Global Knee Replacement Market Size, Forecast 2023-2028
The ‘Global Knee Replacement Market Growth, Share, Price, Share, Analysis, Key Players, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global knee replacement market, assessing the market on the basis of its segments like procedure, implant type, end use, and major regions.
Knee Replacement Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 3.4%
|Growth Rate CAGR||3.4%|
|Major Players||Zimmer Biomet Holdings, Inc., Stryker Corporation, MicroPort Scientific Corporation,|
Conformis, Inc., Medacta Group SA, Johnson and Johnson Services Inc.,
and B. Braun Melsungen AG, among others.
Ageing leads to loss of bone tissue and the strength of bones deteriorates. Osteoporosis is a condition in which bones become porous and very weak. The bone mass becomes low and the micro-architecture of bone tissue degrades. According to statistics, in the United States over 750,000 – 800,000 spinal fractures are caused annually because of osteoporosis, with vertebral fractures being the most common type of osteoporotic fractures.
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The number of older people in the population is increasing in every country worldwide with the World Health Organisation estimating 1 in 6 people being aged 60 years or over by 2030. This poses prospective opportunities for the global knee replacement market. Further, low- and middle-income countries are witnessing significant changes and around two-thirds of the world’s population over 60 years are expected to live in these countries by 2050.
The knee joint can be affected by different arthritis including osteoarthritis, rheumatoid arthritis, or traumatic arthritis. Severe degenerative joint disease can hamper the ability to even perform normal activities such as bending the knee, climbing stairs, and walking. Knee replacement surgery facilitates resurfacing of the damaged parts of the joint and relieving of knee pain. The benefits of having a knee replacement procedure to treat pain and disability is propelling the global knee replacement market.
Knee Replacement Industry Definition and Major Segments
Knee replacement, also referred to as knee arthroplasty, is the process of knee resurfacing. The surgery includes four steps that are preparing the bone, positioning of metal implants, resurfacing the patella, and insertion of a medical-grade plastic spacer. The surgery can be performed on anyone and there are no age or weight restrictions.
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On the basis of procedure, the market is segmented into:
- Total Knee Arthroplast
- Partial Knee Arthroplasty
- Revision Knee Arthroplasty
Based on implant type, the market is divided into:
- Fixed Bearing
- Mobile Bearing
On the basis of end use, the market is classified into:
- Orthopaedic Clinics
- Ambulatory Surgical Centres
Based on regions, the market is categorised into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Knee Replacement Market Trends
According to the National Rheumatoid Arthritis Society (NRAS), a company registered in England and Wales, over 100,000 knee replacements are carried out in the United Kingdom every year, supplementing the regional knee replacement market. Pain arising because of arthritis has been reported to be the fundamental reason to choose the procedure.
Between January 2019 and August 2019, a survey was conducted for all orthopaedic surgeons who specialised in knee replacement surgeries and were members of the Italian Society of Knee, Arthroscopy, Sport, Cartilage and Orthopaedic Technologies (SIGASCOT). The results revealed that total knee arthroplasty was the procedure performed the greatest number of times. Out of the total 177 responses received in the survey, sround 48% of the respondents worked in public hospitals and 63.3% were surgeons, performing more than 100 knee implants each year.
The development of data-driven robotic assistance technology to help surgeons choose accurately sized implants and make sure the replacement joints are aligned properly with the overall leg are aiding the growth of the global knee replacement market. Further, mobile-bearing partial knee replacement surgeries are growing in popularity in Middle Eastern countries, such as the United Arab Emirates, as an effective and safe osteoarthritis treatment.
Another trend shaping the growth of the knee replacement market in developing Asia Pacific countries such as India is medical tourism. Many hospitals in the country specialise in techniques and treatments such as minimally invasive surgeries and bilateral knee replacement surgeries using advanced keyhole or endoscopic surgery and arthroscopy at costs much lower than in the United States and the United Kingdom.
Key Market Players
The major players in the knee replacement market report are:
- Zimmer Biomet Holdings, Inc.
- Stryker Corporation
- MicroPort Scientific Corporation
- Conformis, Inc.
- Medacta Group SA
- Johnson and Johnson Services Inc.
- Braun Melsungen AG
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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