Knee Replacement Market is Anticipated to Witness High Growth Owing to Rapidly Aging Population

 


The knee replacement market involves surgical procedures and medical devices used for joint replacement surgeries of the knee. Knee replacements are most commonly used in patients diagnosed with degenerative joint disease or osteoarthritis, where the cartilage cushioning the knee joint breaks down over time due to regular wear and tear. Knee replacements help reduce pain and restore mobility for patients suffering from severe knee arthritis.

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. Knee replacement procedures offer an effective treatment option for people suffering from debilitating knee pain and limited mobility due to arthritis. Rapid growth in the geriatric population globally is driving the demand for knee replacements. Manufacturers are focusing on developing innovative knee implant designs and minimally invasive surgical techniques to reduce recovery time and complications for patients.

Market Drivers
Growth in the global knee replacement market is primarily driven by the rapidly aging world population and associated rise in osteoarthritis cases. According to estimates, over 250 million people worldwide suffer from osteoarthritis, making it one of the leading causes of disability. As life expectancy increases, the 60+ age group vulnerable to age-related joint disorders is growing rapidly. Sedentary lifestyles and rising obesity rates are further fueling the incidence of knee osteoarthritis. Continued technological advancements in knee implant materials and designs that enable improved joint movement and lifelike feeling are enhancing patient outcomes.

Market Restraints
High cost of knee replacement surgery and implants is a major factor restricting widespread adoption, especially in developing nations. Total knee arthroplasty procedures in the U.S. range from $30,000 to $50,000 on average. Revision surgeries pose an even higher economic burden. Lack of reimbursement coverage in many countries poses affordability challenges.Stringent regulatory approvals and longer times taken by newer innovation to penetrate the market also hinder revenue growth opportunities. Potential complications such as infections, implant loosening and instability remain a concern.


Segment Analysis

This knee replacement market is dominated by the technology segment which comprises total knee replacements. Total knee replacements account for over 85% of the market share due to the rising prevalence of osteoarthritis coupled with the growing geriatric population globally. The procedure offers long lasting pain relief and improved mobility to patients suffering from arthritis and worn out knee joints. Partials and revisions are the other segments though total knees will continue to be the cash cow for companies in this space.

Global Analysis

North America dominates the global knee replacement market with the highest procedure volume and will continue to be the largest through the forecast period. Growing obese population, rising health awareness and fast adoption of advanced surgical technologies are some factors for its prominence in the region. Asia Pacific is poised to witness the fastest growth owing to growing medical tourism, rising healthcare spending, expanding base of knee disorders and increasing focus of key companies in developing markets of China and India. Improving accessibility to healthcare and rising disposable incomes will propel the market in Asia Pacific in the coming years.

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