market.
North America represents the largest regional market for artificial joints in 2012, primarily due to increase in orthopedic procedures, rise in incidence of obesity and introduction of technologically advanced products. American Academy of Orthopedic Surgeons (AAOS), estimated that approximately 2.4 million Americans would be affected by LSS by 2021. Europe accounts for the second largest market for artificial joints after the U.S. Rising aging population and longer life expectancy has led to a rise in musculoskeletal diseases such as osteoarthritis, rheumatoid arthritis and others in Europe. Asia-Pacific comprises countries such as India, China, Australia, Japan and Malaysia. Japan and China account for the largest share of the artificial joints market among the Asia-Pacific countries. According to the Government of Japan, it has the fastest growing geriatric population that reached a record of 31.86 million people in September 2013 and the population is expected to reach 95.2 million by 2050. This significant rise in the geriatric population along with technological advancement is expected to boost the artificial joint market in this region. Moreover, emerging economies such as India and China, with a significantly large pool of potential reconstructive surgery patients, represent a big opportunity for the artificial joints market. Rest of the World (RoW) comprises the markets in Latin America, the Middle East and Africa. The market for artificial joints in RoW is primarily fuelled by extensive increase of healthcare infrastructure in Brazil and Mexico.
Major market players operating in the global artificial joints market includes Zimmer Holdings, Inc., Biomet, Inc., DePuy Synthes, Inc., Smith & Nephew plc. Stryker Corporation, Medtronic, Inc., Exactech, Inc., among others.
MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.
The report provides the following information:
The main aim of the report is to:
MRR.BIZ is a leading provider of strategic market research. Our vast repository consists research reports, data books, company profiles, and regional market data sheets. We regularly update the data and analysis of a wide-ranging products and services around the world. As readers, you will have access to the latest information on almost 300 industries and their sub-segments. Both large Fortune 500 companies and SMEs have found those useful. This is because we customize our offerings keeping in mind the specific requirements of our clients.