Major Orthopedic Joint Replacement Implants Market Definition
The major orthopedic replacement implants market includes implants used in knee and hip replacement surgical procedures. Hip and knee joint replacements are surgical procedures that aim to relieve pain and restore function.
Major Orthopedic Joint Replacement Implants Market Size
The global major orthopedic joint replacement implants market reached a value of nearly $16.6 billion in 2017, having grown at a compound annual growth rate (CAGR) of more than 3% since 2013.
Growth in the major orthopedic joint replacement implants market in the historic period resulted from the increasing numbers of elderly people, the rising prevalence of chronic diseases such as obesity and arthritis, and increasing awareness about the importance of joint replacement surgeries. Factors that negatively affected growth in the historic period were high revision burden, high cost of replacement surgery, and stringent government regulations.
Going forward, Technological Advances and Gaining Momentum of Outpatient Arthroplasty Surgeries will drive growth. Factors that could hinder the growth of this market in the future include shortage of skilled workers and the growing usage of novel and alternative therapies for end-stage arthritis.
Major Orthopedic Joint Replacement Implants Market Drivers
The Key drivers of the major orthopedic joint replacement implants market include:
Launch of New Implants - The launch of new replacement implants coupled with the latest technologies have increased the potential for major orthopedic replacement implants during the historic period. Companies are integrating new technologies into their products improving the efficiency of joint arthroplasty surgery. For instance, in 2015, Stryker Corporation, one of the leading medical technology firms, received clearance from the US Food and Drug Administration for its new Mako robotic system used in total hip replacement. The robotic-arm-assisted total hip arthroplasty has proven to be more accurate and precise in terms of cup position, leg length, and offset. In acetabular cup placement (for hip replacement), it has proven to be four times more consistent in the pre-operative plan than manual cup placement.
Major Orthopedic Joint Replacement Implants Market Restraints
The key restraints on the major orthopedic joint replacement implants market include:
Requirement For High Quality Long Term Efficacy Data - The requirement of high quality long term data which most of companies do not have, will be a challenge for market growth. For instance, since 2002 in the UK, every joint replacement implant has to be logged into the national data base. More recently, in order to enter into the market, a company has to show quality long term data to the regulatory authority to launch its product in that particular country.
Major Orthopedic Joint Replacement Implants Market Trends
Major trends influencing the major orthopedic joint replacement implants market include:
3D Printing Technologies In Implants - 3D printing technologies have become increasingly prevalent in the healthcare industry as a treatment procedure to enhance the speed and effectiveness of joint surgery. Major companies such as Stryker, Johnson and Johnson and Zimmer have launched implants which use 3D printing technology to provide customized surgery for their patients. This is done by replicating components used in the surgery by using patient’s X-rays images or CT scan which thereby reduce the risk of a wrong fit. For instance, in 2018, the FDA approved Stryker Corporation’s Tritanium® TL Curved Posterior Lumbar Cage which uses 3D-printed interbody fusion cage that acts as a support during the lumbar fixation during surgery. The Tritanium TL Curved Posterior Lumbar Cage is a hollow implant that consists of both solid and porous structures, built simultaneously using AMagine, an approach to implant creation using additive manufacturing, also known as 3D printing. Also, in 2017, ConforMIS, a medical technology company that develops and sells joint replacement implants, announced clearance from the FDA for its iTotal Hip System which comprises of single use technology and 3D-printed instruments to provide customized hip replacement to patients.
Robots Used In Knee Replacement Surgery - Major orthopedic companies are increasingly adopting robotic technologies to increase efficiency and reduce the failure rate of knee surgery. Robots help in reducing the time of surgical procedures and offer better results by eliminating the risks of complications. Companies such Stryker and Smith and Nephew believe that robots give them an edge in the major orthopedic replacement implants market. For instance, in 2017, Stryker Corporation, launched the MAKO robot which is enabled to perform total knee replacement in the US. In 2016, Smith and Nephew launched its Navio surgical robot to perform knee replacement surgery in the US. The robot, which initially performed partial knee surgery, conducted its first full knee replacement surgery in New York and was given an approval by the US FDA.
Major Orthopedic Joint Replacement Implants Market Segmentation
The Major Orthopedic Joint Replacement Implants market is segmented by type of joint, by type of fixation, by type of material, by type of material combination, by facility and by geography.
By Joint Type -
The major orthopedic joint replacement implants market is segmented by joint type into
Knee Replacement Implant had the highest growth rate of nearly 4% during the historic period.
- a) Knee Replacement Implant
- b) Hip Replacement Implant
By Type Of Material -
The hip replacement implants and knee replacement implants markets is further segmented by material type into
Metals and ceramics are the largest segment in hip and knee orthopedic implants respectively.
- a) Ceramics
- b) Metals
- c) Polymers
By Type Of Material Combination -
The hip replacement implants market is further segmented by material combination type into
The knee replacement implants market is further segmented by material combination type into
- a) Metal on Polymer
- b) Ceramic on Polymer
- c) Ceramic on Ceramic
- d) Metal on Metal
- e) Ceramic on Metal
Metal on polymer is the largest segment in both hip and knee orthopedic joint replacement implants.
- a) Metal on Polymer
- b) Ceramic on Polymer
By Type Of Fixation -
The hip replacement implants and knee replacement implants markets is further segmented by fixation type into
Cementless fixation is more common in hip replacement implants whereas cement fixations are more common in knee replacement implants.
- a) Cementless
- b) Cemented
- c) Hybrid
By Geography - The major orthopedic joint replacement implants market is segmented into
North America is the largest market for major orthopedic joint replacement implants, accounting for almost 54% of the global market. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, Asia-Pacific and South America will be the fastest growing regions in this market.
- o North America
- o Western Europe
- o Asia Pacific
- o Eastern Europe
- o South America
- o Middle East
- o Africa
Major Orthopedic Joint Replacement Implants Competitive Landscape
Major Competitors are:
Other Competitors Include:
- • Zimmer Biomet
- • Depuy Syntes
- • Stryker
- • Smith & Nephew
- • Aesculap
- • Exactech
- • DJO Global
- • Corin Orthopedics