The Artificial Joints Market is slated to grow on a stupendous note in the future. In the ongoing situation, virtual monitoring tools coupled with telehealth consultations could help in getting patients treatments at home instead of hospitals. There are pre-programmed mobile devices, pulse oximeters, blood pressure monitors, and various other devices that help the healthcare personnel in keeping up with basic information. This trend is bound to keep the healthcare vertical continuously on its toes in the years to come as well.
Artificial joints are medical devices that are surgically implanted to conceive for total or fractional replacement of a joint. These are designed to restore normal joint functionality. The artificial joints are called prosthesis. The prosthesis are made up of medical grade metal alloys such as stainless steel, cobalt chrome, titanium, bio-ceramic materials and ultra high molecular weight polyethylene. Hip and knee joints are the most common joint surgeries performing worldwide.
There has been an unprecedented growth in the aging population globally. According to the World Health Organization (WHO), the number of people aged 60 years and over is expected to increase from 605 million to 2 billion over 2000 to 2050. This rise in geriatric population has led to a rise in the incidence and prevalence of chronic arthritis.
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According to the World Health Organization, in 2010, the global prevalence of rheumatoid arthritis in seven major developed markets (U.S., U.K, France, Japan, Germany, Italy and Spain) was approximately 4.6 million (above the age group of 16). This high prevalence of rheumatoid arthritis presents the artificial joints market with a large patient pool to cater to.
In addition, the U.S. approximately accounts for the largest market share of this market and has reported arthritis as one of the leading cause of disability. According to the Centers for Disease Control and Prevention (CDC), by 2030 an estimated 67 million Americans above the age of 18 years are projected to have doctor diagnosed arthritis.
Thus, rise in aging population coupled with rising incidences of chronic arthritis is expected to push the demand for artificial joints market. Stringent regulatory requirements and lengthy process of FDA approvals have discouraged the medical devices sector in the U.S., which is now eyeing other regions such as Asia and Latin America to launch newer products in the market.
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North America represents the largest regional market for artificial joints in 2012, primarily due to increase in orthopedic procedures, rise in incidence of obesity and introduction of technologically advanced products. American Academy of Orthopedic Surgeons (AAOS), estimated that approximately 2.4 million Americans would be affected by LSS by 2021.
Europe accounts for the second largest market for artificial joints after the U.S. Rising aging population and longer life expectancy has led to a rise in musculoskeletal diseases such as osteoarthritis, rheumatoid arthritis and others in Europe. Asia-Pacific comprises countries such as India, China, Australia, Japan and Malaysia.
Japan and China account for the largest share of the artificial joints market among the Asia-Pacific countries. According to the Government of Japan, it has the fastest growing geriatric population that reached a record of 31.86 million people in September 2013 and the population is expected to reach 95.2 million by 2050.
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This significant rise in the geriatric population along with technological advancement is expected to boost the artificial joint market in this region. Moreover, emerging economies such as India and China, with a significantly large pool of potential reconstructive surgery patients, represent a big opportunity for the artificial joints market. Rest of the World (RoW) comprises the markets in Latin America, the Middle East and Africa. The market for artificial joints in RoW is primarily fuelled by extensive increase of healthcare infrastructure in Brazil and Mexico.
Major market players operating in the global artificial joints market includes Zimmer Holdings, Inc., Biomet, Inc., DePuy Synthes, Inc., Smith & Nephew plc. Stryker Corporation, Medtronic, Inc., Exactech, Inc., among others.
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