July 25, 2024

Rising Demand for Modern Implants is Anticipated to Open up the New Avenue for Knee Replacement Market

The knee replacement market is estimated to be valued at US$ 10.6 Bn or 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 surgery involves removing damaged cartilage and bone from a patient’s knee joint and replacing it with prosthetic components. The key components used in knee replacement procedures include femoral components, tibial components, patellar components and fixation devices. Knee replacements are commonly recommended for patients suffering from severe knee pain and stiffness caused by osteoarthritis or other joint conditions. They are designed to reduce pain and improve mobility by restoring the function of the knee joint.

Market Dynamics:

Growing geriatric population: Age is one of the major risk factors for knee osteoarthritis and related conditions requiring knee replacement surgery. According to WHO, the global geriatric population is expected to double from 12% to 22% between 2015 and 2050. This rising aging demographic is expected to significantly drive the demand for knee replacement procedures over the forecast period.

Rising prevalence of obesity: Obesity is a leading risk factor for knee osteoarthritis due to the added pressure on weight bearing joints. According to WHO, globally about 13% of adults aged 18 years and older were obese in 2016. The prevalence of obesity has nearly tripled since 1975 and is expected to continue rising which will subsequently boost the need for knee replacement surgeries.
Segment Analysis
Content: The knee replacement market is dominated by the total knee arthroplasty (TKA) segment. Total knee arthroplasty accounts for over 80% of the total knee replacement procedures performed globally owing to the advantages it provides such as reduced pain, restored leg alignment and improved mobility. During a TKA procedure, both sides of the knee joint along with the underside of the patella or knee cap are resurfaced. TKA allows replacement of all three compartments of the arthritic knee joint simultaneously for better treatment outcomes.

PEST Analysis
Political: The regulations around approval procedures and reimbursement policies for knee replacement surgeries vary across countries and regions which impacts the market growth.
Economic: Growing per capita healthcare expenditure and increasing adoption of private health insurance are driving the market growth in developing economies.
Social: Rising geriatric population which is more prone to osteoarthritis and other knee disorders along with growing obesity rates is propelling the demand for knee replacement surgeries.
Technological: Advancements in knee implant materials, designs and computer-assisted surgical systems are enabling minimally invasive procedures with improved clinical outcomes and faster recovery times.

Key Takeaways
The global Knee Replacement Market Share size was valued at US$ 10.6 Bn in 2023 and is expected to witness high growth, exhibiting a CAGR of 4.1% over the forecast period to reach US$ 14.7 Bn by 2030. This can be attributed to the rapidly growing geriatric population worldwide which is more susceptible to osteoarthritis and other age-related knee disorders.

Regionally, North America dominated the global knee replacement market in 2023 and is expected to maintain its lead, owing to the rising prevalence of knee arthritis, adoption of advanced technologies and favourable reimbursement policies in the region. The Asia Pacific market is anticipated to exhibit the fastest growth during the forecast period, due to the improving healthcare infrastructure, rising medical tourism and increasing focus of key players in emerging countries.

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. Strategic initiatives such as new product launches, acquisitions and expansion of manufacturing facilities have been undertaken by these players to consolidate their market positions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it