Global Small Joint Replacement Market: Overview
The global small joint replacement market is expected to register a robust growth during 2018-2026, thanks to growing cases of joint surgery. Replacement arthroplasty is a type of orthopedic surgery, wherein dysfunctional joints are replaced with an apt prosthesis. The surgery is usually as a last-resort by medical professionals, after all pain-relieving procedures fail. These surgeries are required for patients suffering from rheumatoid arthritis and osteoarthritis.
Total joint arthroplasty (TJA) is considered one of the most successful and cost-effective methods.
Each year, about 1 million TJAs are undertaken by medical professionals. The number of TJA cases are expected to rise to 4 million by 2030. One of the most common forms of joint disfigurements is seen in knees and hips. These disfigurements lead to loss of muscle strength and limited mobility. Prosthesis have become the go-to option for treating knee and hip replacements.
The global small joint replacement market is expected to continue its robust growth despite many side effects such as heart attacks, venous thromboembolism, increased confusion, pneumonia, and strokes.
Global Small Joint Replacement Market: Notable Developments
- MIT researchers have uncovered a direct-drug delivery system, which can help treat osteoarthritis. The researchers have designed a new material which delivers drugs directly to the cartilage. These drugs also help heal the tissue. The osteoarthritis disease affects nearly 20 million people in the United States. Currently, drug treatments restrict pain but these treatments do not treat the underlying medical condition.
- A new study by Johns Hopkins research shows that people over 65 or elderly citizen benefit very little or none due to a common surgery. The surgery is quite expensive, sometimes costing nearly 10,000 dollars. These surgeries are also known as APM or arthroscopic partial meniscectomy accounted for over 60% of all orthopedic knee arthroscopy.
Global Small Joint Replacement Market: Key Trends
The global small joint replacement market is expected to witness considerable growth in the near future, thanks to a rising geriatric population. The elderly population in the world stood at 962 million in 2017. In 2050, the number is expected to increase to 2.1 billion according to the United Nations. Additionally, this population is highly prone to surgeries such as hip replacement. The elderly population also largely resides in mature markets such as Europe, North America, wherein the healthcare infrastructure improvements are expected to reach everyone. Additionally, technological advancements in the field are also expected to enable large masses to undertake hip surgeries, which was not possible earlier. Hence, it is likely that the global small joint replacement market would open up several opportunities for all players in the near future. The aging population, rising illnesses such as arthritis, growing sedentary lifestyle, and limited movement due to growing illnesses such as diabetes are expected to drive growth for the small joint replacement market. On the other hand, stringent FDA regulations, inefficacies of some treatment methods, and lack of proper reimbursement methods are expected to limit growth of the small joint replacement market as well.
Global Small Joint Replacement Market: Regional Outlook
The small joint replacement market is divided into several regions including North America, Europe, Latin America, Asia Pacific, and Middle East and Africa. The market is expected to register the highest growth in North America, thanks to improved healthcare infrastructure, technological advancements in surgery methods, and rising geriatric population. On the other hand, Asia Pacific region is expected to register the highest CAGR growth during the forecast period. The region is home to incredibly large population and is witnessing several infrastructure developments, especially in the healthcare sector. Additionally, Asia Pacific region is also witnessing rising disposable income and growing reimbursement mechanisms such as private insurance sector. The rise of the insurance sector and considerable geriatric population is likely to create considerable opportunities for growth in the small joint replacement market in Asia Pacific.
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