Global Joint Reconstruction Devices Market: Overview
Joints are affected by various conditions such as osteoporosis, bone degenerative diseases, arthritis, and gout. Large number of people is susceptible to these conditions due to sedentary lifestyle and unhealthy diet. Joint reconstruction is a surgery performed for reconstructing the architecture of a joint for restoring its functions. Some of the joint reconstruction procedures are total hip replacement, total knee replacement, and anterior cruciate ligament. Hip replacement involves the reconstruction of damaged or diseased parts of the hip joint. Knee replacement is reconstruction of damaged knee joint. Nearly 90% patients achieve complete relief from pain after knee and hip replacement surgeries. Elderly people are more susceptible to joint disorders such as arthritis. According to the Arthritis Foundation, about 50 million adults in the U.S. had arthritis in 2016 and the number is projected to reach 67 million by 2030. Moreover, nearly 300,000 children have arthritis in the country.
Global Joint Reconstruction Devices Market: Drivers and Restraints
The global joint reconstruction devices market is expected to be driven by rise in demand for minimally invasive devices or techniques and increase in geriatric population during the forecast period. Additionally, increase in incidence of joint related diseases such as arthritis, bone degenerative diseases, osteoporosis, gout, and injuries are likely to fuel the growth of the joint reconstruction devices market during the forecast period. However, alternative treatment options and cost of implants restrain the global joint reconstruction devices market.
Global Joint Reconstruction Devices Market: Key Segments
The global joint reconstruction devices market can be segmented based on type, technique, and region. In terms of type, the joint reconstruction devices market can be categorized into knee, hip, shoulder, ankle, and others. The knee reconstruction devices segment accounted for the largest share of the joint reconstruction devices market in terms of revenue due to increase in awareness, rise in prevalence of arthritis, and frequent introduction of advanced devices. The success rates of knee surgery vary patient to patient; hence, repeat procedures or surgeries may be necessary to cure the disease. Joint reconstruction devices repeat knee surgeries help to generate additional revenue. The hip reconstruction devices segment is expected to grow at a rapid pace due to introduction of hip resurfacing and partial knee replacement and growing penetration of existing devices. Reconstruction therapies required for ankle have witnessed significant demand in the sports sector.
Based on technique, the global joint reconstruction devices market can be classified into joint replacement, arthroscopy, osteotomy, arthrodesis, resurfacing, and others. The joint replacement devices segment is projected to account for the largest joint reconstruction devices market share in terms of revenue during the forecast period because of high procedural volume and high price of implants. This segment can be divided into implants and bone graft.
Geographically, the global joint reconstruction devices market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Each region can be sub-divided into specific countries/sub-regions such as the U.S., Canada, Germany, the U.K., Brazil, China, India, Japan, and GCC Countries. North America dominated the global joint reconstruction devices market because of high prevalence of joint-related conditions, presence of a large number of industry players, favorable health care policies, and high disposable income of patients. Asia Pacific is anticipated to be the most attractive joint reconstruction devices market during the forecast period due to rapidly increasing prevalence of various joint disorders and large patient base.
Global Joint Reconstruction Devices Market: Key Players
Key players operating in the global joint reconstruction devices market are Medtronic, Zimmer-Biomet, Aesculap Implant Systems, LLC, Stryker, NuVasive, Inc., Smith & Nephew, DePuy Synthes, CONMED Corporation, and DJO Global, among others. These players have adopted various strategies such as collaborations, partnerships, agreements, and new product launches to gain competitive advantage in the joint reconstruction devices market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
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