Knee Replacement Market Size, Share, Growth Analysis, By Procedure type(Total Knee Replacement, Partial Knee Replacement, and Revision Knee Replacement), By Component(Fixed-bearing Implants and Mobile-bearing ImplantsSegmentEnd UserSub-SegmentsHospitals, Orthopedic Clinics, Ambulatory Surgical Centers, and Others.), By Region - Industry Forecast 2024-2031

Global Knee Replacement Market size was valued at USD 10.34 billion in 2022 and is poised to grow from USD 10.93 billion in 2023 to USD 16.99 billion by 2031, at a CAGR of 5.67% during the forecast period (2024-2031).

Knee arthroplasty surgery entails removing damaged tissues and cartilages from the knee joint and replacing the joint with an artificial knee implant. With the global prevalence of osteoarthritis and other knee illnesses such as psoriatic arthritis and rheumatoid arthritis on the rise, demand for this procedure is projected to skyrocket in the coming years. According to the Arthritis Foundation, around 1 million people in the United States have symptomatic knee osteoarthritis. The ageing population and increased desire for less invasive surgical procedures are likely to fuel the growth rate in the coming years. Furthermore, an increase in the frequency of bone-related ailments, accidents, obesity, and the convenience of modern designs are likely to drive market expansion. Obesity is also a major contributor to arthritis. Being overweight or obese raised the incidence of knee OA by 2.5 to 4.6 times compared to being of normal weight, according to research published in the BMJ Journal in 2020. This increase can be related to the increased use of minimally invasive operations as well as the rising prevalence of arthritis. These factors are projected to promote the usage of replacement devices, propelling market development throughout the forecast period.

The rising usage of pain medications for age-related joint issues and other difficulties caused by co-occurring illnesses such as obesity and diabetes is expected to fuel development. However, strict government laws , restrictions for medical device approvals, and an increase in product faults are projected to stymie progress. The availability of unexplored development prospects in Asia's and Latin America's rapidly rising economies and increased knowledge regarding knee implants are predicted to augur well for the industry. As a result, manufacturers are concentrating on capitalising on possibilities in developing economies to increase their market share.

US Knee Replacement Market is poised to grow at a sustainable CAGR for the next forecast year.