Knee Replacement Market Estimated To Witness High Growth Owing To Increasing Number of Knee Replacement Surgeries
The Knee replacement market is estimated to be valued at US$ 10.6 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 surgery, also known as knee arthroplasty, involves replacing the weight-bearing surfaces of the knee joint as a treatment for knee pain and disability caused by osteoarthritis or rheumatoid arthritis. Knee replacement implants are artificial replacements designed to replicate the natural knee surfaces and involve resurfacing or replacing the damaged femoral condyles and tibial plateaus with metal and ultra-high molecular weight polyethylene components.
Market Dynamics:
The knee replacement market is primarily driven by the increasing number of knee replacement surgeries performed globally. As per the American Academy of Orthopaedic Surgeons (AAOS), around 753,000 knee replacement procedures are performed annually in the United States. Increasing geriatric population and rising prevalence of osteoarthritis are the primary factors responsible for the growing number of knee replacements. In addition, advancements in knee replacement implant designs, materials, and surgical techniques are also contributing to the market growth. For instance, advancements in robotics and computer navigation systems are enabling more accurate, less invasive, and faster knee replacement procedures, thereby fueling the demand for knee replacement surgery.
SWOT Analysis
Strength: The knee replacement market is experiencing strong growth due to the rising geriatric population globally, who are more prone to arthritis and other knee-related issues. The increasing obesity rates are also contributing to the disease burden. Advancements in knee implant designs and materials have improved surgical outcomes.
Weakness: High costs associated with knee replacement procedures make it inaccessible for many. Post-surgery complications and revision surgeries also increase the financial burden on patients and healthcare systems. Lack of trained surgeons and healthcare professionals in developing nations pose challenges.
Opportunity: Untapped growth potential exists in developing Asian, Latin American, and African markets with improving healthcare infrastructure and systems. Active development of innovative knee implants customised for specific patient anatomies can expand the addressable market size.
Threats: Stringent regulatory approvals and reimbursement policies delay market entry of new products. Impact of COVID-19 pandemic has reduced elective surgeries temporarily.
Key Takeaways
The global Knee Replacement Market Share is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing prevalence of osteoarthritis and other degenerative joint disorders owing to sedentary lifestyle and rapidly growing geriatric population globally. The rising obese population also contributes majorly to the rising disease burden.
Regional analysis: North America dominates the global knee replacement market currently due to high healthcare spending and prevalence of lifestlye diseases. However, Asia Pacific is poised to exhibit the highest growth during the forecast period owing to improving access to healthcare, rising medical tourism, and growing middle class in countries such as China, India, and Japan.
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. These companies are focusing on new product launches and geographical expansion to consolidate their market position.
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