The global knee replacement market size was estimated at USD 9.8 billion in 2021 and is expected to hit around USD 16.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.67% during the forecast period 2022 to 2030.
An artificial knee implant is used for replacing it in place of the damaged cartilage or tissue from the joint for restoring the normal functioning of the knee and hence facilitating movement. freezing number of people suffering with knee disorders has helped the market to record a considerable revenue as a result of the rapid growth in the number of procedures that are carried out. The increasing number of cases of osteoarthritis has boosted the market for knee replacement surgeries.
Osteoarthritis has emerged as one of the most common bone disorders among the people which has resulted from the faulty lifestyle practices of the people. As a result of arthritis people suffer with difficulties such as restricted movement and severe pain which hampers the normal lifestyle of a person. Increasing demand for advanced knee replacement surgery is among the potential consumers all over the world has boosted the size of the market considerably over the period of time.
The rapidly rising number of people belonging to the geriatric population has helped the market to record a considerable revenue over the period of time as a result of the large client base that is present in the market. Osteoarthritis is an age-related disorder which hampers the lifestyle of an individual to a great extent. The faulty lifestyle practices prevalent in the society has emerged as a major reason for boosting the number of physicians suffering with osteoarthritis. Obesity has emerged as another major reason for the development of osteoarthritis among the younger generations. The recent technological advancements in the healthcare sector have attracted the potential consumers which is expected to boost the size of the market to a great extent.
The outbreak of the pandemic had a considerable impact on the knee replacement market as there was a significant decline in the number of surgical procedures that were carried out during the course of the pandemic. With a view to avoid the chances of cross infection the hospital sector opted for elective surgeries by limiting the number of procedures carried out which will prove to be a potential risk for the health care workers. Many surgeries were kept on hold during the course of the pandemic to avoid the risk of cross infection. A rapid decline in employment during the course of the pandemic affected the disposable income of the people which hampered the market for knee replacement surgery is to great extent.
Report Scope of the Knee Replacement Market
|Market Size in 2022||
USD 10.36 Billion
|Market Size by 2030||
USD 16.1 Billion
|Growth Rate from 2022 to 2030||CAGR of 5.67%|
|Forecast Period||2022 to 2030|
|Segments Covered||Implant Type, Procedure, End User, and Geography|
|Companies Mentioned||Johnson & Johnson Services, Inc. (DePuy Synthes), Stryker, Zimmer Biomet, Smith+Nephew, DJO, LLC, Arthrex, Inc., Exactech, Inc., Conformis, MicroPort Orthopedics, Corin Group|
The recent developments which have taken place in the field of surgical procedures has experienced the adoption of artificial intelligence into the system which has increased the chances of success to great extent and hence gained the confidence of the potential consumers. The utilization of robotics and artificial intelligence for knee replacement surgeries has improved the efficiency of the procedures. The inclusion of artificial intelligence into the surgical procedures has enabled the healthcare sector to minimize the chances of human error during a surgical procedure and hence carry out the entire process with more precision and accuracy which has in turn encouraged the potential consumers all over the world. The huge number of people who are opting for knee replacement surgeries has rapidly increased owing to the huge success rate that has been observed over the period of time. a personalized surgical procedure is planned according to the condition of the patient with the help of artificial intelligence in which the dynamic motion is taken into consideration.
A major support which is provided to the people in the form of reimbursement facilities through the insurance companies helps the potential consumers to opt for better surgical procedures. Introduction of modern technology into the healthcare sector that has attracted a number of people belonging to the geriatric population who require knee replacement surgeries.
Key Market Drivers
Key Market Challenges
Key Market Opportunities
On the basis of procedure, the segment of total knee arthroplasty has dominated the market owing to the huge number of cases that are available in the market. Most of the patients suffering with knee disorders belong to the geriatric population and hence they require a total knee arthroplasty. The robot assisted surgical procedures have attracted the potential consumers all over the world by showcasing the high probability of success which is obtained with the use of advanced technology.
The segment of revision arthroplasty as presented a considerable growth over the period of time as a result of the increasing number of cases undergoing revision knee surgeries. The increasing consumption of revision implants has helped the market to record a considerable revenue over the period of time. The availability of a high disposable income with the younger patients has also proved to be a major opportunity for the growth of the knee replacement market. A considerable growth has been expressed by the partial knee arthroplasty segment as a result of the encouragement provided by the key market players.
Implant Type Insights
On the basis of implant type, the segment of fixed bearing implants has emerged as the largest segment as a result of the various benefits that are obtained with this variety. The mobility which is provided with the fixed bearing implants it's quite premium as compared to the other segments in the market. These implants are long lasting and provide the consumer with a good experience. It is the most commonly chosen implant type by the health care professionals as it provides a good experience to the consumer. The demand for mobile bearing implants is also rapidly increasing as it provides a better range of motion.
On the basis of end user, the segment of hospital has emerged as the largest segment owing to the huge number of surgical procedures that are carried out in this sector. A knee replacement surgery requires a proper setup with all the necessary equipment and accessory procedures within the reach of the professional, hence the segment of hospital has emerged as the largest segment.
The advanced facilities that are provided within the infrastructure of a hospital has helped this segment to record a considerable revenue. The huge number of orthopedic surgeries that are carried out in a hospital has emerged as a major reason for the growth of this particular segment. Regular visits by the patients for orthopedic complaints and injuries has also emerged as a major reason for the growth of this segment.
Knee Replacement Market Share, By Region, 2021 (%)
|Regions||Revenue Share in 2021 (%)|
On the basis of geography, the region of North America has emerged as the largest market as a result of the geriatric population who require knee replacement surgeries. The availability of a high disposable income with the people has enabled them to opt for advanced surgical procedures which make use of artificial intelligence and robot assisted procedures. The presence of the key market players in this region has also emerged as a major reason for its growth.
The region of Europe has also emerged as a large market for knee replacement surgeries owing to the huge number of patients residing in this region. The region of Asia Pacific has also emerged as a potential market for knee replacement surgeries as a result of the huge number of patients who suffer with knee disorders.
Key Market Developments
Segments Covered in the Report
By Implant Type
By End User
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