Knee Replacement Market
Number of pages: 100 | Report Format: PDF | Published date: December 15, 2022
Historical Years – 2023 | Base Year – 2023 | Forecasted Years – 2023-2032
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Report Attribute |
Details |
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Market size value in 2023 |
US$ 10.81 billion |
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Revenue forecast in 2032 |
US$ 16.06 billion |
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Growth Rate |
CAGR of 4.5% from 2023 to 2032 |
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Base year for estimation |
2023 |
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Forecast period |
2023-2032 |
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Segments covered |
Implants, Replacement Type, Material, End User, and Region |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global knee replacement market was valued at US$ 10.81 billion in 2023 and is expected to register a revenue CAGR of 4.5% to reach US$ 16.06 billion by 2032.
Knee Replacement Market Fundamentals
Knee arthroplasty, commonly referred to as knee replacement, is a surgical approach to address persistent pain and functional limitations resulting from the progressive degeneration of the knee joint, often associated with conditions like osteoarthritis. This procedure entails substituting degenerated knee components with artificial implants crafted from biocompatible materials, including metal alloys and polyethylene. The primary objective is to enhance patients' mobility, pain relief, and overall physiological health. The integration of biological insights and technological progress, exemplified by minimally invasive techniques and advanced implant designs, has substantially heightened the efficacy of these interventions. However, factors such as cost considerations, regulatory intricacies, and the availability of alternative biological modalities persist in shaping the course of knee replacement within the dynamic domain of orthopedic surgery.
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Market Dynamics
The knee replacement market is expected to register steady revenue growth. This noticeable development is attributed to the incessant technological innovations such as utilizing AI (Artificial Intelligence) and introducing robotics in surgical procedures. In addition, continuous product launches and approvals anticipates in market expansion. Furthermore, the growing prevalence of knee-related disorders such as osteoarthritis, post-traumatic arthritis, or rheumatoid arthritis; and the increasing geriatric population contribute to the market expansion. Also, growing road traffic accidents further boost the market revenue growth. However, some challenges in the market can restrain the expansion such as the high cost of the orthopedic procedure and the lack of skilled professionals.
Market Ecosystem
The global knee replacement market is analyzed from six perspectives: surgery types, implants, replacement types, materials, end-users, and region.
Knee Replacement Market by Surgery Types
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Knee Replacement Market by Implants
Based on implants, the global knee replacement market is segmented into mobile-bearing implants, fixed-bearing implants, medial pivot implants, and customized implants.
Fixed-bearing implants dominate the knee replacement market due to their stability, longevity, and proven clinical success. Healthcare professionals often prefer these implants, benefiting from familiarity and positive patient outcomes. The design's cost-effectiveness, reduced wear and tear, and improved materials contribute to its widespread acceptance. As a result, fixed-bearing implants have established themselves as a reliable choice for knee replacement procedures. Continued surgeon preference, patient satisfaction, and the clinical track record further solidify the dominance of fixed-bearing implants in the market. Nevertheless, the field remains dynamic, and ongoing advancements may influence the landscape of knee replacement technologies over time.
Knee Replacement Market by Replacement Type
Based on replacement type, the global knee replacement market is segmented into total knee replacement, revision replacement, and partial replacement.
Total knee replacement (TKR) dominates the knee replacement market due to its all-encompassing approach, proven clinical effectiveness, and suitability for various knee conditions. Surgeon proficiency and continuous technological advancements are vital for TKR's success. Patients commonly report elevated satisfaction levels, commending pain relief and enhanced mobility, enhancing the procedure's attractiveness. Supported by favorable long-term success rates and established reimbursement policies, TKR remains the preferred choice.
Knee Replacement Market by Material
Based on material, the global knee replacement market is segmented into ceramic-on-plastic, metal-on-plastic, metal-on-metal, and ceramic-on-ceramic.
The market is led by metal-on-plastic knee replacements, attributed to their established durability, cost-effectiveness, and clinical effectiveness. Their prolonged lifespan minimizes the requirement for revisions, offering a financially feasible solution for healthcare systems. Surgeons favor these implants owing to their confirmed clinical success and positive outcomes. The widespread acceptance of these implants is further facilitated by their biomechanical compatibility, reduced wear due to material advancements, and adaptability to diverse patient profiles. Elevated patient satisfaction serves as a testament to the success of these implants.
Knee Replacement Market by End User
Based on end user, the global knee replacement market is segmented into hospitals, ambulatory centers, and orthopedic clinics.
The hospital segment accounts for the largest revenue share in the market. The large patient track and the population's primary preference contribute to the market's development. Orthopedic clinics, on the other hand, are estimated to grow at a high speed in the forecast period because of rising orthopedic clinics and orthopedic surgeries.
Knee Replacement Market by Region
Based on the region, the knee replacement market is segmented into North America, Europe, Asia Pacific, Latin America, & the Middle East & Africa.
A combination of factors drives North America's dominance in the knee replacement market. The region's aging population, advanced healthcare infrastructure, and technological innovations contribute to a higher demand for knee replacement surgeries. With well-established medical facilities and skilled professionals, North America leads in adopting advanced procedures, including robotic-assisted surgeries and improved implant materials. The substantial healthcare spending and comprehensive insurance coverage reduce financial barriers for patients, fostering a conducive environment for knee replacement procedures. Additionally, the region's high prevalence of osteoarthritis increased patient awareness, and ongoing research and development initiatives further solidified North America's position as a dominant force in the knee replacement market.
Strategic Developments Knee Replacement Market
Knee Replacement Market Competitive Landscape
The competitive landscape in the knee replacement market is becoming increasingly dynamic and diverse. With the growing geriatric population and the continuously rising demand for more effective solutions, numerous companies are entering the market with innovative knee replacements. These companies strive to gain a competitive edge by offering advanced designs, improved surgical techniques, and enhanced patient outcomes.
Some of the prominent companies having the largest revenue share in the global knee replacement market are,
Knee replacement is an orthopedic surgery used to replace the damaged cartilage or bone of the knee to relieve pain & discomfort.
The prominent global market players are Zimmer Biomet Holdings Inc., Stryker Corp., and DePuy Synthes.
The global knee replacement market is expected to register a revenue CAGR of 4.5% in the forecast period from 2024 to 2032.
North America accounted for most of the global knee replacement market, with most of the market revenue share in 2022.
Restraining factors in the global knee replacement market include the high surgery cost and limited reimbursement policies.
*Insights on financial performance are subject to the availability of information in the public domain