In 2021, the global large joint devices market generated a valuation of $19 billion. Despite the seemingly impressive valuation, the market is still growing and iData’s analysts predict that it will reach $26 billion by 2028. To date, several large competitors dominate the global large joints market. Zimmer Biomet, Stryker, and DePuy Synthes were able to lead the global market and the varying segments throughout 2021 and into 2022. Although these three market giants hold the vast majority of market share, additional competitors are arising with new technology that is set to decrease costs, increase outcomes, and pave the way for the future.
WHAT DO THE CURRENT LARGE JOINT PROCEDURES CONSIST OF?
One of the more common treatments for individuals with severe joint wear and pain is known as Arthroplasty. Arthroplasty is essentially short for joint replacement where joints with a disease are replaced with a medical device. When a joint is replaced for the first time, it is known as a primary replacement. Primary replacements are either total joint replacements (TJR) or partial joint replacements. Total joint implants replace both sides of a joint whereas partial implants replace only one side and conserve the other.
Diving a little bit deeper, the reconstruction of the knee is known as knee arthroplasty. Typically there are three main categories for knee arthroplasty, a total knee arthroplasty (TKA), unicompartmental knee arthroplasty, and knee revision. Similar to knee joints, hip joining can also be reconstructed through arthroplasty. Additionally there are three main categories for hip arthroplasty, a total hip arthroplasty (THA), hip hemiarthroplasty, and hip revision.
One of the main limiters to the large joint market and affiliated devices surrounds pricing pressure. The Food and Drug Administration (FDA) in the U.S. alongside other institutions in other countries are imposing strict regulations on the large joint devices with hopes of making procedures more affordable. Arthrolense was able to take action on these regulations and build technology that reduces the cost of arthroplasty procedures.
HOW CAN WE IMPROVE CURRENT LARGE JOINT PROCEDURES?
Many exciting developments have been in the works within the large joint replacement market. A few of these developments include the application of additive-manufacturing technology, or 3D printing, in the process of implant manufacturing, as well as an increasing adoption of robotics and intelligent instrumentation in orthopedics. Another exciting trend within the orthopedic market surrounds the application of microelectronics, as well as wireless and sensor technologies, in large joint arthroplasty. Sensor-assisted surgery promises a number of clinical benefits, including improved implant positioning and soft tissue balancing, demonstrated through some short-term clinical studies.
Arthrolense is one of the new companies utilizing image-guided technologies to better assist in visualizing the bone and placement before conducting the procedure. According to Arhtrolense, “[the company] leverages the computational power of modern software gaming engines to collect and analyze image data derived from two three-dimensional spatial mapping cameras, which maintain an accuracy threshold of under 1 millimeter. Through the two three-dimensional spatial mapping cameras, incredible new views of the surgical site can be obtained through voice commands or hand gestures.”
Despite Arthrolense not having regulatory clearance, the company is well underway of achieving this following a successful private equity funding round where they receive funding from LynxEquity. We are excited to continue following Arthrolense and the companies incredible image-guided technology along with their progression towards regulatory clearance. We cant help but wonder how Zimmer Biomet, Stryker, and DePuy Synthes are planning to maintain their strong stance within the global large joints market with this emerging technology.
GLOBAL LARGE JOINTS MARKET: FURTHER INSIGHTS
If you are curious to better understand the current Global Large Joints Market, iData has just published an updated 2022 report that includes unit sales, average selling prices (ASPs), competitive analyses, and more follow the link below to receive a complimentary executive summary for the Global Large Joints Market Report.
Sources: Arthrolense (https://arthrolense.net/#more)