The aging population is steadily affected by several musculoskeletal disorders such as osteoporosis, osteoarthritis, fractures, and infections. Arthritis also affects this segment of the population, as with aging, the ability of the tissue to perform normal functions reduces. Technavio’s market study identifies the increasing incidence of age-related musculoskeletal disorders to be one of the major factors for artificial joints market growth. These disorders are consequent in loss of mobility and physical independence, consequently, increasing the demand for artificial joints. According to the artificial joints industry analysis, the market will grow steadily at a CAGR of almost 6% by 2021.
The demand for MI surgeries is steadily increasing globally, as these advanced surgeries reduce the physical trauma and risk of infections. MI surgeries aid in quick recovery, short hospital stays, and improved comfort, while, providing high efficiency. MI procedures for artificial joints evolving and improved the management of several diseases. According to our research and analysis, the increasing demand for MI surgeries is one of the key trends that will gain traction in the artificial joints market during the next few years.
Competitive landscape and key vendors
The artificial joints market appears to be concentrated since it is dominated by four key players who account for the major market shares. These key vendors are focused on expanding their geographical presence by entering the market in developing countries by forming M&As with regional vendors. Manufacturers in the joint replacement market intensely compete especially in terms of pricing, product differentiation, and distribution partnerships.
The leading vendors in the market are
Smith & Nephew
The other prominent vendors in the market are Arthrex, Acumed, Aesculap Implant Systems, AK Medical, BioPro, DJO Surgical, Extremity Medical, Integra LifeSciences, JRI Orthopaedics, Lima Corporate (acquired by EQT VII), Medtronic, Orthofix, and Wright Medical.
Artificial joints market segmentation analysis by application
The increasing prevalence of arthritis and obesity globally have furthered the growth of the knee application segment in the joint replacement market. Advances in knee surgery and usage of knee implants have reduced pain, improved the quality of life of patients, reduced post-operative pain, decreased the number of readmissions to hospitals, and enabled faster recovery. Rising adoption of advanced knee replacement procedures and increasing awareness further contribute to the growth of the artificial joints market in the knee application segment.
Segmentation by end user and analysis of the artificial joints market
Ambulatory surgical centers (ASCs)
Consumers suffering from joint ailments prefer hospitals to undergo surgeries as they must be kept under observation for a few hours after surgeries. Hospitals are the primary end-user of artificial joints to cater to the growing demand for artificial joints and knee surgeries. Also, they are increasingly adopting technologically advanced and highly precise products, to attain a strong market share in the joint replacement market.