by Total knee arthroplasty, commonly known as knee replacement surgery, involves resurfacing of the knee joint with prosthetic components to reduce joint pain and disability. It provides an effective treatment for people suffering from severe knee pain and stiffness caused by osteoarthritis. The procedure involves replacing the damaged bone surfaces of the tibia and femur with metal and plastic components, known as prostheses, to recreate the mobility of a healthy knee joint. This treatment helps restore structural integrity of the joint and improves mobility by relieving pain.
The global Total Knee Arthroplasty Market is estimated to be valued at US$ 9452.32 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The global Total Knee Arthroplasty market is driven by the rising geriatric population who are more prone to develop knee joint disorders like osteoarthritis. Growing prevalence of osteoarthritis due to obesity and sedentary lifestyles is increasing demand for knee replacement procedures. According to data by United Nations, the number of people aged 65 years or older is projected to grow from 703 million in 2019 to 1.5 billion in 2050. With ageing, chances of developing knee problems leading to disability increases significantly. Technological advancements in knee implants offering enhanced material properties, improved design, and greater implant longevity are further expanding applications of knee arthroplasty. Rising healthcare expenditure in developing economies also contributes to market growth by enabling affordability of knee replacement surgeries.
Market key trends:
Growing popularity of robot-assisted surgeries is considered one of the major trends in the total knee replacement market. Robot-assisted procedures help in precise implant positioning and sizing through advanced navigation and 3D modeling, leading to improved clinical outcomes. Companies are launching advanced robotic platforms designed specifically for knee replacement surgeries. For instance, in September 2020, Stryker Corporation received FDA approval for its Mako SmartRobotics system for total knee applications.
Demand for partial knee replacements is also gaining significant traction over the past few years. Partial knee replacements involve resurfacing only the affected segments of the knee rather than the complete joint. This makes the recovery time shorter and patients return to normal activities quicker compared to total knee replacement. The procedure causes less trauma and blood loss. Growing awareness about advantages of partial knee replacements especially in younger and more active patients is positively influencing their adoption rate across major markets.
Porter’s Analysis
Threat of new entrants: The Total Knee Arthroplasty market requires high capital investments and long regulatory approval processes, lowering the threat of new entrants.
Bargaining power of buyers: Individual consumers have low bargaining power in this market due to inelastic demand for knee replacement surgeries. Healthcare providers have moderate bargaining power.
Bargaining power of suppliers: A few large players dominate the market, enabling them to exercise some influence over pricing and inventory policies.
Threat of new substitutes: There are currently limited substitutes for knee replacement procedures.
Competitive rivalry: The market is consolidated, with the top players accounting for a majority share. Fierce competition exists in areas of new product development and customized solutions.
Key Takeaways
The Global Total Knee Arthroplasty Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Total Knee Arthroplasty Market is estimated to be valued at US$ 9452.32 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.
North America currently dominates the market due to advanced healthcare infrastructure and the increasing geriatric population susceptible to osteoarthritis in the region. Asia Pacific is anticipated to register the fastest growth rate owing to rising medical tourism, healthcare infrastructure, and growing aging population. Countries like China, India, and Japan will be major revenue generators in the region.
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. These players are focusing on new product development and geographical expansion to gain a competitive advantage in the market.
