The global hip and knee reconstruction market encompasses 39 countries and includes primary, partial, revision hip and knee replacements and hip resurfacing. The market will expand slowly at a compound annual growth rate of 2.5%, from just under $14 billion in 2015 to $16.46 billion by 2022, according to research and consulting firm GlobalData.
The company’s latest report states that despite the rising prevalence of patients requiring hip and knee replacements and a trend towards early surgical intervention in younger patients, market growth will be minimal. This is due to a combination of austerity measures in Europe, the medical device excise tax in the US, and deferrals of elective surgeries.
GlobalData believes economic pressures will be a particular barrier to growth in the US and Europe, resulting in only slight revenue increases in the large joint reconstruction market to 2022.