by The Total Knee Arthroplasty Market is estimated to be valued at US$ 9452.32 Mn in 2023 and is expected to exhibit a CAGR of 4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Total knee arthroplasty, also known as total knee replacement, is a surgical procedure in which the knee joint surfaces are resurfaced and replaced with prosthetic components. It is used to treat arthritis of the knee and other knee diseases. The main goal of total knee arthroplasty is to reduce joint pain and improve knee function. The total knee arthroplasty market consists of several implants such as fixed-bearing implants, mobile-bearing implants, and medial pivot implants.
Market Dynamics:
There are two major drivers for the growth of total knee arthroplasty market. Firstly, the increasing cases of knee osteoarthritis is boosting the demand for total knee arthroplasty surgery. According to Arthritis Foundation, around 14 million adults in the U.S. have been diagnosed with osteoarthritis of the knee. Secondly, the rising geriatric population is also fueling market growth. Elderly people are more prone to develop knee issues like arthritis. As per the United Nations report, the population aged over 60 years is projected to reach around 2.1 billion by 2050 from 1 billion in 2020 globally. However, the high costs associated with total knee implants and surgical procedures may hinder market growth during the forecast period.
Segment Analysis
The total knee arthroplasty market can be segmented into fixed-bearing knee implants and mobile-bearing knee implants. Fixed-bearing knee implants dominate the market as majority of knee replacement surgeries involve fixed implants owing to the mechanical simplicity, lower cost, and proven long-term clinical success of fixed implants.
PEST Analysis
Political: Regulations regarding approval of new knee implants are stringent to ensure patient safety. Favorable reimbursement policies are boosting the market growth.
Economic: Rising healthcare expenditure with growing knee osteoarthritis patient pool is fueling the demand. However, cost pressure on healthcare systems may impact the market.
Social: Growing geriatric population and sedentary lifestyle leading to obesity are key societal factors driving the need for knee replacement surgeries.
Technological: Advancements in 3D printing, robotic surgeries, and custom implants are helping address unmet needs and improving clinical outcomes. Computer-assisted surgeries are gaining adoption for higher accuracy.
Key Takeaways
The Global Total Knee Arthroplasty Market Size is expected to witness high growth, exhibiting CAGR of 4% over the forecast period, due to increasing prevalence of osteoarthritis and rise in sports injuries.
Regional analysis
North America dominates the market owing to availability of advanced healthcare infrastructure and greater adoption of technologically advanced knee implants. Asia Pacific is the fastest growing market due to large patient pool, low surgery cost, and improved access to healthcare in countries such as China and India.
Key players
Key players operating in the total knee arthroplasty market are Depuy Synthes (Johnson & Johnson), Zimmer Biomet Holdings, Inc., MicroPort Scientific Corporation, Conformis Inc., Corin Group, Exactech Inc., DJO LLC. (Colfax Corporation), Medacta International, Smith & Nephew plc, Stryker Corporation, Baumer SA, SurgTech Inc., and Meril Life Sciences Pvt. Ltd. Depuy Synthes has the leading market share due to its diverse product portfolio and strong geographical presence across major markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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.
