A joint reconstruction implant is newly emerging technology but shows great promise for the reduction of implant impingement on soft tissue, increased range of motion, and improved postoperative stability. Positive effects on gait biomechanics (kinematics) have also been observed to drive their demand in the global market. The design features of these implants minimize impingement on surrounding anatomical structures as well as redistribute load from areas around the joint to the implant itself. It seems that these devices might serve as an alternative to hemiarthroplasty in younger patients who have isolated hip damage not involving extensive bone loss or osteoarthritis.
Increasing incidences of osteoarthritis and growing number of joint replacement surgeries to keep the market floating
The two most important factors that are driving the growth of the global joint reconstruction implants market are increasing incidences of Osteoarthritis (OA) and replacement surgeries & rising geriatric population. The rise in cases of OA is creating a need for early diagnosis which eventually leads to total knee or hip replacement surgeries, resulting in increased demand for joint reconstruction implants. According to Arthritis Foundation, approximately 50 million people in US have arthritis, 90% of whom are over 45 years of age. As per National Institute of Health (NIH), around 35 million individuals were diagnosed with OA in U.S 2020. Moreover, according to the International Society on Aging and Disease (ISAD), about 30%–50% of individuals aged 65 years or older develop OA of knee or hip. According to NIH, by 2030, the number of total joint replacement surgeries is estimated to grow fourfold due to an increase in the geriatric population. As per our findings, around 6 million total hip replacements are expected every year in the U.S.
According to Arthritis Foundation, over 40% of individuals aged 65 years or older may have disabling arthritis that limits basic activities like walking or climbing stairs. Total hip replacement surgery is one the most effective method used for treating moderate to severe pain stemming from osteoarthritis and other diseases. In a recent study by Arthritis Foundation, it was found that more than 90% of the individuals who had undergone total hip replacement surgery reported substantial relief from pain and discomfort post-operatively.
According to ISAD, knee replacements are becoming increasingly common among elderly people as 92% of adults aged 50 or older have experienced severe pain due to arthritis affecting their knees. Knee replacements are also one of the most performed surgical procedures worldwide with an estimated number of 4 million procedures being performed annually. According to NIH, individuals with arthritis are up to three times more likely to visit the emergency department than those without arthritis. Arthritis is also one of the leading causes of long-term disability in the US resulting in loss of work and additional medical expenditures for patients & their families. According to our study, it was found that knee replacement surgeries cost $15000–20000 per patient on average which is 70% higher than hip replacement surgeries. Low awareness, high cost of procedures, and limited reimbursement policies are expected to act as major restraints for market growth during the forecast period
Although several minimally invasive procedures such as arthroscopy have been introduced recently due to technological advancements, joint reconstruction implants will continue to be at the core of joint care.
Strong network of hospitals, advanced healthcare infrastructure and wide insurance coverage to put North America at the epitope of global joint reconstruction implant market
North America is the leading consumer of joint reconstruction implant, accounting for nearly 30 percent of global demand in 2016. Several factors have contributed to this growth, including aging population and growing incidence of obesity leading to a higher prevalence of musculoskeletal disorders. The US dominates the North American market, with an estimated share surpassing 70% through 2023; while Mexico and Canada are expected grow at 9% and 8% respectively, during the forecast period. Growing number of joint replacement surgeries has been a key driver to expand implant demand across North America. However, with the increasing number of associated risk factors such as diabetes and obesity, there is a growing demand for minimally invasive surgical procedures with faster recovery time.
Europe accounts for more than 24% of the global joint reconstruction implant market share, primarily led by Germany, the UK, and France. A surge in the geriatric population coupled with the growing number of knee surgeries is major factors that are likely to support growth during the forecast period. However, accessibility to healthcare facilities across key European countries especially South Europe has been a key challenge being faced by patients due to which it is difficult for them to access appropriate care necessary to treat musculoskeletal disorders. This fact has significantly restricted implant penetration across Europe. Another concerning factor is lack of awareness about implants among high-risk individuals who are at risk for osteoarthritis or post-surgery infections.
The Asia Pacific region accounts for less share of the global market; however, it is likely to notice a rapid acceleration in growth due to several factors such as growing geriatric population, high incidence of osteoarthritis across key countries in the region, and increasing number of knee surgeries leading to increased demand for implants at governmental level. China dominates the regional market and holding position over Japan and Australia with estimated share surpassing 40% by 2023.
Institutional, government & private funding for research on joint reconstruction implants has been increasing globally. It is estimated that more than 12% of the global funding will be directed towards joint reconstruction implant research by 2023.
Manufacturers across key geographies are actively involved in product development and innovation to expand their market presence. For instance, Stryker Corporation launched Genium Mid-Femur Replacement System, a proprietary platform designed specifically to address the needs of patients facing challenges with conventional hip replacement surgery due to size or medical conditions which prevent optimal acetabular placement.
Regulatory landscape is likely to be the primary concern for manufacturers in the coming years. For instance, in December 2015, the US FDA approved Otto Bock Genium Mid-femur system. It was evaluated using three-dimensional imaging techniques and anatomic landmarks including femoral head center of rotation axis, anterior superior iliac spine, surgical neck of femur, medial malleolus, posterior border of tibia cortex and mid-patella area. The most common implant related adverse events were periprosthetic fracture (5%), deep infection (3%), acetabular component loosening (<1%) and component migration (> 1%).
Key Elements Included In The Study: Global Joint Reconstruction Implant Market
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