Artificial joints offer improved joint function by correcting abnormalities. Growing preference for joint replacement surgeries among patients for quick relief can fuel the product demand. Rising cases of osteoarthritis caused due to old age and loss of cartilage in joints is also expected to have a positive impact on the market growth. Development of artificial joint with integrated circuits that can access and derive movements using electrical impulses in the body can fuel market growth.
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Increasing adoption of joint replacement surgeries among patients owing to rising success rate is likely to stimulate the market demand over the coming years. Continual technological advancement in healthcare facilities such as robotic surgical devices can also boost market development during the forecast period. To cater to rising demand for artificial joints, most companies are focusing on R&D activities to develop innovative products. For instance, a team of researchers at University of Arkansas recently found that, in artificial hip replacement, femoral heads having square or triangular shape base perform better than the ones having smooth base.
When natural hip joint is replaced with an artificial hip joint, synovial fluid produced inside human body, which is not always enough to keep the artificial joint lubricated. This, in turn, can lead to joint failure. Dimpled artificial femoral heads offering square or triangular base can create lubricant film, which is 3.5 times thicker than the film produced by smooth heads. Hence, dimpled femoral heads can act as potential solution for durable and longer-lasting artificial hip joint. The global artificial joint market can be segregated on the basis of product, application, and region. Based on product, the market can be categorized into alloy, oxinium, ceramics, and others. Based on application, the market can be classified into artificial joint of hip, artificial joint of knee, artificial joint of shoulder, and others.
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Growing cases of obesity and arthritis are expected to have a positive impact on the demand for artificial joint of knee. In addition, technological developments in knee surgeries and effective post-operative results are likely to stimulate the product demand during the next few years. Growing adoption of knee replacement procedures owing to increasing awareness among patients can also fuel the segment expansion. On the basis of geographies, the artificial joint market is divided into North America, India, China, Japan, and Southeast Asia. North America region is expected to dominate the global market while accounting for the maximum revenue share as a result of higher costs of implantable joints, growing cases of obesity issues, and technological advancements.
In addition, heavy investments from the local governments and other private organizations to improve healthcare infrastructure can also propel the region’s development. California, Texas, and Florida, in particular, are likely to be the major contributing toward the growth of the North America regional market. The Europe artificial joint market is anticipated to witness a substantial growth in the years to come on account of growing adoption of minimally invasive surgeries. In addition, continual technological advancements in healthcare and rising health expenditure can also drive the Europe regional market. Belgium, Switzerland, Germany, and Austria are likely to be the key contributors toward the region’s development.
Some of the leading companies in the artificial joint market are Zimmer Biomet; Johnson & Johnson; Stryker Corporation; Arthrex, and Smith & Nephew PLC.
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