Executive Summary
- An artificial joint is a device manufactured from a biocompatible material, surgically implanted to replace an existing natural joint. These joints enable improved joint function and correct abnormalities associated with joint movement.
- Rising prevalence of people suffering from chronic disorders such as arthritis is driving the growth of the market. According to the estimates given by the Centers for Disease Control and Prevention in 2020, around 78.0 million Americans are likely to suffer from diagnosed arthritis by 2040 in the US.
- In addition, according to a study published by the National Osteoporosis Foundation in 2015, around 54.0 million adults in the US are at risk of breaking a bone. Due to the aforementioned reasons, artificial joints are expected to show considerable growth in the coming years. Continuous surging infection rates leading to hip, shoulder, and knee revision procedures have also led to an increase in artificial joint procedures. Artificial joint surgeries have proven to be the most reliable treatment option for degenerative joint diseases.
Market Overview
- The growth of the Artificial joints market will inevitably be linked to the trends driving new and advanced product developments for developing novel technologies for product enhancement. These include the ubiquity of smart products and user friendliness and an increasing acceptance by end-users.
- Furthermore, increasing application of Artificial joints in various joints such as hip, knee, shoulder, and ankle will assist the demand for Artificial joints among end-users. The strategic collaborations between key players will also act as growth catalysts for the Artificial joints sector.
- Companies will come to see the artificial joints industry as both a revenue-earning products whether important product to drive them to become company expansion in developing regions.