A knee replacement market helps restore mobility by reducing pain and correcting deformity in knees damaged by arthritis or injury. It involves removal of damaged bone and cartilage and replacement with prosthetic components made of metal alloys and high-grade plastics like polyethylene and polymethylmethacrylate (PMMA). Knee replacements improve quality of life by allowing patients to participate in normal activities like walking, climbing stairs, and sports. The increasing prevalence of osteoarthritis and other knee disorders along with growing obesity and geriatric population globally is driving demand for knee replacement surgeries.
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. The introduction of 3D printed and biodegradable implant materials by these players presents a key opportunity in the market. Advancements like robot-assisted knee replacement surgeries and computer navigation used in partial and total knee arthroplasties are also driving adoption.
Key opportunities in the knee replacement market include the growing demand for minimally invasive partial and unicompartmental knee replacements and outpatient knee replacement procedures. Emerging economies present significant opportunities for growth owing to improving access to healthcare. Technological advancements in materials used for implants include biodegradable magnesium andPLAfiber implants that eliminate need for revision surgeries. 3D printing technologies enable patient-specific prosthesis designs for improved outcomes.
Market Drivers
The increasing prevalence of osteoarthritis and other knee disorders due to obesity, sedentary lifestyles and aging populations is a key driver for the knee replacement market. According to estimates by the Arthritis Foundation, osteoarthritis affects over 32.5 million Americans and is the most common cause of disability in the US. Growing accessibility and awareness regarding treatment options along with favorable reimbursement policies globally are supporting the adoption of knee replacement surgeries.
Current challenges in knee replacement market:
High cost of surgery is one of the major challenges faced by patients. Knee replacement surgery is an expensive procedure which costs around $40,000 in the US. Due to the high costs involved, many patients refrain from opting for knee replacement.
Long product development cycles and stringent regulations pose challenges for manufacturers. Developing new innovative products and getting them approved by regulatory bodies is a long drawn process which delays the launch of new products. This hampers growth opportunities for companies.
Lack of awareness in some developing regions. In many developing countries awareness about knee replacement surgery as an option for arthritis is still low. This acts as a barrier in penetrating such emerging markets.
SWOT Analysis
Strength: Advanced technologies like robotics, 3D printing, and customized implants help improve outcomes. Weakness: Risk of complications, infections, implant loosening and dislocation. Opportunity: Growing geriatric population and prevalence of osteoarthritis drives demand. Threats: Threat from alternative treatment options like stem cell therapy and drug therapies.
The North America region dominates the global knee replacement market and accounts for the largest share in terms of value. This is attributed to factors such growing geriatric population, rising obesity rates driving up knee disorders, and high adoption rates of new technologies. The Asia Pacific region is poised to be the fastest growing market during the forecast period. Presence of untapped opportunities in developing nations, increasing healthcare spending, and growing medical tourism are fueling the Asia Pacific knee replacement market.
In terms of value, the United States contributes a major share to the global knee replacement market. This is due to factors such as high prevalence of knee disorders, growing aging population undergoing knee surgeries, and rapid adoption of advanced technologies. China, Japan, India, Brazil and Germany are ranked among the fastest growing regional markets between 2023-2030. Rising healthcare investments, growing middle class population, and increasing focus on joint replacement are driving robust growth in these regions.
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- Source: Coherent Market Insights, Public sources, Desk research
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