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The global artificial joints market estimated to be valued at US$ 28,604.88 million by 2027 from US$ 18,476.80 million in 2020 growing at a CAGR of 5.6% during 2020 to 2027. owing to increasing prevalence and incidence of osteoarthritis and arthritis coupled with rising geriatric population are the major factors that are driving the growth of the artificial joints market. Moreover, increasing obese population and unhealthy food habits which results in obesity, that tends to develop knee, and hip replacement surgeries fuels the growth of the market over the forecast period. Additionally, musculoskeletal disorders, hypertension and other lifestyle diseases boosts the growth of the market over the forecast period. However, high cost and complications associated with the artificial joint surgery is likely to hinder the growth of the market over the forecast years. Global market report gives comprehensive outlook on artificial joints across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. This report studies global market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global artificial joints market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Global artificial joints market is surging owing to product launchings by the market players and strategic collaborations among them to strengthen their position in the market. For instance, in October 2018, Zimmer Biomet Holdings, Inc., a global leader in musculoskeletal healthcare, in collaboration with Apple by using Apple Watch and iPhone to change the patient journey for two of the most common surgeries Americans undergo each year â€“ knee and hip replacement by launching Zimmer Biomet mymobilityâ„¢.
Fastest Growing Market
The prevalence of OA is increasing due to population ageing and an increase in related factors such as obesity. According to the United Nations, by 2050 people aged over 60 will account for more than 20% of the worldâ€™s population. Of that 20%, a conservative estimate of 15% will have symptomatic OA, and one-third of these people will be severely disabled. This means that by 2050, 130 million people will suffer from OA worldwide, of whom 40 million will be severely disabled by the disease. Costs associated with OA include costs for adaptive aids and devices, medicines, surgery, and time off at work. Moreover, OA has no cure, which is usually treated up on the symptoms with the combination of therapies.
2021 is the base year and 2028 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.