Knee Replacement Market Scenario
The Knee Replacement Market size was valued at USD 6.5 billion in 2022 and is projected to grow from USD 6.99 Billion in 2023 to USD 10.85 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.60% during the forecast period (2023 – 2030).
Knee replacement is also referred to joint replacement surgery which is meant for patients suffering from knee damage. Diseases such as post-traumatic arthritis, osteoarthritis, and rheumatoid arthritis generally cause knee damage. Knee arthroplasty or knee replacement is performed to replace damaged knee with artificial knee implants.
Drivers and Constraints Impacting the Market
Knee replacement is highly driven by the rising prevalence of knee osteoarthritis, geriatric population due to old age ailments such as osteoporosis, arthritis, and diabetes. Advent of advanced technologies such as minimally invasive surgery, presence of better implant materials, and extensive research and development activities in the industry are considered to propel the market during the assessment period. According to the American Joint Replacement Registry, 87 % of the diagnosed osteoarthritis cases undergo knee replacement. With growing prevalence of osteoarthritis, the number of knee replacement has risen. Also, the adaptation of sedentary lifestyle has led to obese population which is considered to foster the market growth in the future.
On the flip side, non-surgical treatment methods like shoe aids and exercises coupled with high cost of knee replacement surgeries are likely to retard the market growth in the coming years.
Global Knee Replacement Market: Segmental Analysis
The global knee replacement market has been segmented on the basis of material, product type, end-user, and region.
By mode of product type, the global knee replacement market has been segmented into total knee reconstructive implants, partial knee reconstructive implants, and revision knee reconstructive implants. Among these, the total knee reconstructive implants are further sub-segmented into fixed bearing implants, mobile bearing implants, medial pivot implants, and others.
By mode of material, the global knee replacement market has been segmented into ceramic material, metal alloy, strong plastic parts, and others.
By mode of end-users, the global knee replacement market has been segmented into specialty centers, hospitals and clinics, and rehabilitation centers.
Regional Insights
Geographically, the knee replacement market spans across regions namely, North America, Europe, Asia Pacific, and the Middle East and Africa.
Among all the regions, the North American market is considered to be a growing market owing to the growing geriatric population affected by knee disorders. Also, growing awareness regarding joint treatments are further considered to drive the market during the assessment period.
Europe is presumed to be the second largest market after North America and is estimated to hold a noticeable share. The growth is attributed to the availability of advanced and innovative treatment facilities coupled with growing skilled medical professionals in this region. Also, with the growing geriatric population giving rise to patient population, the market is considered to expand at a rapid pace.
Asia Pacific is presumed to be the fastest growing market owing to the increasing prevalence of joint disorders such as osteoarthritis and arthritis. Increasing awareness about health along with availability of advanced treatment methods are likely to foster the market in this region.
Competitive Dashboard
The major Knee Replacement Market players operating the global sector are DePuy Synthes, Allegra Orthopaedics Limited, Exactech Inc., Smith and Nephew, Zimmer Inc., Stryker, and Kinamed Inc.
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