Global Knee Replacement Market 2023-2030

Global Knee Replacement Market 2023-2030

Global Knee Replacement Market Size, Share & Trends Analysis Report by Product Type (Total Knee Replacement, Partial Knee Replacement, and Complex (Revision) Knee Replacement), by Material Type (Metal, Ceramic, and Plastic Component), by End-User (Hospitals, Specialized Orthopedic Clinics, and Ambulatory Surgical Centers), Forecast Period (2024-2031)

The global knee replacement market is anticipated to grow at a considerable CAGR of 4.5% during the forecast period. The rising geriatric population along with the increasing prevalence of osteoporosis and, arthritis globally is a key factor driving the global market. According to the October 2021 report of the World Health Organization, the global population of people aged 60 years and more is expected to increase from 1 billion in 2020 to 2.1 billion by 2050, which is expected to have a significant impact on the demand for home healthcare software market as older people are more dependent upon others for their care and other needs.

According to the International Osteoporosis Foundation estimation, 75 million people in Europe, the US, and Japan are affected by osteoporosis. In Asia, osteoporosis is greatly underdiagnosed and under-treated, even in the most high-risk patients who have already fractured. The increasing number of road accident cases that led to joint replacement surgeries is further aiding the market growth.

The ongoing trend of AI integration and robotic-assisted surgeries are anticipated to offer lucrative opportunities to the growth of the global market. For instance, in January 2023, BLK-Max Super Specialty Hospital expanded its Robotic Surgical Programmed with the introduction of a real intelligence-enabled robotic system for Joint replacement surgeries. This next-generation robotic system for joint replacement works on real intelligence and helps surgeons achieve more precision and accuracy, preserving more natural bone, and minimal blood loss, ensuring a well-balanced joint, along with a more natural feeling. The introduction of the robot for joint replacement at BLK-Max Hospital will allow patients to benefit from a combination of human insight and the experience of senior clinicians backed by robust technology.

In January 2023, Exactech ankle, hip, and knee replacement devices were recalled due to various potential health risks from the device breaking down or failing prematurely. In some cases, patients may need to undergo revision surgery. Such defects in these medical devices may restrain their market growth.

Segmental Outlook

The global knee replacement market is segmented based on product type, material type, and end-user. Based on product type, the market is segmented into total knee replacement, partial knee replacement, and complex (revision) knee replacement. Based on material type, the market is segmented into metal, ceramic, and plastic components. Based on end-users, the market is segmented into hospitals, specialized orthopedic clinics, and ambulatory surgical centers.

Hospitals to Hold Considerable Share in the Global Knee Replacement Market

Hospitals are highly preferred for joint replacement surgeries due to the availability of advanced technologies, and trained professionals in these healthcare settings. The capability of the hospitals to offer post-surgery intensive care is further aiding its market demand. For instance, as per the report published by the Canadian Institute of Health Information in June 2021, knee replacements in Canada are among the top 3 inpatient surgeries that are performed each year.

Regional Outlooks

The global knee replacement market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Asia-Pacific is anticipated to exhibit considerable growth in the global market.

North America Held Considerable Share in the Global Market

The regional market share is driven by the high prevalence of osteoarthritis and other knee diseases. Key product launches with, a high concentration of major market players are further aiding the regional market growth. For instance, in April 2023, Moximed received the US FDA marketing authorization for the MISHA Knee System, an implantable shock absorber (ISA) for the knee. The MISHA Knee System is indicated to treat people with medial knee OA who failed to find relief from non-surgical or surgical treatment, continue to experience pain that interferes with daily activities, and are ineligible for, or unwilling to undergo, joint replacement due to age or absence of advanced OA.

The cost of total knee replacement surgery in the US varies greatly, with prices between $15,000 and $70,000. The high cost of this surgery can restrain its market growth. However, most health plans cover total knee replacement surgery. Therefore, the growing demand for these procedures along with favorable reimbursement policies is anticipated to offer lucrative opportunities to the market growth.

Market Players Outlook

The major companies serving the global knee replacement market include SurgTech Inc., Corin Group, Smith & Nephew Plc, Zimmer Biomet Holdings Inc., and Stryker Corp. among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and advancement in their product offerings to stay competitive in the market.

For instance, in August 2023, Exactech received FDA 510(k) clearance for its new advanced Activit-E polyethylene for the Truliant system. It combines material strength and toughness through chemically crosslinked polyethylene. It also eliminates the need for gamma irradiation technology used in previous polyethylene generations.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global knee replacement market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.