The global Total Knee Arthroplasty Market is estimated to be valued at US$ 9452.32 Mn in 2023 and is expected to exhibit a CAGR of 4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Total knee arthroplasty, also known as total knee replacement, is a surgical procedure to replace the weight-bearing surfaces of the knee joint to relieve pain and disability. Knee implants are used to resurface the diseased knee joint and mimic the natural knee movement. Cemented knee implants hold the largest market share as they provide better fixation during the initial post-operative period.
Market key trends:
One of the key trends in the total knee arthroplasty market is the rising demand for robotic-assisted surgeries. Robotic platforms aid in improving pre-operative planning, precision of bone resections and ligament balancing during surgery, and better post-operative outcomes. For instance, companies like Zimmer Biomet, Stryker and Smith & Nephew offer robotic platforms for total knee arthroplasty. Furthermore, growing demand for patient-specific or customized knee implants is another trend. These implants are 3D printed based on the patient’s CT scans for a perfect anatomical fit, which results in improved implant positioning and mobility.
SWOT Analysis
Strength: Total knee arthroplasty provides effective pain relief for people suffering from knee arthritis or injury. It allows patients to regain mobility and flexiblity in their knee joints.
Weakness: Total knee arthroplasty is an invasive surgical procedure that requires extensive rehabilitation. There is a small risk of complications like infection, stiffness, or implant failure.
Opportunity: Rising geriatric population worldwide who are more prone to osteoarthritis will drive the demand for total knee arthroplasty procedures. Growing obesity rates are also leading to higher prevalence of knee disorders.
Threats: Alternative non-surgical treatment options like medication management or physical therapy can reduce the need for knee replacement surgery in some cases. Stringent regulatory approvals and product recalls can impede market growth.
Key Takeaways
The Global Total Knee Arthroplasty Market Size is expected to witness high growth, exhibiting CAGR of 4% over the forecast period, due to increasing prevalence of arthritis worldwide. According to the Arthritis Foundation, over 54 million Americans suffer from doctor-diagnosed arthritis currently. This number is expected to rise to 78 million by 2040. Rapid growth in the geriatric population base is fueling the market demand.
North America currently dominates the total knee arthroplasty market and is expected to maintain its lead over the forecast period. This can be attributed to presence of advanced healthcare infrastructure and growing obesity rates in the region. The American Academy of Orthopedic Surgeons estimates around 754,000 knee replacement surgeries are performed annually in the U.S.
Asia Pacific is poised to witness fastest growth during the forecast years owing to rising medical tourism, growing healthcare spending, and improving access to healthcare facilities. China, India and Japan are emerging as major markets in the region.
Key players operating in the total knee arthroplasty market are Depuy Synthes (Johnson & Johnson), Zimmer Biomet Holdings, Inc., MicroPort Scientific Corporation, Conformis Inc., Corin Group, Exactech Inc., DJO LLC. (Colfax Corporation), Medacta International, Smith & Nephew plc, Stryker Corporation, Baumer SA, SurgTech Inc., and Meril Life Sciences Pvt. Ltd. Major players are focusing on new product launches and geographical expansion strategies to consolidate their market positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it