Joint Reconstruction Devices Market share research by applications and regions for 2018-2024

Ocean View, DE -- (SBWire) -- 05/14/2020 --Joint Reconstruction Devices Market will exceed USD 21.5 billion by 2024; as per a new research report.

Rising prevalence of Osteoarthritis is one of the prominent factors driving the joint reconstruction devices market growth. Being one of the most common disease around the globe and leading cause of disability among the population aged above 40, the need to address the problem will be largely responsible for rapid demand for various reconstruction devices.

Moreover, augmented rate of technological advancements with consistent research and development has boosted the demand for joint reconstruction devices in the European countries and will continue influence adoption curve during the forecast period. With introduction of new products into market such as, Agili-C by an Israeli startup CartiHeal Ltd, that will be effective in joint replacement surgery is most likely to contribute to industry expansion. The rapid technological advancement brings in accuracy and precision in joint reconstruction replacement, alignment and placement; fueling the total joint reconstruction devices market growth.

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Expanding geriatric population base suffering from orthopedic diseases such as Osteoarthritis and other musculoskeletal disorders that causes joint pain, stiffness and inflammation will result in rising demand for major joint replacement and implant products. Also, increasing life expectancy of the people in emerging economies will increase the chances of more and more joint related disorders. The Asia Pacific region is witnessing a rapid rise in the number of people over the age of 65 and require frequent use of joint reconstruction devices due to deteriorating bones and tissues. The increasing risk of getting affected by musculoskeletal disorders will augment the growth of joint reconstruction devices market in the forthcoming years.

Joint reconstruction surgeries are becoming prevalent, recurrent and more complex at the same time. However, patient's undergoing joint reconstruction surgeries are more susceptible to several post-surgical complications such as bleeding, wound complication, thromboembolic disease, neural deficit, etc. The rise in cases of post-surgical complications will hamper the market growth.

Knee replacement devices market will grow at 3.7% CAGR in near future. Knee replacement was the 14th most common inpatient surgical procedure in the year 2013. According to the World Health Organization (WHO) report of 2014, around 10% and 18% men and women above 60-year age suffer from osteoporosis, proving to be one of the most impact rendering factor for the segment growth over the forecast period.

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Hip replacement devices market held significant market share and was valued around USD 6,677.3 million in the year 2017. Hip replacement is one the most common joint replacement procedures conducted across the globe, resulting in high hip replacement devices demand. In past few years, hip replacement procedures have increased drastically, making the hip device market second biggest in the world after knee replacement devices.

U.S. joint reconstruction devices market will grow considerately at 2.4% CAGR in the foreseeable future. According to the National Institute of Arthritis and Musculoskeletal and Skin Diseases, nearly 70 million American population have some or the other form of chronic joint disorder or arthritis. The large population base with high musculoskeletal disorder prevalence will create ample opportunities for the growth of joint reconstruction devices market in the United States.

China joint reconstruction devices was valued around USD 501.5 million in the year 2017. China has been progressing drastically in the last few years in the bone and joint market segment. Joint replacement surgery is accepted for people suffering from surgically remediable joint diseases and conducted routinely across the country. The recent technological advancements along with increasing adoption of joint replacement procedure in the country will boost the market growth.

Some of the notable industry players are Stryker, Zimmer Biomet, Medtronic Spinal, Smith & Nephew, DePuy Synthes Companies, Integra LifeSciences and Aesculap Implant Systems among others. Industry players focus on increasing their research and development activities by launching innovative technology and enhanced joint replacement implants. Also, companies carry out merger and acquisition to expand the market at geographic level in order to sustain in the competitive market.