According to the research report titled ‘Global Joint Replacement Market Size study, by Product (Knees, Hips and Extremities), by Fixation Type (Cemented, Cementless, Hybrid and Reverse Hybrid), by End-use (Hospitals, Orthopedic Clinics and Others), Procedure (Total Replacement, Partial Replacement and Others), and Regional Forecasts 2021-2027’, available with Market Study Report, global joint replacement market was worth USD 17.1 billion in 2020 and is expected to register a compound annual growth rate of 3.4% during 2021-2027, thereby accumulating USD 21.61 billion by the end of analysis time period.
 

Growing trend of minimally invasive surgeries, rise in geriatric population, increase in the prevalence of osteoarthritis, and technological advancements in the field of medical science are the key factors spurring global joint replacement market outlook.
 

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Additionally, new product launches as well as strategic moves like partnerships, mergers, acquisitions by major companies to expand the customer reach is further adding to the industry progress. For instance, American medical technology company Stryker Corporation launched a smart robotic system, Mako Total Hip 4.0 in September 2020. This system is equipped with the ability to help surgeons to effectively plan the patient’s implant position, considering the changes in pelvic movements in standing, sitting, and supine positions.
 

For the unversed, joint replacement surgery is a medical procedure wherein parts of damaged joints or tissues are partially or fully removed and are replaced with artificial parts, also known as prosthesis.
 

On the contrary, joint replacement surgeries are quite costly, which in turn may limit the progress of global joint replacement market over the estimated timeline.
 

Speaking of geographical ambit, Asia Pacific, North America, Europe, and Latin America are considered to understand the market dynamics. Among these, North America market has garnered significant revenue in recent years, due to increasing elderly population, and existence of well-established healthcare facilities.
 

Similarly, Asia Pacific market is slated to register considerable growth during 2021-2027, owing to rapid development in healthcare infrastructure, and surging medical tourism.
 

Major companies like Corin Group PLC, Johnson & Johnson Services, Inc., Microport Orthopedics, Inc., Stryker Corporation, Conformis, Inc., Zimmer Biomet Holdings, Inc., Exactech, Inc., Smith & Nephew plc, Arthrex, Inc., and DJO Global, Inc. define the competitive hierarchy of global joint replacement market.