Total knee arthroplasty, also known as knee replacement surgery, is a procedure to replace the weight-bearing surfaces of the knee joint to relieve pain and disability. It is commonly recommended for late-stage knee osteoarthritis or other knee joint diseases that cause severe pain and difficulty walking. The growing geriatric population prone to chronic diseases such as arthritis and obesity is further augmenting the incidence of knee disorders.
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.
Market key trends:
The rising prevalence of knee disorders due to obesity, repetitive injuries, trauma and aging has led to rapid adoption of knee replacement procedures globally. According to the Centers for Disease Control and Prevention (CDC), around 30 million Americans are affected by osteoarthritis, a major cause of knee pain and disability. Knee osteoarthritis is also a growing concern in the Asia Pacific region due to increasing obese population. Advanced technologies offering minimally invasive procedures and robot-assisted knee replacement surgeries are gaining widespread acceptance among patients and surgeons. Growing demand for innovative products that enable faster recovery time and superior clinical outcomes is expected to drive industry revenue over the forecast period.
Segment Analysis
The global total knee arthroplasty market is divided into two primary segments - primary total knee arthroplasty and revision total knee arthroplasty. The primary total knee arthroplasty segment holds a significantly larger market share and is expected to remain the dominant segment over the forecast period. Nearly 90% of all total knee arthroplasty procedures are performed as primary procedures for osteoarthritis patients. The revision total knee arthroplasty procedures are usually required for patients who have undergone a failed primary knee replacement surgery or for patients who need to undergo repeat surgery due to implant loosening or breakage.
Key Takeaways
The Global Total Knee Arthroplasty Market Size is expected to witness high growth over the forecast period of 2023 to 2030, expanding at a CAGR of around 6.1% annually. 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 global total knee arthroplasty market and is expected to maintain its leading position throughout the forecast period. The high prevalence of osteoarthritis and growing geriatric population are major market drivers in the region. Europe is anticipated to emerge as the second largest market for total knee arthroplasty procedures during the forecast period. The rising healthcare expenditure and improving access to elective orthopedic procedures are boosting the European market growth.
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 (Johnson & Johnson) is a leading player in the total knee arthroplasty devices market with a broad product portfolio and global presence. Zimmer Biomet Holdings, Inc. also enjoys a prominent market share due to strong brand recognition and newer product approvals in knee implant systems.
Get More Insights Here
https://shoutingstars.com/automotive-embedded-systems-future-of-in-vehicle-technology
https://www.newsstatix.com/total-knee-arthroplasty-market-size-share-growth-outlook-2023/
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