Joint Replacement Devices Market: Growth, Size, Share, and Trends

The demographic shifts coupled with longer life expectancies have undoubtedly given rise to the global elderly population. A UN report estimate shows that there were 727 million people aged 65 years or older in the world in 2020, and By 2050 this figure will rise up to 1.5 billion. In addition, The US National Institute on Aging states that the population of persons aged over 65 will double between 2005 and 2030. It is also projected that around 40% of the population of Japan would be over the age of 65 by the year 2060 (Source: WHO). Complications related to bones are largely associated with the elderly population, and as a result, they are categorized as geriatric illnesses especially age-related bone disease. Osteoporosis is one of the most prevalent disorders of bone in old age. Bone mass decreases unceasingly with age. Change in the bone architecture increases the susceptibility for osteoporosis which results in hip and vertebrae compressive fractures in the elderly. The CDC reported that a total of 300,000 patients aged 65 years and older are admitted to hospitals in the U.S. due to hip fractures each year. According to Springer Nature 2021 published report in Iran, 24.6% in men and 62.7% in women would most likely have osteoporosis as based on the study with sample size of 2425 of who were above 60 years.

Orthopedic treatments, such as knee and hip replacement surgeries, are quite costly due to multiple factors such as the use of innovative technologies, complex materials, and precise engineering. These factors become responsible to higher expenses. Additionally, any further procedures post joint replacement surgery can also be expensive. This may lead to limitations for people in low income countries to access this treatments, particularly in areas with limited insurance coverage. The high costs presence a significant challenge for surgeons. As a results, they struggle to find a balance between longevity, affordability, stability, and the quality of implants to deliver improved results to their patients. For instance, the average cost of knee replacement ranges from $5,500 to $11,500 in India. Furthermore, according to NCBI, the robotic total knee replacement in the US was found to be expensive in 2022. It was found to be 10% more expensive as compared to traditional total knee replacement procedure.

The worldwide demand for knee replacement procedures is on the rise as every year patients suffer from osteoarthritis are consistently increasing. This ultimately increases the need for minimally invasive solutions, which involves an use of small incisions that result in reduced discomfort once the operation is done, supports faster recovery, and reduced hospital stays. To achieve this, surgeons make an robot-assisted platform, that leverage the use of tiny 3D cameras and dime-sized surgical equipment inside the patient's body. This enables surgeons to access and have look into intricate details in different regions that would otherwise be difficult to access. The success rate of robot-assisted orthopedic surgery is notably high, at approximately 95%, which has contributed to the rise in the number of these procedures being performed. In November 2023, KIMS Hospital (UK) made an addition of Mako Smart Robotics by Stryker to perform total knee surgical procedures. Additionally, as per the study published in the Global Health Journal, the 3D printing can assist in surgical planning and helps the reduce the overall development costs of joint replacement device. This technology allows the creation of customized implants for individual patients using 3D models of hips, knees, shoulders, etc.

The joint replacement devices market is witnessing an increased prevalence of orthopedic disorders coupled with rise in the number of surgical procedures. This has resulted in a growing demand for specialists who can treat orthopedic disorders. However, the shortage of skilled professionals impacts the availability and accessibility of highly specialized treatments. As a result, patients have to wait for a long time period to undergo a surgery, which in turn decreases the acceptance rate for advanced orthopedic implants. Additionally, the limited workforce of orthopedic surgeons results in immense pressure on the overall staff at an end user facility, leading to potential negative consequences on patient care and outcomes. According to a report by the American Academy of Orthopedic Surgeons, the number of knee replacement surgeries in the US is projected to reach 3.5 million procedures annually by 2030. However, the Health Resources and Services Administration has predicted a shortage of approximately 5,080 orthopaedic surgeons in the US by 2025. This shortage is a result of the retirement of skilled orthopaedic surgeons, with around 60% of active surgeons over the age of 55 planning to retire within the next 15 years (Source: AMN Healthcare Company Merritt Hawkins). Furthermore, the Centers for Disease Control and Prevention reports that the number of hip replacements performed on individuals aged 45 and older increased from 138,700 to 310,800 in the first decade of this century. But the rate of those procedures increased from 142 per 100,000 people to 257 per 100,000. (Source: Centers for Disease Control and Prevention).