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The knee replacement market comprises knee implants and instruments used by orthopedic surgeons for replacing knee joints damaged due to arthritis, trauma, or other knee injuries. Knee replacements help relieve pain and restore mobility by resurfacing the cartilage surfaces at the ends of the femur and tibia bones, and sometimes part of the patella or kneecap bone. Metal alloys, ceramics and polyethylene polymers are commonly used materials in knee implants. Advantages of knee replacements include reduction in knee pain, ability to participate in sports and daily activities, improved quality of life, and restoration of knee movement. Knee arthritis, a degenerative joint disease which causes damage to the cartilage lining the knee joint, is a primary driver of knee replacements worldwide.
The Global knee replacement market is estimated to be valued at US$ 9.4 Bn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030.
Key Takeaways
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. Zimmer Biomet and Stryker Corporation hold leading market shares.
The growing geriatric population susceptible to knee disorders, increasing obesity rates, and rising healthcare expenditures in developing nations present major growth opportunities.
Knee replacement device manufacturers are expanding globally to tap growing demand, especially in Asia Pacific and Latin America regions. Mergers and acquisitions of smaller firms help larger players expand their foothold in high growth markets.
Market Drivers
The rising prevalence of knee arthritis due to obesity, aging populations and sports injuries is a key growth driver of the knee replacement devices market. Projections indicate over 167 million people worldwide will be affected by osteoarthritis of the knee by 2050. As knee osteoarthritis is currently incurable, knee replacement surgery offers an effective treatment option for end-stage knee arthritis patients to relieve pain and disability. Growing awareness about knee replacements benefits and devices advances is also fueling market growth globally.
PEST Analysis
Political: The knee replacement market is influenced by government approvals and reimbursement policies for knee replacement surgeries. Changes in reimbursement policies affect the demand for knee implants.
Economic: Rising healthcare expenditure and disposable income along with growing geriatric population suffering from knee osteoarthritis are major economic drivers for the knee replacement market.
Social: Increase in obesity rates has led to a rise in knee problems such as knee arthritis requiring knee replacement surgeries. Growing social awareness about treatment options also influences the market.
Technological: Development of innovative implants, computer-assisted surgeries, and advanced materials help provide enhanced surgical outcomes. 3D printing, patient-specific implants are gaining popularity.
Geographical Regions with High Market Concentration
North America accounts for the largest share of the knee replacement market owing to growing geriatric population, rising healthcare expenditure, favorable reimbursement policies, and technological advancements in implants. The US dominates the North American regional market.
Fastest Growing Geographical Region
Asia Pacific region is expected to witness the highest growth rate over the forecast period due to increasing prevalence of knee osteoarthritis, rising healthcare spending, growing medical tourism, and rapid expansion of private healthcare sectors in emerging APAC countries. China and India are major contributors to the APAC knee replacement market growth.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
