Pune, April 26, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the Knee Replacement Market had a valuation of USD 10.77 billion in 2022 and is anticipated to attain USD 15.32 billion by 2030, with a projected compound annual growth rate (CAGR) of 4.5% during the forecast period of 2023-2030.
Market Overview
Knee replacement, also known as knee arthroplasty, is a surgical intervention that involves the replacement of a damaged knee joint with an artificial implant. This procedure is primarily recommended for patients who suffer from chronic knee-related conditions such as osteoarthritis, post-traumatic arthritis, or rheumatoid arthritis, which can lead to severe pain, stiffness, and reduced mobility.
Market Analysis
The knee replacement market has been witnessing significant growth in recent years, primarily driven by factors such as the increasing prevalence of neurological diseases and the rising elderly population. Additionally, the development of personalized replacement implants and high-tech implant materials is expected to gain traction in the market, further boosting its growth in the coming years. Moreover, with the increasing awareness among the public regarding the benefits of knee replacement surgery, the number of surgeries performed at a younger age has been on the rise. This trend is particularly noteworthy as younger patients typically have higher expectations for the outcomes of their surgeries, which has spurred the development of more advanced and innovative knee replacement solutions.
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Key Company Profiles Listed in this Report Are:
- Aesculap Implants Systems LLC
- Allegra Orthopedics Limited
- Medacta International
- Zimmer Inc.
- Corin Group
- Stryker
- DePuy Synthes
- Smith and Nephew
- Kinamed Inc.
- Exatech Inc & More
Impact of Recession on Knee Replacement Market Share
Recessions can have a significant impact on the healthcare industry, including the knee replacement market. During a recession, individuals may be more hesitant to undergo knee replacement surgery due to financial concerns, resulting in a decrease in demand for the procedure. On the other hand, during an economic downturn, some patients may be more willing to undergo knee replacement surgery as they may have more time to recover and fewer work responsibilities. Additionally, some healthcare providers may offer more competitive pricing during a recession to attract patients and maintain their market share.
Knee Replacement Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 10.77 Billion |
| Market Size by 2030 | US$ 15.32 Billion |
| CAGR | CAGR of 4.5% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Knee Replacement Market: Key Segmentation | • By Component Type (Mobile-bearing Implants, Fixed-bearing Implants) • By Procedure Type (Primary Knee Replacement, Revision Knee Replacement, Cemented Knee Replacement, Partial Knee Replacement, Cementless Knee Replacement) • By End Users (Hospitals, Ambulatory Surgical Centers) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Developments
The North American region is anticipated to hold the largest share in the global knee replacement market, dominating throughout the forecast period. The region's growth is primarily attributed to several factors such as the increasing incidence of accidents and the rise in the prevalence of degenerative diseases affecting the knee joint. Moreover, North America has a rapidly aging population, which is susceptible to developing degenerative knee disorders such as osteoarthritis, rheumatoid arthritis, and post-traumatic arthritis. The incidence of these degenerative diseases is increasing rapidly in the region, contributing to the growth of the market.
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Key Takeaway from Knee Replacement Market Study
- The mobile-bearing implants segment is predicted to dominate the market in the near future. This is due to the rising demand for minimally invasive surgical procedures, improved patient outcomes, and advanced technology in the healthcare industry.
- The hospital segment is expected to maintain its dominance in the market in the foreseeable future, owing to the continuous advancements in healthcare infrastructure and the increasing awareness about the benefits of knee replacement surgery among patients.
Recent Developments Related to Knee Replacement Market
- Zimmer Biomet Holdings, Inc. and Canary Medical have received exciting approval from the U.S. Food and Drug Administration (FDA). The regulatory body has granted a De Novo classification and authorization to market the tibial extension for Persona IQ, the world's first and only smart knee that has been cleared by the FDA for total knee replacement surgery.
- In a joint announcement, Think Surgical Inc. and Ortho Development Corporation have revealed exciting news for the world of orthopedics. The FDA has granted clearance for Ortho Development's Balanced Knee System and TriMax implants to be used with Think Surgical's TSolution One Total Knee Application.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Knee Replacement Market Segmentation, by Component Type
9. Knee Replacement Market Segmentation, by Procedure Type
10. Knee Replacement Market Segmentation, By End Users
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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