Pune, India, Nov. 30, 2020 (GLOBE NEWSWIRE) -- The global orthopedic joint replacement market size is projected to reach USD 26.89 billion by 2027, exhibiting a CAGR of 7.6% during the forecast period. The development and introduction of surgical robots for performing orthopedic procedures will open a new dimension of growth for this market, observes Fortune Business Insights™ in its report. North America, with a market size of USD 7.23 billion in 2019, is expected to dominate the orthopedic joint replacement market share during the forecast period. The prime mover for this market is the advancements made in orthopedic technologies in the region and the active adoption of next-gen solutions by patients and doctors.
Industry Developments:
- July 2020: Paragon 28 secured approval from the US FDA for its total ankle replacement technology called APEX 3D. The technology comprises of 3D-printed implants and cross-linked polyethylene components infused with vitamin E to ensure the stability and long life of the implant.
- July 2020: Smith & Nephew announced the release of RI.HIP NAVIGATION for total hip arthroplasty (THA). The system enables the surgeon to control the patient's pelvic tilt, offset measurement, and leg length as well as provides a post-operation X-ray during surgery.
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/orthopedic-joint-replacement-market-100314
The acceptance of robot-assisted surgeries is widening in the healthcare industry, with hospitals rapidly installing cutting-edge health technologies to boost the efficiency of doctors and other healthcare professionals. Shaping these changing dynamics are some of the leading medical device companies that are constantly innovating and developing novel robotic solutions, especially in orthopedics.
Contracting Demand for Orthopedic Procedures amid COVID-19 to Limit Market Growth
Mounting fears over catching the coronavirus at healthcare facilities has kept patients away from hospitals, which has deeply impacted the demand for non-essential procedures such as joint replacement surgeries. This has had a dramatic effect on hospital revenues worldwide.
In the US, for example, researchers from the Johns Hopkins University School of Medicine found that cancellation of elective procedures would result in revenue losses ranging between USD 16.3 billion and USD 17.7 billion per month and between USD 4 billion and USD 5.4 billion in net income for hospitals across the US. Furthermore, governments have been prioritizing treatment for coronavirus patients over other patients.
For example, in April 2020, the UK's National Health Service (NHS) instructed all hospitals in the UK to postpone al elective procedures by 3 months. In Germany, research by the University of Bonn showed that orthopedics being an unrelated specialty to COVID-19, orthopedic surgeons, especially self-employed ones, are under tremendous financial stress. The health crisis caused by COVID-19 will, thus, inhibit the orthopedic joint replacement market growth.
Click here to get the short-term and long-term impact of COVID-19 on this market.
Please visit: https://www.fortunebusinessinsights.com/industry-reports/orthopedic-joint-replacement-market-100314
Technological Advancements in Orthopedics to Accelerate Market Growth in North America
North America, with a market size of USD 7.23 billion in 2019, is expected to dominate the orthopedic joint replacement market share during the forecast period. The prime mover for this market is the advancements made in orthopedic technologies in the region and the active adoption of next-gen solutions by patients and doctors. Robust healthcare infrastructure will also provide the necessary impetus for the regional market growth.
In Europe, increasing prevalence of osteoarthritis and the presence of a large number of medical device companies will play an instrumental role in fueling the growth of the regional market. Asia Pacific is anticipated to generate incredible opportunities in the forthcoming years owing to expanding budgetary outlays for healthcare in India and China, improving per capita healthcare spending, and evolving health infrastructure.
Quick Buy - Orthopedic Joint Replacement Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100314
Key Players to Benefit from Supportive Regulatory Climate
Regulatory bodies such as the US Food and Drug Administration (FDA) are providing timely approvals to innovative orthopedic joint replacement products by key players. This is encouraging other market participants to increase their R&D capacities and develop and launch novel solutions to cater to the surging demand for joint replacement procedures.
List of Key Companies Profiled in the Market for Orthopedic Joint Replacement:
-
- Stryker (U.S)
- Johnson & Johnson Services, Inc. (U.S)
- Smith & Nephew (U.K)
- Zimmer Biomet (U.S)
- Integra LifeSciences (U.S)
- B. Braun Melsungen AG (Germany)
- Bioimpianti (Italy)
- Conformis (U.S)
- MicroPort Scientific Corporation (China)
- Other players
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/orthopedic-joint-replacement-market-100314
Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Prevalence of Osteoarthritis – For Key Countries, 2019
- Prevalence of Rheumatoid Arthritis – By Region, 2019
- Distribution of Arthroplasty Procedures, by Type, United States, 2018
- Joint Replacement Surgery- Snapshot
- Prevalence of Key Disease Conditions – For Key Countries
- Key Industry Developments – Mergers, Acquisitions, Partnerships
- Key Industry Developments – New Product Launches (Orthopedic Sector)
- Key Industry Developments – New Product Launches (Hip & Knee)
- Overview of the Regulatory Scenario by Key Countries
- Overview of the Reimbursement Scenario by Key Countries
- Major Factors Driving the Impact of COVID-19
- Global Orthopedic Joint Replacement Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Knee
- Hip
- Shoulder
- Ankle
- Others
- Market Analysis, Insights and Forecast – By Procedure
- Total Replacement
- Partial Replacement
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Ambulatory Surgical Centers
- Orthopedic Clinics
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/orthopedic-joint-replacement-market-100314
SECONDARY DATA SOURCES THAT WE REFER TO:
- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
- Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
- Industry journals and paid databases
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
Have a Look at Related Reports:
Contraceptive Drugs Market Share and Global Trend By Product Type (Oral, Injectable, Patches), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Clinics, Online Channel, Public Channel & NGOs) and Geography Forecast till 2025
Healthcare Architecture Market Share and Global Trend By Product Facility Type (Hospitals, ASCs, Long Term Care Facilities & Nursing Homes, Academic Institutes & Others), Service Type (New Construction & Refurbishment) and Geography Forecast till 2025
Contraceptives Market Share and Global Trend By Product Type (Contraceptive Drugs & Contraceptive Devices), Gender (Male & Female), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Clinics, Online Channel, Public Channel & NGO & Others) and Geography Forecast till 2025
Digital Blood Pressure Monitors Market Share and Global Trend By Product Type (Arm Type & Wrist Type), End User (Hospitals, Ambulatory Surgical Centers & Clinics, Homecare Settings & Others) and Geography Forecast till 2025
Hemophilia Drugs Market Share and Global Trend By Disease Indication (Hemophilia A, B & C), Therapy Type (Recombinant Therapy, Plasma therapy & Others), Distribution Channels (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy) and Geography Forecast till 2025
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Fortune Business Insights™
LinkedIn | Twitter | Blogs
Press Release: https://www.fortunebusinessinsights.com/press-release/orthopedic-joint-replacement-market-9111
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
