The global knee replacement market is projected to exhibit steady growth over the next decade, registering a CAGR of 2.70% during the forecast period of 2024 to 2034. According to recent projections by Future Market Insights, the market will expand from a valuation of USD 10,069.3 million in 2024 to USD 13,143.3 million by 2034.
Key Growth Drivers
- Aging Population: The increasing prevalence of age-related joint issues, particularly osteoarthritis, is expected to drive demand for knee replacement procedures.
- Technological Innovations: Ongoing advancements in knee replacement technologies, such as robotics and minimally invasive procedures, are enhancing patient outcomes and fueling market growth.
- Increasing Awareness: As awareness about knee replacement options and post-surgical improvements in quality of life rises, more patients are opting for these procedures, further driving market expansion.
Market Challenges
Despite this growth, the knee replacement market faces some challenges:
- High Costs: The cost of knee replacement surgeries remains high, limiting accessibility in emerging markets.
- Long Recovery Times: While improvements have been made in surgical techniques, recovery from knee replacement surgery can still be prolonged, which may hinder growth.
Rising demand for usage of 3D technology is anticipated to significantly drive the revenue growth of knee replacement market.Steady development in the reimbursement scenario coupled with growing government initiatives has led to reduced cost of the knee replacement surgeries, thereby providing beneficial impacts on the growth of knee replacement market. Partial knee replacement procedure is expected to gain significant traction in the forthcoming years owing to growing surgical need for only damaged knee component together with least erosion of the healthy tissues.
Ambulatory surgical centers are anticipated to contribute significantly towards the growth of knee replacement market 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 the ambulatory healthcare facilities further drives the demand for ambulatory surgical center
Knee Replacement is the common joint replacement surgery that are 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 market. 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 the knee arthritis pain. Technological advancements in the knee replacement market such as minimal 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 market significantly. The global knee replacement market is also promoted by the technologies such as 3D printed knee implants which is being manufactured by the U.S. based medical company ConforMIS.
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.
Knee Replacement Market: Drivers & Restraints
The knee implants market is expected to grow due to several factors such as increasing rate of old-age diseases like osteoporosis, diabetes, obesity, arthritis; ageing population and sports-related injuries. Conversely due to existing and upcoming advance technologies such as minimal invasive surgery and better implant materials are making it more widely accepted even by the younger populace.
Despite of being widely used procedure for curing extremely debilitating diseases, such as osteoarthritis, the global knee replacement market is facing some challenges such as 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 OEM’s 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 Market : Region-wise Outlook
The knee replacement market is expected to register a favourable growth for the forecast period, 2015?2025. The North America and Europe are projected to endure control on the global knee replacement market followed by Asia and Middle East. Europe and North America are expected to register a double digit growth in forecasted period. The demand for knee replacement surgery devices in surging across Asian regions. The factors contributing to the rising demand in APAC are growing awareness for the possible treatments, increasing number of elderly population and following patients with knee joint afflictions.
The developing regions such as India and China are projected to be potentially growing in global knee replacement market with reference to the increasing demand for knee implant products holding the fact that these procedures and devices, that were considered unaffordable about a decade ago, are within financial reach of India’s and China’s growing middle classes.
Key Players in Knee Replacement Market
- Zimmer Biomet
- DePuy Synthes Companies (Johnson & Johnson Services, Inc.)
- Stryker
- Aesculap, Inc.
- Conformis
- MicroPort Scientific Corporation
- Medacta International
- Smith & Nephew
- Others
Knee Replacement Market by Segments
By Product:
- Total Knee Replacement
- Partial Knee Replacement
- Revision Knee Replacement
By Implant Type:
- Fixed Bearing
- Mobile Bearing
- Others
Based on End User:
- Hospitals
- Ambulatory Surgical Centers
- Orthopedic Clinics
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Author
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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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