Artificial Intelligence
Total Hip and Knee Replacements Market Size to Hit USD 30.03 Billion by 2030 at 4.80% CAGR – Report by Market Research Future (MRFR)
New York, USA, July 17, 2023 (GLOBE NEWSWIRE) — Total Hip and Knee Replacements Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Total Hip and Knee Replacement Market Information by Procedure Type, By Implant Type, By End-User, and Region – Forecast till 2030, the market is projected to grow from USD 21.63 billion in 2023 to USD 30.03 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.80% during the forecast period (2023 – 2030).
Market Scope:
Arthritic or injured joints such as total hip and knee replacements can have their functional surfaces surgically removed and replaced with a prosthesis made of metal, plastic, or ceramic. The prosthesis is meant to function in the same way as a natural joint.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 30.03 billion |
| CAGR | 4.80% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Procedure Type, Implant Type and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increase in prevalence of osteoarthritis |
| Growing number of partial replacement surgeries globally Rising elderly population |
Total Hip and Knee Replacements Market Competitive Dynamics:
Key Companies in the Total Hip and Knee Replacements Market include
- Zimmer Biomet (US)
- Johnson & Johnson Services, Inc. (US)
- Stryker (US)
- Smith & Nephew (UK)
- Braun SE (Germany)
- Wright Medical Group N.V. (US)
- Corin Group (UK)
- Exactech, Inc. (US)
- DJO, LLC (US)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China)
Total Hip and Knee Replacements Market Trends:
Market Drivers
Patients have increasingly turned to web-based tools and internet resources in recent years to learn more about medical conditions. One area where this is happening is in the realm of joint replacement, where a number of websites have emerged to aid patients in preparing for surgery, recovering from surgery, and connecting with their orthopedic physicians.
The growing number of partial replacement procedures around the world, the aging population, and the frequency of osteoarthritis and orthopedic injuries are all factors fueling the market. Although the market for joint replacement is large and well established, growth is being fueled by new, cutting-edge technologies that benefit patients throughout their treatment. Robotics, augmented reality navigation, connected implants, and artificial intelligence are all being used by businesses to boost productivity and effectiveness.
Technology may change the dynamics of price. This results in price stability and extended contract terms. These elements have the potential to boost the market as a whole. The orthopedic industry as a whole benefits from price stability and increased income per procedure. The age of the population, strong public backing, and rising levels of patient education about replacement surgery have all contributed to a meteoric rise in the number of treatments. As a result, this is having a salutary effect on product demand.
Market Restraints
There has been a sharp increase in the frequency of replacement operations. However, the risks associated with the implant’s use are a major consideration that may slow the market’s expansion in the next years. The lawsuits allege that the device’s faults caused patients to suffer from severe consequences.
COVID-19 Analysis:
The initial interruption of the epidemic and subsequent hospital staffing shortages had the most long-lasting effect on joint replacement surgeries. The number of procedures has leveled off and will receive a small but steady boost from previously delayed cases. There is a direct relationship between the broader trends and market pressures in the joint replacement sector, and the strategic activities and rising performance of the leading corporations. In the midst of the global pandemic, the market has seen a negative demand shock that is unusual and shocking. The demand and growth in this industry, which caused the CAGR to spike suddenly, will return to pre-pandemic levels after the pandemic is gone. Companies have also placed an emphasis on the knee replacement business, which was hit particularly hard by COVID and has since seen a flood of innovative new products join the sector. The market for artificial joints is primed for rapid expansion after a period of stagnation. While the dust settles from macroeconomic difficulties, sales of joint replacements can be bolstered by rising surgery volumes and innovative technologies.
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Total Hip and Knee Replacements Market Segmentation:
By Procedure Type
In 2022, total knee replacements will account for the major share of revenue in the Total Hip and Knee Replacements Market. This is because of the boom in knee replacement surgeries in recent years. Often, the elderly are the ones who need a total knee arthroplasty because of knee problems.
Implant type
The fixed-bearing market sector is expected to develop at a quicker rate than the other segments from 2023 to 2030, after having already led the market in 2022. This is because of the exceptional clinical features it offers at a comparatively lower cost.
By End User
Hospitals have been the market leaders up to 2022, while ASCs are expected to grow at the quickest rate from 2023 through 2030. This is because hospitals are performing more and more knee and hip replacement surgeries, and because of the rapid rise in the use of robots in these procedures.
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Total Hip and Knee Replacements Market Regional Analysis:
In 2022, the market for artificial joints like hips and knees was led by North America. The growing elderly population in the area is a major factor, as are the rising rates of hip arthroplasty and strategic partnerships among industry heavyweights. As a result, this boosts demand for artificial joints like hips and knees. The rising prevalence of orthopedic illnesses and the rapid uptake of innovative solutions bode well for the regional joint replacement market.
Due to favorable health reimbursement, rising desire for personalized implants, and an increase in the number of procedures, Europe is projected to account for the second-largest market share in total hip and knee replacements. France is predicted to have the fastest-growing market for complete hip and knee replacements in Europe, while Germany is anticipated to have the greatest market share.
From 2023 to 2030, the market for artificial joints such hips and knees is projected to expand most rapidly in Asia. This is because of factors such as the growing popularity of medical tourism, the rising number of hip replacement surgeries, and the rising spending on healthcare overall. Additionally, the market for total hip and knee replacements in China is anticipated to account for the highest proportion of the industry, while the market for such procedures in India is anticipated to expand at the quickest rate in the Asia-Pacific region. Ageing populations and increasing healthcare spending in emerging Asian economies are two further reasons expected to impact the total hip and knee replacements market in the coming years.
Discover more research Reports on Healthcare Industry by Market Research Future:
Knee Replacement Market Research Report Information By End Use (Clinics and Hospitals, Rehabilitation Centres, Specialty Centres), By Product (Partial Knee Reconstructive Implants, Total Knee Reconstructive Implants, Medical Pivot Implants, Fixed Bearing Implants, Revision Knee Reconstructive Implants, Mobile Bearing Implants, Others), By Materials (Metal Alloy, Ceramic Material, Strong Plastic Parts), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030
Osteoarthritis Market Research Report Information By Type (Hip Osteoarthritis, and Spinal Osteoarthritis), By Diagnosis (Imagining, and Joint Fluid Analysis), By Treatment (Medication, Surgery, Therapy), By End-User (Hospitals, and Medical Institutes) and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030
Orthopedic Devices Market Research Report Information By Type (Trauma Fixation, Spinal Devices, Joint Replacement, Consumables & Disposables and Bone Repair), By Application (Spine, Trauma and Extremities, Knee, Hip and Foot & Ankle), By End-User (Ambulatory Surgery Centers, Hospitals and Medical Research Center), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Artificial Intelligence
Unlock an Exclusive Olympic Experience: Celebrating Live4Well’s Sold-Out Genesis NFT
HONG KONG, May 25, 2024 /PRNewswire/ — The buzz surrounding Live4Well’s successful Genesis NFT membership launch on May 23 has captivated both traditional and web3 communities. Combining the power of AI technology and decentralized physical infrastructure (DePin) concept, Live4Well has infused new life into the NFT market. The overwhelming response to their first NFT sales, showcases the project’s immense potential. Renowned web3 community leaders from Azuki, Bored Ape, Pudgy Penguins, WELL3, etc have joined forces with Live4Well, propelling the Genesis NFT membership collection to its resounding success.
Live4Well aims to transform the wellness industry by creating a reward-based infrastructure that connects global fitness data, enhances their AI database, and drives the development of sports and wellness. Backed by a multi-billion family office, which recently invested $20 million in Live4Well, the project has gained support in both web3 and traditional spaces. The team believes that every drop of sweat and effort toward better health should be rewarded, fostering motivation and integrating exercise into daily lives for enhanced well-being.
Live4Well’s announcement of an Olympic-themed raffle for Genesis NFT holders reflects their commitment to connecting wellness between Web2 and Web3 platforms. This testament to Live4Well’s demand and innovative vision solidifies their position as a promising leader in the industry. Their integration of the Olympic signifies their determination to inspire a global audience, leveraging blockchain technology to create an immersive ecosystem that revolutionizes how individuals engage with fitness on a daily basis for better health. Live4Well’s dedication to bridging the gap between traditional practices and the digital landscape sets them apart as pioneers in promoting well-being on a global scale.
What is Genesis NFT membership?
The Genesis NFT unlocks a multitude of benefits for holders, including the opportunity to cash out their sportive income and access a range of exclusive physical products and services. In addition to future airdrops and angel round whitelist privileges, Genesis holders will receive VIP tailor-made product packs from an innovative German sportswear company, elevating their exercise performance to new heights. With over 400 million sweat points farmed by their users, they are eager to redeem through the Genesis NFT membership. These enticing incentives explain why there was a widespread eagerness to participate in this thrilling event.
Unlike typical projects that raise funds before launching products or services, Live4Well has already released its AI-powered app, amassing over 250,000 users as a community base actively engaging in daily exercise. This early success has fostered a promising community within the wellness industry, as users trust Live4Well’s roadmap and collaborative ventures. The growing traction from both ordinary individuals and web3 enthusiasts has intensified the demand for redeeming and cashing out sweat points, the project’s exercise-based rewards. Obtaining the Genesis NFT membership is now seen as an essential step for accessing the highest tier of benefits and cashing out sportive income.
What’s next for Live4Well?
Following the Genesis sales, Live4Well’s team will shift their focus to the upcoming token generation event (TGE) and a series of farming events. They also have exciting plans for partnerships and other collaborations in the global wellness and fitness industries. If you missed the initial launch, be sure to stay updated on Live4Well’s journey and join this extraordinary revolution.
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Artificial Intelligence
Overseas Expansion Strategy of K-OTT Introduced in France, KOCCA holds the ‘2024 Korea-France Content Forum’
– The ‘Korea-France Content Forum’ held to establish the Foundation for K-OTT’s oversea expansion
PARIS, May 24, 2024 /PRNewswire/ — The Ministry of Culture, Sports and Tourism (Minister Yu In-chon) and the Korea Creative Content Agency (President, Jo Hyun-rae, hereafter KOCCA) held the ‘2024 Korea-France Content Forum’ on May 24th during the Korea Expo in Paris, France.
The ‘2024 Korea-France Content Forum’ featured a keynote session (K-OTT’s Strategies in Global market) presenting K-OTT’s strategies for international expansion and a roundtable session (Strategies in the Era of Streaming) discussing the growth of OTT platforms and collaborative approaches with production companies.
The forum featured participation from various industry leaders including Kun hee Park (CEO, Wavve Americas), Sangjin Lee (Head of content IP Business, LG U+), Seung ae Sohn (Executive Director, Showbox), Ji ae Sohn (Ambassador for Cultural Cooperation), Moonju Kim (General Director, France Business Center, KOCCA), Isabelle Degeorges (President, Gaumont Television France) which produced the French Netflix original series, participated.
Strategy announcement by Wavve Americas (KOCAWA), the first K-OTT’s launched in Europe
During the Keynote Session, Park Kun Hee – CEO of Wavve Americas, the first domestic OTT Platform to launch services in Europe, Took the stage to discuss the international expansion strategy of KOCOWA, which started offering services in 39 countries including Europe since April of this year. Following this, Lee Sangjin, Head of Content IP Business of LG U+, presented the expansion strategy of LG U+ Mobile TV, encompassing diverse original content.
During the round-table session, participants shared thoughts and solutions regarding the survival strategies of local OTT platforms and production companies amidst the rapid waves of change brought about by the emergence of global OTT platforms.
In particular, through this forum, we were able to observe the proactive implementation of IP protection policies by local production companies in France, aimed at sustainable content creation. Isabelle Degeorges, CEO of Gaumont Television France, noted, “With the introduction of the European Audiovisual Media Services Directive (AVMSD), platforms and production companies can share IPs three years after supplying the content.” Kim Moon-joo, Director of the Korea Creative Content Agency’s France Business Center, participated as a panelist, introducing policies aimed at enhancing the competitiveness of K-OTT and fostering collaboration with production companies.
Park Kun Hee, CEO of Wavve Americas, who participated in the event, stated, “It was a meaningful opportunity to introduce our platform locally in Europe in line with KOCOWA’s expansion into the region”. Additionally, Kyoungbon Koo, Director Broadcasting & Video Content Division at KOCCA commented, “It was a meaningful occasion to not only introduce K-OTT’s strategies to Europe but also to exchange ideas on collaboration between Korea and France. We will continue to focus on activating various forms of collaboration with major international partners in the future”.
KOCCA supports the overseas expansion of excellent domestic OTT content and platforms through the newly established Local OTT Specialized Support Program this year. This initiative aims to enhance the competitiveness of domestic OTT platforms and content by adapting to the changing industrial environment.
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Artificial Intelligence
IoT Node and Gateway Market worth $604.7 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, May 24, 2024 /PRNewswire/ — The IoT Node and Gateway market is projected to grow from USD 424.6 billion in 2024 and is estimated to reach USD 604.7 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the IoT Node and Gateway market is driven by the Provision of increased IP address space through IPv6, Emergence of 5G technology, and Increasing need for data centers.
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Browse in-depth TOC on “IoT Node and Gateway Market”
410 – Tables70 – Figures390 – Pages
IoT Node and Gateway Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 424.6 billion
Estimated Value by 2029
$ 604.7 billion
Growth Rate
Poised to grow at a CAGR of 7.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Hardware, End-use Application and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Requirement for wireless spectrum and licensed spectrum
Key Market Opportunities
Accelerated IoT adoption in healthcare sector
Key Market Drivers
Rising use of wireless smart sensors and networks
By Hardware, the Logic Devices are projected to grow at a high CAGR of IoT Node and Gateway market during the forecast period.
Logic devices can adapt to changing requirements even after deployment. As new features or functionalities are needed, the logic within the device can be reprogrammed to accommodate these changes, extending the useful life of the product and reducing the need for hardware revisions. The integration of FPGA technology into IoT devices further enhances these advantages. The integration of FPGAs into IoT nodes and gateways empowers manufacturers to develop highly optimized, customizable, and scalable solutions that meet the diverse needs of IoT applications. Tesla’s Full Self-Driving (FSD) computer utilizes FPGAs to handle complex neural network computations for autonomous driving algorithms. This allows them to potentially improve their FSD capabilities through software updates that reconfigure the logic within the FPGAs.
BFSI segment in IoT Node and Gateway Market is projected to grow at a highest CAGR during the forecast period.
BFSI sector can use IoT technology to provide more convenient solutions for customers. IoT can be used to perform data collection in real time and for instant communication between devices. For instance, it can facilitate cashless payments using an RFID scanner to identify products in the shopping cart and mobile wallet. The adoption of mobile point of sale (mPOS) systems and kiosks is fundamentally reshaping the landscape of the BFSI market. mPOS facilitates transactions anytime, anywhere, benefiting unbanked populations and enabling temporary service points for events. Kiosks offer convenient banking functionalities, reducing wait times and freeing up staff for complex inquiries. These technologies drive cost savings by requiring less investment and automating routine tasks, allowing resources to be reallocated strategically. They provide rich data for personalized services, fraud detection, and operational optimization. mPOS systems and kiosks promote financial inclusion by extending services to remote areas, fostering economic activity and well-being.
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North America accounts for the largest share in IoT Node and Gateway Industry.
The North American IoT market is poised to grow, driven by government efforts to transition cities into smart urban centers. The growing need for sophisticated IoT solutions, fueled by the widespread availability of high-speed data, will further propel market expansion in this region. Furthermore, North America’s dynamic IoT node and gateway ecosystem features established players like Intel Corporation (US), Texas Instruments Incorporated (US), Dell (US), and Cisco Systems (US), driving competition, innovation, and affordability. Increasing research and development at industry levels is broadening the application areas of IoT in various industries, such as retail, consumer electronics, automotive and transportation, and healthcare, especially in the US. The increased demand for effective solutions and focus on early, accurate, and fast diagnosis of diseases has led to huge investments in technological developments in the healthcare sector.
Key Players
Key companies operating in the IoT Node and Gateway companies are Intel Corporation (US), Qualcomm Technologies, Inc. (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), Microchip Technology Inc. (US), Huawei Technologies Co., Ltd. (China), NXP Semiconductors N.V. (Netherlands), Cisco Systems, Inc. (US), Hewlett Packard Enterprise Development LP (US), TE Connectivity Ltd (Switzerland), Advantech Co., Ltd. (Taiwan), Dell Technologies (US), among others.
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
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IoT Technology Market by Node Component (Sensor, Memory Device, Connectivity IC, Processor, Logic Devices), Software Solution (Remote Monitoring, Data Management), Platform, Service, End-use Application, Geography – Global Forecast to 2029
Industrial IoT Market Size, Share & Industry Growth Analysis Report by Device & Technology, Connectivity Type, Software, Vertical (Manufacturing, Energy, Oil & Gas, Healthcare, Retail, Transportation, Metals & Mining, Agriculture), and Geography – Global Growth Driver and Industry Forecast to 2026
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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