Global Small Joint Replacement Market: Overview
The global small joint replacement market is expected to register a robust growth during 2018-2026, thanks to growing cases of joint surgery. Replacement arthroplasty is a type of orthopedic surgery, wherein dysfunctional joints are replaced with an apt prosthesis. The surgery is usually as a last-resort by medical professionals, after all pain-relieving procedures fail. These surgeries are required for patients suffering from rheumatoid arthritis and osteoarthritis.
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Total joint arthroplasty (TJA) is considered one of the most successful and cost-effective methods.
Each year, about 1 million TJAs are undertaken by medical professionals. The number of TJA cases are expected to rise to 4 million by 2030. One of the most common forms of joint disfigurements is seen in knees and hips. These disfigurements lead to loss of muscle strength and limited mobility. Prosthesis have become the go-to option for treating knee and hip replacements.
The global small joint replacement market is expected to continue its robust growth despite many side effects such as heart attacks, venous thromboembolism, increased confusion, pneumonia, and strokes.
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Global Small Joint Replacement Market: Key Trends
The global small joint replacement market is expected to witness considerable growth in the near future, thanks to a rising geriatric population. The elderly population in the world stood at 962 million in 2017. In 2050, the number is expected to increase to 2.1 billion according to the United Nations. Additionally, this population is highly prone to surgeries such as hip replacement. The elderly population also largely resides in mature markets such as Europe, North America, wherein the healthcare infrastructure improvements are expected to reach everyone. Additionally, technological advancements in the field are also expected to enable large masses to undertake hip surgeries, which was not possible earlier. Hence, it is likely that the global small joint replacement market would open up several opportunities for all players in the near future. The aging population, rising illnesses such as arthritis, growing sedentary lifestyle, and limited movement due to growing illnesses such as diabetes are expected to drive growth for the small joint replacement market. On the other hand, stringent FDA regulations, inefficacies of some treatment methods, and lack of proper reimbursement methods are expected to limit growth of the small joint replacement market as well.
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