Orthopedic Artificial Joints Market

The article discusses the increasing demand for orthopedic artificial joints worldwide, with a projected growth in market volume and value. It covers consumption trends, production statistics, import-export data, and key countries involved in the market. The analysis shows notable fluctuations in market performance over the years, with certain countries experiencing rapid growth. The report provides insights into consumption per capita, import prices, export prices, and overall market dynamics for orthopedic artificial joints.

Market Forecast

Driven by increasing demand for artificial joints for orthopedic purposes worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market volume to 1.3B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.3% for the period from 2022 to 2030, which is projected to bring the market value to $25.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Artificial Joints For Orthopedic Purposes

In 2022, approx. 1B units of artificial joints for orthopedic purposes were consumed worldwide; remaining stable against 2021 figures. Over the period under review, the total consumption indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +69.8% against 2017 indices. Global consumption peaked in 2022 and is likely to continue growth in the near future.

The global orthopedic artificial joints market value expanded modestly to $17B in 2022, with an increase of 2.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +62.1% against 2016 indices. Global consumption peaked in 2022 and is expected to retain growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (165M units), the UK (156M units) and China (122M units), with a combined 43% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by the UK (with a CAGR of +32.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($3.9B), China ($3.4B) and Japan ($1.7B) were the countries with the highest levels of market value in 2022, with a combined 53% share of the global market. The UK, Belgium, Brazil, Russia, the Netherlands, France, Indonesia, Spain, Ireland and Pakistan lagged somewhat behind, together comprising a further 25%.

The UK, with a CAGR of +34.4%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of orthopedic artificial joints per capita consumption was registered in Ireland (15 units per person), followed by Belgium (5.7 units per person), the UK (2.3 units per person) and the Netherlands (1.4 units per person), while the world average per capita consumption of orthopedic artificial joints was estimated at 0.1 units per person.

In Ireland, orthopedic artificial joints per capita consumption increased at an average annual rate of +7.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Belgium (+16.7% per year) and the UK (+31.3% per year).

Production

World Production of Artificial Joints For Orthopedic Purposes

In 2022, the amount of artificial joints for orthopedic purposes produced worldwide declined to 664M units, reducing by -6.8% against 2021 figures. Over the period under review, the total production indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +10.4% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 50%. Global production peaked at 919M units in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, orthopedic artificial joints production rose markedly to $15.9B in 2022 estimated in export price. Overall, the total production indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -6.3% against 2020 indices. The pace of growth appeared the most rapid in 2020 when the production volume increased by 60% against the previous year. As a result, production attained the peak level of $17B. From 2021 to 2022, global production growth failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were the UK (135M units), China (121M units) and the United States (61M units), together comprising 48% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by the UK (with a CAGR of +21.5%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Artificial Joints For Orthopedic Purposes

Global orthopedic artificial joints imports skyrocketed to 980M units in 2022, increasing by 20% on the previous year. In general, total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +7.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +63.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 36%. Over the period under review, global imports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, orthopedic artificial joints imports expanded notably to $12.9B in 2022. Over the period under review, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +30.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 17% against the previous year. Over the period under review, global imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports By Country

In 2022, Ireland (216M units), distantly followed by Belgium (125M units), the Netherlands (124M units), the United States (116M units) and the UK (84M units) represented the key importers of artificial joints for orthopedic purposes, together making up 68% of total imports. The following importers - Germany (37M units), Italy (31M units), Switzerland (28M units), Spain (26M units), France (24M units) and Australia (19M units) - together made up 17% of total imports.

From 2012 to 2022, the biggest increases were recorded for Ireland (with a CAGR of +28.0%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($2.8B), the Netherlands ($2.2B) and Belgium ($1.2B) constituted the countries with the highest levels of imports in 2022, together accounting for 48% of global imports.

The Netherlands, with a CAGR of +19.3%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average orthopedic artificial joints import price amounted to $13 per unit, shrinking by -7.7% against the previous year. In general, the import price showed a slight curtailment. The pace of growth appeared the most rapid in 2017 an increase of 5.5%. Global import price peaked at $17 per unit in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($24 per unit), while Ireland ($1.3 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+3.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Artificial Joints For Orthopedic Purposes

In 2022, global orthopedic artificial joints exports skyrocketed to 623M units, with an increase of 20% against 2021. Overall, total exports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +39.0% against 2020 indices. The growth pace was the most rapid in 2016 when exports increased by 26%. The global exports peaked at 705M units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, orthopedic artificial joints exports reached $13.1B in 2022. Over the period under review, total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +28.6% against 2020 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 20%. Over the period under review, the global exports hit record highs in 2022 and are likely to continue growth in the near future.

Exports By Country

In 2022, Ireland (187M units), distantly followed by the Netherlands (99M units), the UK (63M units), Belgium (59M units), France (57M units), Switzerland (53M units) and Germany (35M units) represented the key exporters of artificial joints for orthopedic purposes, together mixing up 89% of total exports.

From 2012 to 2022, the biggest increases were recorded for Ireland (with a CAGR of +14.3%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the Netherlands ($3B), Ireland ($2.1B) and Belgium ($1.4B) constituted the countries with the highest levels of exports in 2022, together comprising 50% of global exports.

Among the main exporting countries, the Netherlands, with a CAGR of +24.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average orthopedic artificial joints export price amounted to $21 per unit, declining by -7.1% against the previous year. Over the period under review, export price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, orthopedic artificial joints export price decreased by -7.5% against 2020 indices. The most prominent rate of growth was recorded in 2020 an increase of 35%. As a result, the export price reached the peak level of $23 per unit. From 2021 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($31 per unit), while France ($10 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+11.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform