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.

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
  • Europe
  • 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.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

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?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Small Joint Replacement Market

Pre Book