The global orthopedic joint replacement market size is predicted to reach USD 26,967.9 million by 2026exhibiting a CAGR of 5.1% during the forecast period. The increasing prevalence of bone diseases among the geriatric population will bolster healthy growth of the market during the forecast period, states Fortune Business Insights in a report, titled “Orthopedic Joint Replacement Market Size, Share and Industry Analysis By Product (Knee, Hip, Shoulder, Ankle, Others), By Procedure (Total Replacement, Partial Replacement, Others), By End User (Hospital, Ambulatory Surgical Centers, Orthopedic Clinics, Others), and Regional Forecast 2019-2026” the market size stood at USD 19,051.2 million in 2018. The rising cases of osteoarthritis will spur opportunities for the market in the foreseeable future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
Advent of Robotic Surgery to Aid Robust Development
The growing demand for orthopedic joint implants will provide an impetus to the market. The adoption of robotic surgery and patient-specific 3-D printed implants will have a tremendous impact on the global market during the forecast period. The rising favorable reimbursement policies will favor the healthy growth of the market during the forecast period. in 2017, the Centers for Medicare and Medicaid Services added coverage of US$ 10,122.0 for outpatient total knee replacement procedures. The growing government initiatives will encourage the healthy growth of the market during the forecast period. The growing surgeries for knee replacement will impel companies to introduce innovative products for the prevailing incidents. For instance, the release of ATTUNE Revision Knee System, Persona Partial Knee System, JOURNEY II XR Total Knee, and others by major players will positively influence the growth of the market. Furthermore, the shoulder segment is predicted to account for the lion’s share during the forecast period. The rising emphasis on the development of innovative shoulder implants by key manufacturers will accelerate the segment’s growth. The surge in the number of shoulder replacement surgeries can be a vital factor in propelling the growth of the market. In addition, the rising acceptance of joint replacement solutions by orthopedics will consequently create opportunities for the market in the forthcoming years.
Propitious Reimbursement Policies to Boost Growth in North America
The market in North America is likely to account for the lion’s share during the forecast period owing to the rising demand for joint implants. The favorable reimbursement policies along with rising replacement surgeries in outpatient settings will contribute to the growth of the market in North America. Europe is expected to rise tremendously during the forecast period owing to the growing number of joint replacement procedures. The emergence of domestic manufacturers will have a positive impact on the European market. Asia Pacific is likely to witness an exponential growth rate due to the increase in orthopedic clinics. The rapid adoption of orthopedic products and active government support will encourage growth in the region. Nonetheless, the growing incidence of osteoarthritis in patients will promote the growth of the market in the region. In addition, the rising geriatric population will further enhance growth in the Asia Pacific.
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: [email protected]https://newswinters.com/