The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
An Emerging Health Crisis:
- Sports injuries, ranging from torn ligaments to fractures, are on the rise.
- In the US alone, reported sports and recreational injuries increased by 20% in 2021 and 12% in 2022.
- In 2022, 3.6 million individuals sought medical treatment for sports-related injuries.
Market Response:
- Increasing sports injuries necessitate long-term solutions like joint replacement surgeries.
- Total hip and knee replacement market poised for significant growth.
- Market expected to reach $21.68 billion in 2024 with a compound annual growth rate (CAGR) of 6.1%.
Robotic Innovations Transforming Total Hip And Knee Replacement Surgery
A Technological Leap:
- Major players focusing on robot-assisted solutions to enhance surgical precision.
- DePuy Synthes launches Velys Digital Joint Reconstruction System for hip and knee replacements.
- System aids surgeons in achieving precise bone cuts and accurate joint positioning.
Market Dynamics:
- Companies investing in robotic innovations to gain a competitive edge.
- Total hip and knee replacement market projected to reach $26.64 billion in 2028 with a CAGR of 5.3%.
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Enovis Corporation Enhances Orthopedic Portfolio With Acquisition Of Insight Medical Systems Inc
Strategic Expansion:
- Enovis Corporation acquires Insight Medical Systems Inc. to bolster orthopedic portfolio.
- Acquisition includes ARVIS, an FDA-cleared augmented reality solution for hip and knee replacements.
Market Reach:
- Insight Medical Systems specializes in total hip, total knee, and Unicompartmental arthroplasty systems.
- Market segmentation includes procedure type, implant type, and end-users.
The Future Outlook: Growth and Expansion
Market Segmentation:
- Segmented by procedure type: Total Hip Replacement, Partial Hip Replacement, Revision Hip Replacement, Total Knee Replacement, Partial Knee Replacement, Revision Knee Replacement.
- Segmented by implant type: Mobile Bearing, Fixed Bearing, Other Implant Types.
- Segmented by end-user: Hospitals, Ambulatory Surgical Centers, Orthopedic Clinics, Other End-Users.
Regional Trends:
- North America leads the total hip and knee replacements market.
- Asia Pacific poised to witness the fastest growth in the forecast period.
Conclusion: Anticipating a Robust Future
- The total hip and knee replacements market is experiencing significant growth.
- Factors driving growth include technological advancements, rising sports injuries, and strategic acquisitions.
- With a strong forecasted CAGR, the market is set to expand, catering to the growing demand for joint replacement surgeries globally.
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