The global major orthopedic joint Replacement implants market is expected to grow from $17.1 billion in 2018 to $20.1 billion in 2022 at an annual growth rate of more than 3.5%. The growing awareness among people across developed and developing countries is expected to act as a significant driver for the major orthopedic implants’ replacement market in the forecast period (2017-22). Hospitals, medical organizations, and associations are coming up with various promotional methods such as events, online seminars, and social media campaigning to promote the benefits of replacement surgery. For instance, in 2018, BoneSmart, a joint replacement patient advocacy and online community, announced the Joint Replacement Awareness Day for educating people who suffer from joint pain and are considering having knee or hip replacement surgery.
Technological advances such as 3D printing, automation, and robotics will also be major drivers of the major orthopedic replacement implants market growth during the forecast period. Major companies such as Stryker, Johnson and Johnson and Zimmer have launched implants which use 3D printing technology to provide customized surgery for their patients. This is done by replicating components used in the surgery by using the patient’s X-ray images or CT scan which thereby reduce the risk of a wrong fit.
These technologies help to increase efficiency, reduce the time of surgical procedures, and provide personalized care to patients suffering from joint disorders. For instance, in 2018, Stryker’s Spine Division announced approval from the Food and Drug Administration for its Tritanium TL Curved Posterior Lumbar Cage. The Lumbar Cage is a 3D printed interbody fusion cage that provides aid and support in lumbar fixation. The Tritanium TL Curved Posterior Lumbar Cage is a hollow implant that consists of both solid and porous structures, built simultaneously using AMagine, an approach to implant creation using additive manufacturing, also known as 3D printing. Also, in 2017, ConforMIS, a medical technology company that develops and sells Joint Replacement Implants, announced clearance from the FDA for its iTotal Hip System which comprises of single use technology and 3D-printed instruments to provide customized hip replacement to patients.
Recent advances in multi-modal pain control programs (anesthesia, pain, and nausea control) are playing a significant role in shifting total joint replacements to outpatient settings. At least half of the elective hip and knee joint replacements will shift to outpatient settings over the next decade. Payers are also supporting outpatient surgeries due to increasing costs associated with hospitalization and other healthcare services.
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