USD 8.57 billion
Report ID: SQMIG35D2054 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 143 | Figures: 78
Total Knee Replacement Market size was valued at USD 8.57 billion in 2021 and is poised to grow from USD 9 billion in 2022 to USD 13.96 billion by 2030, growing at a CAGR of 5% in the forecast period (2023-2030).
The growing geriatric population will increase this industry's market share over the forecast years. The rapid increase in the conclusion of knee joint pain among the adult population is required to enable a quick expansion of the market in the coming years. The increasing prevalence of osteoarthritis of the knee is a critical factor in the market's advancement. As the younger population's body mass index rises, they necessitate Knee Replacement Surgery at a younger age. Knee replacement, also known as knee arthroplasty, is a joint surgery that replaces the affected parts of the knee to relieve pain and disability. A knee replacement surgery is performed on patients who have been diagnosed with osteoarthritis, post-traumatic joint inflammation, or rheumatoid joint inflammation. Knee Replacement Surgery removes damaged body parts such as tissues and cartilages and supplants them with artificial systems.
People with knee osteoarthritis are the most likely candidates for Total Knee Replacement surgery. Patients suffering from knee osteoarthritis have difficulty walking and performing daily activities. As a result, such patients require all out-knee substitution to overcome the challenges associated with osteoarthritis. The rise in the number of knee replacement surgical treatments around the world is likely to benefit the market. As more people become aware of technological trends such as robot-assisted knee surgeries, they begin to opt for these procedures, fueling the growth of this industry. It also persuades other market participants to conduct research and development and devise painless surgical methods. Robot-assisted surgeries promote high efficiency and accuracy, lowering the rate of surgery failures. Furthermore, rising innovative advancements such as imaginative intrusive medical procedures, as well as the existence of better-embedded materials, will drive the growth of the knee replacement market.
US Total Knee Replacement Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 8.57 billion
Primary Knee Replacement Systems
Primary Knee Replacement Systems
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The Global Total Knee Replacement market is segmented based on Type, Procedure Implant Type, Fixation Type, End-User, and Region. Based on Implant Type, the Total Knee Replacement Market is segmented into Fixed-Bearing Implants, Mobile-Bearing Implants. Based on Type, the market is segmented into Primary Knee Replacement Systems, Revision Knee Replacement Systems, and Partial Knee Replacement Systems. Based on Procedure, the market is segmented into Total Knee Arthroplasty, Partial Knee Arthroplasty, and Revision Arthroplasty. Based on Fixation Type, the Total Knee Replacement Market is segmented into Cemented, Cementless, Hybrid, and Reverse Hybrid. Based on End-Use, the Total Knee Replacement Marketis segmented into Hospitals, Orthopaedic Clinics. Based on region the global Total Knee Replacement market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Total Knee Replacement Market Analysis by Procedure Type
In 2021, the primary knee replacement segment dominated the joint replacement market, with a revenue share of more than 59.0%. According to the Arthritis Foundation, nearly 800,000 knee replacements are performed in the United States each year. Knee replacement surgery is so popular that it is estimated that it is performed about 800,000 times per year in the United States alone, and that figure is growing every year. Furthermore, total knee replacement surgery is expected to reach 1.28 million procedures per year.
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During the forecast period, North America is expected to have the largest market share. The United States is a significant contributor to the region's Total Knee Replacement market growth. The major factors likely to boost the market growth in North America are a rise in the number of individuals diagnosed with rheumatoid arthritis and an increase in the geriatric population count. Furthermore, the rising penetration of computer-aided implant designs, robot-assisted surgeries in the United States, and favorable reimbursement scenarios are expected to propel the knee implant market in the United States during the forecast period. Because of the rise in chronic diseases such as diabetes and the prevalence of bone disease, Europe is expected to have the second-largest market share after North America. Innovations in implant material and design, the presence of major players with a robust distribution network, and rising demand for knee replacement procedures are expected to fuel the EUs knee replacement market by 2028.
The Asia Pacific market is expected to grow rapidly during the forecast period, owing to the rising prevalence of knee disorders, flourishing medical tourism, rising disposable incomes, and progressively improving healthcare infrastructure. Latin America and the Middle East and Africa are likely to experience slow market growth due to a lack of orthopedic surgeons and low-income growth. However, a rising number of orthopedic injuries and diseases, as well as an increase in the adoption of replacement procedures, are expected to drive the growth of the knee arthroplasty market in Latin America, the Middle East, and Africa.
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One of the major factors likely to boost demand for bone surgeries in the future is a rise in the incidence of knee osteoarthritis around the world. The rise in the adult population's diagnosis rate of knee arthritis is expected to increase demand for knee implants in the coming years. According to the Osteoarthritis Research Society International (OARSI), the pervasiveness of global knee osteoarthritis is likely to reach 5% and is expected to rise as the population ages. The rapid aging of the population, as well as the growing epidemics of obesity, are likely to fuel demand for knee replacement surgeries during the forecast period. According to the Arthritis Foundation, the annual incidence of knee osteoarthritis in the United States is highest between the ages of 55 and 64. These factors are expected to accelerate the global demand over the forecast year.
Rising awareness of material advancements and designs of knee implants, as well as robot-assisted knee surgeries, are nowadays the key trends influencing sales of these product lines used in replacement surgeries. Robot-assisted technology is improving procedure accuracy and decreasing reliance on surgeons for procedural consequences. In addition, with the addition of robotic surgery to their portfolio, numerous key players in the market are providing more comprehensive knee implants. For instance, Smith & Nephew acquired Blue Belt Holdings, Inc. in 2016 to gain access to the Navio Surgical System, which provides robot assistance in partial knee surgeries via a CT-free navigation system and a handheld robotic bone shaping device.
Total Knee Replacement Market Restraint
Knee replacement procedures are carried out using implants made of precious metals and advanced technologies. Furthermore, the strict regulations for product approval make these products expensive. These products have been restricted from entering developing regions with limited healthcare spending and a scarcity of skilled surgeons. These factors are expected to restrain the market growth over the forecast year.
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The total knee replacement market is fragmented, with many large and small players in the industry. To gain market share, key players are implementing business strategies such as diverse product offerings, regional expansion, partnerships, and new product launches. For instance, De Puy Synthes' VELYS Robotic-Assisted Solution for use with the ATTUNE Total Knee System received 510(k) clearance from the US FDA in January 2021. Furthermore, in January 2021, Stryker acquired OrthoSensor, Inc, a pioneer in the digital evolution of total joint replacement. This acquisition has strengthened its market position.
Total Knee Replacement Market Top Player's Company Profiles
Total Knee Replacement Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, we found that the rise in the prevalence of rheumatoid arthritis, osteoarthritis, and post-traumatic arthritis will provide several opportunities for market growth. Furthermore, knee arthroplasty has provided an opportunity for key players operating in a market that is primarily driven by patient dissatisfaction with total knee replacement. As a result, manufacturers have begun to use various biomaterials for increased strength to meet this growing demand. Furthermore, due to increasing success rates, technological advancements, and the easy availability of durable and higher-quality implants, knee replacement procedures are in high demand.
|Market size value in 2021||USD 8.57 billion|
|Market size value in 2030||USD 9 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Total Knee Replacement Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Total Knee Replacement Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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