Total Hip Knee Replacements Market Analysis

Rising elderly population to boost the market growth

Ageing is the outcome of the accumulation of numerous types of molecular and cellular damage over time. Due to this, physical and mental abilities gradually deteriorate, disease risk increases, and eventually mortality results. According to the United Nations' assessment of the world's ageing population, 727 million individuals worldwide are 65 or older. By 2050, it is anticipated that there will be 1.5 billion people on the planet. According to the United Nations (a Department of Economic and Social Affairs, Population Division), the proportion of elderly people in the global population will increase from 9.3% in 2020 to 16% in 2050.

Moreover, it is anticipated that as the population ages, orthopedic illnesses will become increasingly common.

Furthermore, adults over the age of 70 may also experience a reduction in physiological reserve, a rise in medical comorbidities, and a rise in trauma-related mortality and morbidity. According to the National Trauma Database, the risk of major injuries from accidents and other likely occurrences is higher in people over the age of 70. 25% of all trauma victims in the US are people 65 and older. Moreover, the ageing population also makes the musculoskeletal system more vulnerable to diseases and injuries.

Therefore, in the upcoming years, the market for total hip and knee replacements is anticipated to be significantly influenced by the aging population.

Hip and knee replacements rank among the most common and effective surgeries performed worldwide. The main cause of hip and knee replacement (joint replacement surgery) is osteoarthritis, which reduces function and quality of life. In 2019, Germany, Switzerland, Austria, Finland, and Belgium were among the countries with the highest rates of hip and knee replacement. According to OECD iLibrary Health Statistics 2021, there are 174 hip replacements and 137 knee replacements performed for every 100,000 people in OECD nations. Israel, Mexico, Costa Rica, Chile, Portugal, and Ireland all have low replacement rates for the hip and knee.

This discrepancy between countries. However, significant differences still exist, and even after age standardization, the nation's ranking does not much change.

The Global Total Hip and Knee Replacements Market Industry is significantly influenced by the aging population. As individuals age, the prevalence of osteoarthritis and other degenerative joint diseases increases, leading to a higher demand for hip and knee replacement surgeries. In 2024, the market is projected to reach 21.6 USD Billion, driven by the growing number of elderly individuals requiring surgical interventions. By 2035, this figure is expected to rise to 38.0 USD Billion, indicating a robust growth trajectory. The demographic shift towards an older population necessitates advancements in surgical techniques and implant technologies to meet the rising demand.

The increase in obesity rates globally is a notable driver of the Global Total Hip and Knee Replacements Market Industry. Obesity is a significant risk factor for developing osteoarthritis, which often necessitates surgical intervention. As the prevalence of obesity rises, so does the demand for hip and knee replacements, as individuals seek relief from joint pain and improved mobility. This correlation between obesity and joint disorders highlights the need for targeted public health initiatives aimed at reducing obesity rates. The market's growth trajectory is likely to be influenced by the rising number of patients requiring surgical solutions due to obesity-related joint issues.

The Global Total Hip and Knee Replacements Market Industry is poised for substantial growth, with projections indicating a market size of 21.6 USD Billion in 2024 and an anticipated increase to 38.0 USD Billion by 2035. This growth reflects a compound annual growth rate of 5.25% from 2025 to 2035, driven by various factors including an aging population, technological advancements, and rising healthcare expenditure. The market dynamics suggest a robust demand for joint replacement surgeries, necessitating ongoing innovation and improvements in surgical techniques and implant technologies to meet the evolving needs of patients.

Technological advancements play a pivotal role in shaping the Global Total Hip and Knee Replacements Market Industry. Innovations such as minimally invasive surgical techniques, robotic-assisted surgeries, and advanced implant materials contribute to improved patient outcomes and reduced recovery times. These developments not only enhance the surgical experience but also attract more patients seeking effective solutions for joint pain. As the industry evolves, the integration of artificial intelligence and machine learning in preoperative planning and postoperative care is likely to further optimize surgical procedures. This continuous evolution in technology is expected to drive market growth and expand the range of available treatment options.

Rising healthcare expenditure globally is a crucial driver of the Global Total Hip and Knee Replacements Market Industry. Increased investment in healthcare infrastructure and services enables better access to surgical procedures and advanced treatments for joint disorders. Governments and private sectors are allocating more resources to orthopedic care, which is reflected in the growing number of hip and knee replacement surgeries performed annually. This trend is expected to continue as healthcare systems prioritize orthopedic interventions, thereby contributing to the market's projected growth. The anticipated compound annual growth rate of 5.25% from 2025 to 2035 underscores the increasing financial commitment to joint replacement surgeries.

Growing awareness and acceptance of joint replacement surgeries significantly influence the Global Total Hip and Knee Replacements Market Industry. Patients are becoming more informed about the benefits of these procedures, leading to increased demand for hip and knee replacements. Educational campaigns by healthcare providers and patient advocacy groups have played a vital role in dispelling myths and highlighting the effectiveness of surgical interventions. As more individuals recognize the potential for improved mobility and quality of life post-surgery, the market is likely to experience sustained growth. This shift in perception is essential for driving patient engagement and encouraging timely surgical interventions.

The Total Hip and Knee Replacements Market is characterized by the presence of many global, regional, and local vendors catering to the demand created by research scientists and pharmaceutical and biotechnology companies operating in the industry. The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have reached across the globe with diverse Procedure Type portfolios. Companies such as Zimmer Biomet (US), Johnson & Johnson Services, Inc. (US), Stryker (US), and Smith & Nephew (UK) dominate the Total Hip and Knee Replacements Market due to Procedure Type differentiation, financial stability, strategic developments, and diversified regional presence.

The players are focused on investing in extensive research and development as well. Furthermore, they adopt strategic growth initiatives, such as expansion, Procedure Type launches, joint ventures, and partnerships, to strengthen their market position and capture a large customer base.

One of the primary business strategies adopted by manufacturers in the global total hip and knee replacements industry to benefit clients and expand the total hip and knee replacements market sector is to manufacture locally to reduce operating costs

Stryker (US) is engaged in developing, manufacturing, and marketing specialty surgical and medical products. Its products include implants, biologics, surgical, neurologic, ear, throat, interventional pain equipment, endoscopic, surgical navigation, communications, and digital imaging systems. The company also offers products for patient handling and emergency medical equipment. It operates through three major segments: medical & surgical equipment (MedSurg), orthopedics, and neurotechnology & spine. Stryker has been focused on providing automation solutions in its product portfolio. It has a presence in over 75 countries across the globe.

For instance, in March 2023, Stryker (US) introduced Mako Total Knee 2.0 at the AAOS 2023 Annual Meeting in Las Vegas. Mako Total Knee 2.0 is designed to deliver the same, trusted outcomes surgeons expect from Mako with a new, elevated user experience.

Also, Johnson & Johnson Services, Inc. (US) (J&J Services) manufactures and sells a broad range of healthcare products. The company manufactures products related to human health and well-being. Its business segment involves consumer health, pharmaceutical, and medical devices. Its consumer health segment involves skin health/beauty, baby care, over-the-counter medicines, women's health, and wound care markets. Its pharmaceutical segment is focused on six therapeutic areas, including immunology, infectious diseases, oncology, cardiovascular and metabolism, and pulmonary hypertension. It has research facilities in the US, Belgium, Brazil, Canada, China, France, Germany, India, Israel, Japan, the Netherlands, Singapore, Switzerland, and the UK.