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The Knee Replacement Market is estimated to be valued at US$ 9.4 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Knee replacement, also known as knee arthroplasty, is a surgical procedure used to replace the weight-bearing surfaces of the knee joint with a prosthetic implant. The damaged surfaces of the femur and tibia bones are resurfaced or reshaped and a polyethylene plastic spacer is placed between metal components fixed to the bones. The goals of knee replacement surgery are to reduce pain, improve mobility and help individuals return to normal activities like walking, climbing stairs and recreational activities.
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Market Dynamics:
The rapidly aging global population is the primary driver of growth in the knee replacement market. Older individuals are more prone to develop debilitating osteoarthritis which often necessitates knee replacement surgery. According to the United Nations, the number of people aged 65 years and above is projected to grow from 703 million in 2019 to 1.5 billion in 2050 globally. Secondly, rising incidence of obesity is fueling the need for knee replacements. Excess weight places undue stress on weight-bearing joints like the knees resulting in cartilage loss and osteoarthritis over time.
Segment Analysis
The knee replacement market can be segmented into total knee replacements and partial knee replacements. Total knee replacements dominate the market as they provide greater mobility and relieve pain for patients suffering from severe osteoarthritis or damaged knees post-accidents. Partial knee replacements have a smaller market share as they have stricter patient selection criteria and are suitable only for those with less wear and tear of the knee cartilage.
PEST Analysis
Political: Regulations regarding reimbursement for knee replacements vary in different countries and influence the adoption of procedures. Favorable policies boost the market growth.
Economic: Rising healthcare spending and the growing geriatric population who are prone to knee injuries and arthritis drive the demand for knee replacement surgeries.
Social: Growing public awareness about treatments for knee disorders and the desire to improve quality of life positively impact the market.
Technological: Advancements in implants, surgical techniques, and robotics are improving outcomes and shortening recovery times, thereby fueling market growth.
Key Takeaways
The global knee replacement market is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing geriatric population suffering from knee ailments.
The North American region dominates the knee replacement market owing to the high incidence of obesity, osteoarthritis and favorable reimbursement policies in the region. rising healthcare expenditure and support from private and public insurance providers also boost adoption of knee replacement procedures here.
Key players operating in the knee replacement market are Zimmer Biomet, Stryker Corporation, Smith & Nephew Plc, Johnson & Johnson Services Inc., B. Braun Melsungen AG, Medacta International, MicroPort Scientific Corporation, ConforMIS, Inc., Corin Group, Exactech, Inc., DJO Global, Inc., Baumer Holding AG, SurgTech Inc., Wright Medical Group N.V., and X.NOV. The major players are focusing on introducing innovative implants, expanding geographical presence, and collaborating with hospitals to reinforce their market position.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.