Global Joint Reconstruction Devices Market to reach USD 31.70 billion by 2025. Global Joint Reconstruction Devices Market valued approximately USD 20.5 billion in 2017 is anticipated to grow with a healthy growth rate of more than 5.60% over the forecast period 2018-2025. 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. 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, 300,000 children have arthritis in the country.
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The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries.
According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
The regional analysis of Global Joint Reconstruction Devices Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. . 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.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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By Technique:
§ Joint Replacement
§ Osteotomy
§ Arthroscopy
§ Resurfacing
§ Arthrodesis
By Joint Type:
§ Knee
§ Hip
§ Shoulder
§ Ankle
§ Others
By Regions:
§ North America
o U.S.
o Canada
§ Europe
o UK
o Germany
§ Asia Pacific
o China
o India
o Japan
§ Latin America
o Brazil
o Mexico
§ Rest of the World
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.”
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