The latest market report published by Credence Research, Inc. “Joint Reconstruction Devices Market: Growth, Future Prospects, and Competitive Analysis, 2017 -2025” the joint reconstruction devices market was valued at USD 17,619.04 Mn in 2016, and is expected to reach USD 30,286.9 Mn by 2025, expanding at a CAGR of 5.98% from 2017 to 2025.
Browse the full report Joint Reconstruction Devices Market: Growth, Future Prospects, and Competitive Analysis, 2017 -2025 at http://www.credenceresearch.com/report/joint-reconstruction-devices-market
Joint reconstruction devices are a notable part of the orthopedic devices industry. Joint reconstruction includes wide range of treatments such as physiotherapy, pain management and surgeries. Of these, surgeries are the most preferred with maximum recovery and permanent cure. Joint reconstruction surgery is carried out either to repair small part of damaged site such as arthroscopy and osteotomy or carry out complete joint replacement, resurfacing surgery or arthrodesis. Currently there is a growing demand for minimal invasive surgical techniques with maximum recovery in a shorter duration of time. The increase in prevalence of various orthopedic conditions due to disorders like obesity, osteoarthritis, bone degenerative diseases, accidents, growing aged population, change in lifestyle, have increased the patient pool and act as market drivers.
According to Centers of Disease Control and Prevention (CDC) data over 30 million have suffered or are suffering from osteoarthritis in USA. As per World Health Organization (WHO) the global prevalence of obesity is accounted to 35%. Joint deformities or fractures can also be accounted to age, often observed in people with aged 65 years and above. As per the International Osteoporosis Foundation 75% of hip, spine and forearm fractures occur in patient around 65 years and above. This growing global prevalence and scenario has created a rising demand for better and newer joint replacement techniques and this could be major drivers to the joint reconstruction devices market in the forecast period 2017-2025.
Of all the joint reconstruction type, knee replacement dominates the market. This segment is expected to hold a larger market share even during the forecast period owing to the continuous increase of aged population, obesity and osteoarthritis wherein the knees are affected in majority and also due to greater revenue generated by this segment.
North America holds major share in the joint reconstruction devices market owing to high prevalence of geriatric population, obesity, osteoarthritis, favorable healthcare policies, larger pool of industries, constant R&D development and higher economic status of the patients. These factors increase the demand for better therapeutic options and ultimately drive the market. The European joint reconstruction devices market is also on a growing trend owing to the aging population along with rising cases of osteoarthritis, bone degenerative diseases and reduction in the cost of implants. Better economic conditions of patients, increased availability of newer technologies, increasing population and increased demand for better and advanced therapeutic options are the major driving factors for Asia-Pacific regions in the joint reconstruction devices market. Nations such as China and Japan have better healthcare policies as of now and is expected to get better in the forecast period along with continuous R&D would drive this market. In case of developing regions such as Latin America, Middle East and Africa there is a gradual rise in the number of distribution partners to enhance the supplies for such advanced technologies which would in the forecast period create a demand.
Market Competition Assessment:
The joint reconstruction devices market is observed as the most diversified and competitive market comprising large number of players. The market is dominated by several players, depending on their major competencies. The key players in this market are Medtronic, Stryker, Aesculap Implant Systems, LLC; Zimmer Biomet , DePuy Synthes, Smith and Nephew, CONMED Corporation, DJO Global, Inc., Nuvasive, Inc., , Tornier, Inc., Corin Group Plc., Exactech, Inc., United Orthopedic Corporation, Japan MDM Inc., Globus Medical, Arthrex Inc. & CONMED Corporation.
Key Market Movements:
- Rising prevalence for orthopedic disorders due to several factors has led to an increase in demand for joint reconstruction devices which have better therapeutic outcome and maximum recovery
- Newer technologies with better therapeutic outcome has reduced the turnover time, given maximum recuperation and thus have reduced hospital costs, hence creating an increase demand for joint reconstruction devices
- As there is technology advancements in the low-income countries, the demand for joint reconstruction devices in these nations are on a rise