At a CAGR of 6.19% ,Global Joint Reconstruction Market to Grow Exponentially by 2029- Brandessence Market Research
LONDON, May 18, 2023 /PRNewswire/ -- Joint aches and related disorders are very common, especially among the older adults. Throughout our lives, a high pressure is applied on our joints to carry out various mobility activities which in turn weakens the. Apart from that, accidents and other injuries also lead to joint disorders. With rapid developments in the medical sciences vertical, very treatment options to treat joint disorders have emerged. Among them, joint reconstruction has to be the most efficient one. Joint replacement may include minor repairs or the total replacement of the joint as a whole. Some reconstruction surgeries are meant to provide temporary relief to the symptoms whereas some are mean to permanently treat the disorders. With proper diagnosis of the actual disorder, healthcare providers can decide on the best joint reconstruction methods for their respective patients.
The report on Global Joint Reconstruction Market recently published by Brandessence Market Research offers in depth insights to market trends, drivers, challenges, opportunities, and restraints. It includes accurate statistics pertaining to the historical records and growth projections of this marketplace. It further provides a deep-down assessment of the market segmentation along with the geographical landscape. Apart from that, it highlights the prominent players operating in the competitive terrain of this industry. This report serves as a valuable resource for healthcare providers, medical device manufacturers, investors, and researchers interested in the joint reconstruction market.
- Global Joint Reconstruction Market is anticipated to amplify at a CAGR of 6.19% over 2022-2029.
- The surge in the geriatric population base, growing incidences on joint based injuries, and technological evolution in the medical science sector are aiding industry expansion.
- Europe is poised to emerge as one of the fastest growing due to the growing need for quality healthcare and increased medical spending.
- The Global Joint Reconstruction Market is valued at USD 30.21 Billion in 2022 and expected to reach USD 48.85 Billion by 2029 with a CAGR of 6.19% over the forecast period.
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Elaborating the key trends and dynamics of the Joint Reconstruction Market
The surge in the geriatric population base, growing incidences on joint based injuries, and technological evolution in the medical science sector are primarily augmenting the outlook of this business sphere. Moreover, the growing pervasiveness of orthopedic ailments, rising R&D activities in the field, along with the escalating demand for personalized and customized implants are creating lucrative opportunities for this marketplace to prosper. Besides, increasing healthcare expenditure and rapidly evolving medical infrastructure are adding momentum to the progression of this industry vertical.
Major Growth Drivers
Rising Prevalence of Joint Disorders: There has been a growing prevalence of joint disorders, such as osteoarthritis, rheumatoid arthritis, and traumatic injuries. These conditions often result in severe joint pain and functional limitations, necessitating joint reconstruction procedures. The growing number of individuals affected by joint disorders is escalating the demand for joint reconstruction products and services across the globe.
Surge in the geriatric population base: The world population is rapidly aging. It is worth noting that the geriatric population base is highly susceptible to orthopedic disorders. Aging is associated with a higher risk of joint-related ailments and degenerative conditions, leading to the need for joint reconstruction procedures. As the elderly population continues to grow, there is a corresponding rise in the demand for joint reconstruction surgeries, implants, and rehabilitation services, driving market growth.
High Costs Associated with Joint Reconstruction: One of the major challenges in the joint reconstruction market is the high costs associated with joint reconstruction procedures, implants, and post-operative care. The expenses involved in surgical interventions, hospital stays, rehabilitation, and follow-up visits can be substantial. These costs pose a barrier to access for patients, particularly those without adequate insurance coverage or limited financial resources. Additionally, the high costs may strain healthcare systems and create challenges for healthcare providers and payers in managing healthcare budgets effectively.
Global Joint Reconstruction Market- Competitive Landscape
The prominent players defining the competitive terrain of this marketplace Zimmer Biomet, Smith & Nephew, Stryker, Braun Melsungen, Johnson & Johnson, Aesculap Implant Systems Inc., Wright Medical Group, Arthrex Inc., DePuy Synthes, and Others.
By product type, the knee construction devices segment is likely to amass notable gains over 2022-2029. This is attributable to the growing pervasiveness of knee disorders, rapidly aging population, and escalating demand for minimally invasive procedures.
Based on application, the joint replacement segment is reckoned to generate significant returns over the stipulated timeframe. This is due to the increased prevalence of orthopedic disorders, rising awareness about the benefits of joint reconstruction, and technological advancements in the field.
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Geographical Analysis & Landscape
Middle East & Africa Joint Reconstruction Market
MEA is projected to capture a substantial revenue share over the assessment timeline of 2022-2029. This is attributable to the rising healthcare expenditure, surge in the geriatric population base, and technological advancements in the field. Furthermore, rising R&D investments along with favourable reimbursement scenario are adding traction to the progression of this marketplace.
Europe is poised to emerge as one of the fastest growing regions of this business sphere. This is credited to the growing need for quality healthcare, increased medical spending, rise in elderly population base, and technological advancements in this sector.
Opportunities in this market
Rising Sports Injuries and Active Lifestyles: Sports injuries, such as ligament tears, meniscus tears, and cartilage damage, are common and often require surgical intervention. Arthroscopy offers a minimally invasive approach to treating these injuries, making it particularly popular among athletes and individuals with active lifestyles. The growing interest in sports and physical activities contributes to the increasing demand for arthroscopic procedures.
Major developments in the Joint Reconstruction Market
In 2020, Stryker, a global medical technology company, completed the acquisition of Wright Medical Group N.V., a company specializing in extremities and biologics solutions.
In 2022, Zimmer Biomet, a leading orthopedic device company, acquired A&E Medical Corporation, a manufacturer of cardiovascular and thoracic surgical products.
Recently, Johnson & Johnson, a multinational healthcare company, formed a partnership with OrthoSensor, a leader in sensor-assisted technology for orthopedics.
Porter's Five Forces Analysis
Threat of New Entrants: The threat of new entrants in the joint reconstruction market is relatively low. The industry requires significant investments in research and development, manufacturing capabilities, regulatory compliance, and distribution networks. Established companies already hold strong brand recognition and customer loyalty. Additionally, stringent regulations and high entry barriers, such as obtaining regulatory approvals for medical devices, create obstacles for new entrants. Overall, the existing players enjoy a competitive advantage, limiting the threat of new entrants.
Bargaining Power of Suppliers: The bargaining power of suppliers in the joint reconstruction market is moderate. Suppliers in this industry include raw material providers, implant manufacturers, and technology providers. While there are multiple suppliers available, the market is dominated by a few key suppliers with established relationships and expertise. Manufacturers heavily rely on high-quality raw materials and advanced technologies, making them dependent on suppliers. However, manufacturers can switch suppliers or negotiate favorable terms due to their market position, reducing supplier power to some extent.
Bargaining Power of Buyers: The bargaining power of buyers in the joint reconstruction market is moderate to high. Buyers in this industry include hospitals, healthcare providers, and patients. They have access to a wide range of products from different manufacturers, giving them choices and the ability to negotiate pricing and terms. Additionally, buyers often have purchasing volume and leverage, which can influence supplier relationships. However, the critical nature of joint reconstruction procedures and the expertise required limit buyers' power to some extent.
Threat of Substitutes: The threat of substitutes in the joint reconstruction market is relatively low. Joint reconstruction procedures, such as knee and hip replacements, are highly effective in restoring mobility and improving the quality of life for patients with severe joint conditions. While non-surgical treatments and therapies exist, they often serve as complementary approaches rather than direct substitutes for surgical interventions. The lack of equally effective alternatives and the significant impact of joint reconstruction procedures on patient outcomes reduce the threat of substitutes.
Competitive Rivalry: The joint reconstruction market is characterized by intense competitive rivalry among existing players. Major orthopedic device companies compete for market share through product differentiation, technological advancements, and pricing strategies. The market is consolidated, with a few dominant players holding a significant market share. However, there are also smaller players focusing on niche segments or specific regions. The competitive landscape drives innovation, quality improvements, and investments in research and development to maintain a competitive edge.
On Special Requirement Acute Repetitive Seizures Market Report is also available for below region:
- U.S, Canada
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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