Published Date : 19 Jan 2023
The global knee replacement market size is expected to be worth around USD 15.40 billion by 2032 from USD 9.5 billion in 2022 with a CAGR of 5% from 2023 to 2032.
The damaged cartilage and tissues are removed and replaced with the help of artificial knee implants which help the individual to perform their daily activities without pain. The increasing number of people suffering from knee disorders has emerged as a major market for knee replacement surgeries.
Knee Replacement Market Report Scope
|Market Size in 2023||USD 9.92 Billion|
|Market Size by 2032||USD 15.40 Billion|
|Growth Rate from 2023 to 2032||CAGR of 5.00%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Segments Covered||By Implant Type, By Procedure and By End User|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
The region of North America has emerged as the largest market for knee replacement surgeries as a result of the huge number of people undergoing this surgical procedure. The existence of a huge geriatric population in this region has helped the market to record considerable revenue over the period of time. Osteoarthritis is a very common complaint among the people belonging to the geriatric population and hence the market is able to record considerable revenue in this particular region.
The advanced health care facilities which are provided to the people by the government in the European nations has helped this region to record a considerable revenue. The existence of the key market players in this region has also helped the market to record a significant economy.
The region of Asia Pacific is also showing tremendous growth as a result of the existence of advanced healthcare facilities that are provided to the people by the government. The huge number of orthopedic surgeries that are carried out in this particular region has emerged as a major reason for the growth of the market. The availability of a high disposable income among the working class has helped the market to record considerable revenue.
As a result of the faulty lifestyle practices that are prevalent among people the complaints related to knee joint has increased rapidly. A very common cause of knee pain is the usage of faulty footwear which is usually neglected by most of people. This negligence leads to major pathological changes in the anatomical structure of the knee and hence results into knee replacement surgery which helps the market to record a considerable revenue over the period of time.
The increasing prevalence of osteoarthritis among people has emerged as the major driving force for the growth of the market. Chronic knee disorders among people are expected to boost the size of the market considerably during the times to come.
The high cost associated with orthopedic surgeries hampers the growth of the market to a great extent. The lack of disposable income available with the people proves to be a major obstacle for the growth of the knee replacement market. The utilization of advanced surgical procedures and techniques such as artificial intelligence has boosted the cost of surgical procedures which emerges as a major obstacle for the growth of the market.
Constant fluctuations regarding the reimbursement facilities provided by the insurance companies also hampers the growth of the market to a great extent. Lack of skilled professionals has emerged as another restraining factor for the growth of the knee replacement market.
The rapidly increasing number of research and development programs carried out by the key market players with a view to introduce modern technology into the market has boosted the economy to a great extent. The existence of a huge number of knee disorders among the people belonging to the geriatric population has emerged as a major opportunity for the growth of the knee replacement market.
The modern surgical procedures that are introduced into the market in the form of artificial intelligence and robotics-assisted surgical procedures have emerged as a great opportunity for the growth of the knee replacement market. The increasing prevalence of knee disorders among youngsters and adults have also emerged as a potential opportunity for the growth of the knee replacement market.
The lack of skilled professionals performing the knee replacement procedure emerges to be a major challenge for the growth of the knee replacement market. Since the procedure of knee replacement is a complex surgery the assistance of a skilled professional is very important. The utilization of artificial intelligence and robots for surgical procedures increases the total cost of surgery and hence hampers the growth of the market to a great extent.
The lack of disposable income available with the people belonging to the geriatric population hampers the growth of the market considerably. These multiple reasons have emerged as the challenges in front of the key market players during the forecast period.
Key Market Developments
Major Key Players
By Implant Type
By End User
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