Since all types of osteoporosis, arthritis, bone degenerative diseases, gout, and injuries affect joints, joint reconstruction has emerged as an important section of the orthopedic devices industry. While elderly people fall prey to these diseases easily, people younger than 50 years have also become susceptible to these diseases due to their sedentary lifestyle and unhealthy dietary habits.
Over the coming years, the customer base of joint reconstruction devices is anticipated to rise with the bolstering population and the increasing level of awareness regarding the advanced devices among consumers. The escalating demand for minimally invasive diagnostic and surgical techniques and the rising prevalence of orthopedic conditions are also anticipated to boost this market over the next few years.
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Global Joint Reconstruction Devices Market: Key Trends
Currently, the key trend prevalent in the global joint construction devices market is the technological advancements of these devices. Enterprises are investing heavily in the research for the development of state-of-art therapeutic options for bigger joints, such as hinge knee joint and ball-and-socket hip joint, since most of the revenue generated in the orthopedic industry comes from the diagnosis and therapies of large joints.
Global Joint Reconstruction Devices Market: Market Potential
The global joint reconstruction devices market is highly dynamic in nature. With the significant rise in the elderly population, the key patient segment of joint pain and orthopedics, the market potential looks promising. A number of companies are introducing new and innovative products to this market, which is anticipated to reflect positively on the growth prospect of this market in the years to come.
Recently, Medtronic launched a program for total joint replacement episodes of care called, Medtronic Orthopedic Solutions, especially designed for reducing the system costs and improving outcomes and patient satisfaction. The company hopes to widen its customer base with this program.
Global Joint Reconstruction Devices Market: Regional Outlook
The worldwide market for joint reconstruction devices is spread across Asia Pacific, Latin America, the Middle East and Africa, Europe, and North America. Thanks to the presence of established players in a large number, North America has been leading the global market.
The high rate of the prevalence of joint-related medical conditions, favorable medical and healthcare policies, and the increased disposable of consumers, enabling them to afford expensive treatments, have also aided the North America market for joint reconstruction devices significantly in reaching the topmost position and are anticipated to remain doing so over the forthcoming years.
Amongst other regional markets, Asia Pacific, is likely to experience a high progress in the years to come, thanks to the increasing population, strengthening economies, and the rising adoption of advanced therapeutics.
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Global Joint Reconstruction Devices Market: Competitive Analysis
The global market for joint reconstruction devices demonstrates a highly consolidated competitive landscape with only a few players holding significant market shares. This technology-based market is, however, is becoming fragmented as a large pool of new players are venturing into this market with an array of advanced products. Apart from this, the rising number of domestic joint reconstruction devices producers in Asia Pacific is also points towards the imminent fragmentation of this market.
DJO Global Inc., Medtronic, Aesculap Implant Systems LLC, Stryker, Zimmer Biomet, Smith and Nephew, DePuy Synthes, CONMED Corp., and Nuvasive Inc. are some of the key vendors of joint reconstruction devices across the world. These companies are focusing on acquiring new entrants and small-scale enterprises with potential portfolios in order to strengthen their presence in this market.
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