According to a recent study from market research firm Graphical Research, the North America joint reconstruction devices market size is poised to expand at substantial CAGR during the forecast period. Joint reconstruction devices market in North America is gaining traction owing to the surging number of orthopedic injuries. A significant proportion of the aging populace is diagnosed with osteoarthritis and osteoporosis, often requiring a joint reconstruction surgery. With a steady rise in baby boomer population in the U.S., product penetration is set to increase. According to the U.S. Census Bureau, the boomer population will increase from 15% during 2018 to 21% by 2030.
By 2027, North America joint reconstruction devices market size is anticipated to cross over $12 billion. Rising incidence of musculoskeletal disorders including arthritis, back pain, and trauma is supporting industry outlook. These conditions need to be addressed promptly as they substantially hamper an individual’s quality of life. Musculoskeletal disorders are more prevalent than respiratory and circulatory disorders, affecting nearly one in three Americans.
Medacta, Smith & Nephew, Globus Medical, ConforMIS, Zimmer Biomet, Waldemar LINK, DJO Global, MicroPort Scientific Corporation, and Stryker are a few top joint reconstruction device manufacturers in North America. These players are focusing on product launches, collaborations, and acquisitions to enhance their market share. With considerable support from R&D investments, business growth through innovation is likely to render the competition more intense over the next six years.
A growing number of regulatory approvals for new products are exerting a positive influence on U.S. joint reconstruction devices industry forecast. In April 2021, Zimmer Biomet received FDA clearance for its new device, ROSA Partial Knee System, used in robotic assisted partial knee replacement surgery. Similarly, in November 2021, OrthAlign Inc., a U.S.-based medical device company, launched Lantern, a smart handheld tool for total as well as partial knee replacement surgery. U.S. joint replacement devices market share was valued at $7,976 million during 2020.
The North America joint reconstruction devices market is making continuous progress due to the growing penetration of latest technologies across the national healthcare system. In November 2021, THINK Surgical, a leading orthopedic device manufacturer in the U.S., announced that the Golden Valley Memorial Healthcare is one of the first hospitals to use TSolution One robot, a next-generation robot system for total knee arthroplasty.
According to the data published by the Canadian Joint Replacement Registry (CJRR), about 62,016 hip replacement surgeries and over 75,345 knee replacement surgeries were conducted across the nation between 2018 and 2019. Canada market is projected to register a CAGR of nearly 4.7% between 2021 and 2027.
Hip osteoarthritis is a common orthopedic condition wherein frequent follow-up, surgical therapy, and the use of supportive therapeutics is mandatory. As per the estimates of the American Academy of Orthopedic Surgeons (AAOS), the demand for total hip replacement (THR) will grow by 330%, reaching nearly 1.23 million procedures, by 2060. By 2027, the North America joint reconstruction devices market share from the hip replacement segment is expected to generate more than $4,247 million in North America.