In a remarkable leap forward for healthcare advancement, the Global Knee Replacement Industry is poised for extraordinary growth, projecting an impressive 6% Compound Annual Growth Rate (CAGR) from 2021 to 2032. This surge is expected to elevate the market valuation from US$ 8.27 Billion in 2021 to a noteworthy US$ 15.7 Billion by 2032.
The robust expansion of the knee replacement market is fueled by a convergence of pivotal factors, laying the foundation for a promising growth trajectory. Increased demand for advanced knee implants, substantial government investments in healthcare and medical devices, along the presence of well-established manufacturers, collectively contribute to the industry’s upward trend.
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Ambulatory surgical centers are anticipated to contribute significantly towards the growth of Global Knee Replacement Industry in the forthcoming years owing on account of low costs associated with the surgery as well as rapidly increasing immediate need in the facility for timely processes without long delays, thereby benefitting in expansion of customer base. In addition, personalized care offerings by ambulatory healthcare facilities further drive the demand for ambulatory surgical center
Knee Replacement is the common joint replacement surgery that is undertaken for patients with knee-damaging diseases such as osteoarthritis, post-traumatic arthritis, or rheumatoid arthritis. The rising number of elderly patients followed by the increasing number of surgeries undertaken is anticipated to grow the global knee replacement industry. The surgical procedure of knee replacement is inclusive of various steps taken to implant the artificial device and replacement of the damaged knee. There are many different types of implants – which are made of metal alloys, ceramic material, or strong plastic parts.
Knee replacement is one of the most effective and widely used ways to relieve knee arthritis pain. Technological advancements in the knee replacement market such as minimally invasive surgery, improved implant materials, and their success rates are allowing even the younger population to undergo knee replacement surgery ultimately driving the global knee replacement industry significantly. The Global Knee Replacement Industry is also promoted by the technologies such as 3D-printed knee implants which are being manufactured by the U.S.-based medical company ConforMIS.
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The emerging knee replacement market has been experiencing a phase of new product development and technological advancements due to greater demand. The manufacturing companies are raising their respective market share with aggressive marketing activities and growing awareness among people.
Global Knee Replacement Industry: Drivers & Restraints
The knee implant market is expected to grow due to several factors such as the increasing rate of old-age diseases like osteoporosis, diabetes, obesity, and arthritis; the aging population, and sports-related injuries. Conversely, existing and upcoming advanced technologies such as minimally invasive surgery and better implant materials are making it more widely accepted even by the younger populace.
Despite being a widely used procedure for curing extremely debilitating diseases, such as osteoarthritis, the global knee replacement industry is facing some challenges such as an economic slowdown that is preventing the market from growing. Some of the other growth restraining factors of the global knee replacement market can be high surgery cost, increasing competition, increasing number of OEMs in the market, and growing awareness for some non-surgical treatment methods such as exercises, weight loss, walking aids, shoe inserts, and pain killer medicines.
Knee Replacement Industry: Region-wise Outlook
The knee replacement industry is expected to register a favorable growth for the forecast period, 2015? 2025. North America and Europe are projected to endure control of the Global Knee Replacement Industry followed by Asia and the Middle East. Europe and North America are expected to register double-digit growth in the forecasted period. The demand for knee replacement surgery devices is surging across Asian regions. The factors contributing to the rising demand in APAC are growing awareness of the possible treatments, the increasing number of the elderly population, and following patients with knee joint afflictions.
Developing regions such as India and China are projected to be potentially growing in the global knee replacement industry concerning the increasing demand for knee implant products holding the fact that these procedures and devices, which were considered unaffordable about a decade ago, are within financial reach of India’s and China’s growing middle classes.
Global Knee Replacement Industry: Key Players
The Global Knee Replacement Industry is consolidated. Some of the key players in the market are Stryker Corporation, Zimmer Holdings, Smith & Nephew Plc, DePuy Companies, Inc., Wright Medical Group, Inc., Biomet, Inc., and Exactech. and B. Braun Melsungen AG.
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Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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