The global Knee Replacement Market is estimated to be valued at US$ 9.4 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, also known as knee arthroplasty, is a surgical procedure to replace the weight-bearing surfaces of the knee damaged by arthritis. It helps reduce pain and improves mobility. The knee implant made of plastic and metal materials mimics the natural knee function.
Market key trends: One of the key trends in the knee replacement market is the rising demand for robot-assisted knee replacement surgeries. Robot-assisted surgery offers several advantages over traditional knee replacement surgeries such as reduced post-operative pain, quicker recovery, and smaller incisions. The robotic systems provide surgeons with enhanced visibility, greater precision, and flexibility. With technological advances, robotic systems are becoming more affordable and being adopted by many hospitals worldwide which is expected to drive the growth of the knee replacement market during the forecast period.
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SWOT Analysis
Strength: Knee replacement surgery can significantly reduce pain and improve joint mobility for patients suffering from arthritis or other knee injuries. It allows patients to resume normal daily activities.
Weakness: Knee replacement surgery is an invasive procedure and requires a long recovery time. There are risks of complications such as infections, blood clots, stiffness and loosening of implants.
Opportunity: Growing geriatric population suffering from osteoarthritis is increasing the demand for knee replacement surgeries. Moreover, technological advancements in knee implants offering customized solutions based on patient’s anatomy are driving the market growth.
Threats: High cost of knee replacement surgery and limited reimbursement policies in some countries can hamper the market growth. Strict regulatory approvals for new knee implants is another challenge for market players.
Key Takeaways
The global knee replacement market is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing prevalence of osteoarthritis and other knee disorders.
Market size:
The global knee replacement market size for 2023 is US$ 9.4 Bn. Growing geriatric population is the major drivers for increasing number of knee replacement procedures. According to estimates, over 100 million people suffer from symptomatic osteoarthritis worldwide and demand for knee replacement is expected to increase substantially in the coming years.
Regional analysis:
North America dominates the global knee replacement market and is expected to continue its dominance over the forecast period. This is attributed to growing obese population in the US and Canada, which increases the risk of osteoarthritis. Moreover, strong reimbursement programs for knee replacement surgeries in the region is supporting the market growth. Asia Pacific is expected to exhibit fastest growth rate due to increasing healthcare expenditure and growing medical tourism.
Key players:
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. Major players are focusing on launching advanced knee implants and surgical robots/assist systems for customized knee replacements.
