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February 16, 2021, New York, USA – The global joint replacement devices market is expected to register robust growth during the 2021-2027 period, thanks to rising demand for joint replacement surgeries which are expected to touch 4.5 million total surgeries by 2030. According to the Centre for Disease Prevention and Control (CDC), the total number of knee arthroplasty surgeries amounted to 332,000 in 2010, while total hip arthroplasty surgeries amounted to over 332,000 in the same year. This amounted to costs more than $11 billion in the same year. Furthermore, hip and knee replacement surgeries result in the highest hospital in-patient costs for a short stay for Medicare. The CDC projects that the demand for hip replacement surgeries will double by 2030. Furthermore, the demand for revision and primary knee replacement will rise by over 600% by 2030.
The CDC projects a major rise in knee and hip replacement, due to the aging population of the United States. According to the US Census Bureau, the US population is expected to increase to 420 million in 2060 from 314 million in 2012. Moreover, the key trend in demographics will be the aging population. The Bureau projects that in 2030, 20% of the US population will be older than 65 years of age, as compared to 9.8% in the 1970s, and 13% in 2010. The rising elderly population will require a high degree of medical care, including specialized surgery options for knee, and hip replacement like minimally invasive surgery. The rising elderly population, growing demand for hip, and knee replacement surgeries will drive major growth for the joint replacement devices market. The major advancements in technology like 3D printing, material advancements in implants, and advanced surgical methods like robotic surgeries will present key opportunities for growth to cater to this population.
Rising Cases of Osteoarthritis to Remain a Key Driver in the Replacement Devices Market
Osteoarthritis (OA) is the most common joint disorder in the United States, and the leading cause of hip and knee replacement surgeries. The disorder affects 10% of men in the United States, and 13% women. The number of osteoarthritis patients in the US is expected to increase as the obesity pandemic spreads, and the elderly population drives up the population of osteoarthritis patients. Moreover, the pain from OA remains a major challenge for the elderly population, as it leads to frequent disability. According to the World Health Organization (WHO) forecast, the population of OA patients will increase to 6% of the global population by 2050. The WHO estimates that the elderly global population will rise to 20% of the total population by 2050, and its conservative estimate states that more than 130 million people will suffer from OA worldwide. The disease will also result in severe disability for over 40 million people. Furthermore, the OA disease also leads to major difficulties in daily routines like climbing stairs and walking more than any other disease. The tremendous increase in factors like obesity, growth in lifestyle disease pandemic, and rising elderly population will create major opportunities for growth in the joint replacement devices market.
Rising Advancement in Technology to Create New Avenues for Growth
The advancements in new technologies remain a major promise for growth in the joint replacement devices market. The 3D printing technology promises a precise cutting measure for orthopedic surgeons and promises fewer adverse effects for patients. Furthermore, the technology also promises personalized implants, which would require fewer revised surgeries, which remains a prominent concern in the joint replacement devices market. The advancements in materials like stronger ceramic, and plastic implants also promise new opportunities for growth. The new variety of plastics, with highly cross-linked polyethylene, promises more stabilization in Vitamin E, which aids the oxidation process once inside the body. This results in longer life for implants. The rising advancements in various technologies like 3D printing and growing new material advancements will likely drive value proposition up for products in the joint replacement devices market. The growing demand for technologies like 3D printing and new materials will promise new demand for advanced devices in the joint replacement devices market during the 2021-2027 period.
Biomaterials Promise More Effective Treatment Among Younger Patients
The recent data on the knee and hip replacement show that the active lifestyle among the younger population is lowering the average age of hip replacement among people globally. Between 2000 to 2010, the number of patients between 45 to 54 requiring hip replacements increased by 205%. Furthermore, the total hip replacements doubled during the same period. Today, half the people undergoing hip replacements are under 65. Moreover, conventional metal on polyethylene showed long survival rates resulting in 77-81% success rates. However, rising younger, and more active patients necessitates a higher revision rate of surgery among these patients. The conventional treatment has also become a cause of concern due to PE wear particles, loosening, and osteolysis. Hence, current innovation in the joint replacement devices market remains focused on the use of biomaterials to induce more mechanical strength, bioactivity, and biocompatibility. The materials also require more resistance and mechanical reliability. The failure of these can result in immense pain for the patients, disability, and revision surgery. The periprosthetic osteolysis or the wearing of debris remains a leading cause of failure for surgeries. The growing demand for effective surgeries, advancements in biomaterials, and shift in demographics will lead to more demand for implants or devices in the joint replacement devices market in the near future.
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