The global 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 is a surgical procedure to resurface the weight-bearing surfaces of the femur and tibia. It helps to reduce the joint pain and improves mobility in patients suffering from severe knee arthritis and knee injuries. Knee replacement allows the patient to bend, straighten, and walk more easily by replacing the damaged knee joint with artificial surfaces made of metal alloys, plastics or ceramics.
Market key trends:
The increasing prevalence of knee injuries and arthritis is driving the growth of knee replacement market. For instance, according to the Arthritis Foundation, osteoarthritis (OA) is the most common joint disease in the U.S. Also, over 30 million adults suffer from self-reported arthritis. Further, 3D printing technology has enabled advances in the development of personalized knee implants, resulting in improved fit and better outcomes. Additionally, the growing aging population and obese population also contributes to the increasing risk of knee osteoarthritis, boosting the demand for knee replacement procedures over the forecast period.
SWOT Analysis
Strength: Knee replacement surgeries have high success rates and help reduce pain significantly for patients suffering from arthritis or other knee injuries. It allows patients to resume normal daily activities.
Weakness: Knee replacement surgeries are highly invasive procedures and require longer recovery time. There are also risks of complications such as infections, loosening of artificial joints, fractures and instability.
Opportunity: Rising geriatric population suffering from knee pain and injuries drives the demand for knee replacement surgeries. Innovation of new implants materials such as ceramic and cross-linked polyethylene provide more options to surgeons.
Threats: High Cost of knee replacement surgery prevents many patients from opting for it. Growing preference for non-surgical treatments like medication and physical therapy poses a challenge. Stringent regulatory approval process for new knee implant devices delays market entry.
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 geriatric population globally suffering from arthritis and orthopedic conditions.
Regional analysis: North America dominates the market holding over 50% share due to supportive reimbursement policies and growing obese population in US and Canada requiring knee replacement surgeries. Asia Pacific is the fastest growing market attributed to large patient pool, low surgery costs and improving healthcare infrastructure in countries like 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 players are focusing on developing innovative implants and surgical robotics to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
