SEATTLE, Sept. 29, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global total knee arthroplasty market is estimated to be valued at US$ 8,739.2 million in 2021 and is expected to exhibit a CAGR of 4.0% during the forecast period (2021-2028).
Key Trends and Analysis of the Global Total Knee Arthroplasty Market:
Key trends in the market include increasing prevalence of types of arthritis such as osteoarthritis, psoriatic arthritis, and rheumatoid arthritis, increasing number of knee arthroplasty procedures, increasing product launches and approvals, increasing research and development activities, and inorganic activities such as acquisitions, collaborations, and others.
The increasing prevalence of types of arthritis such as osteoarthritis, psoriatic arthritis, and rheumatoid arthritis is expected to contribute to the growth of the global total knee arthroplasty market. For instance, according to the data of National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), around 23% of adults or over 54 million people aged 18 years or older had arthritis in the U.S., as of 2019. Moreover, according to the same source, arthritis is a leading cause of work disability, with annual costs for medical care and lost earnings of US$ 303.5 billion.
Rising number of knee arthroplasty procedures are performed every year globally, creating a high demand of products associated with knee arthroplasty, which is expected to drive growth of the global total knee arthroplasty market over the forecast period. For instance, according to the Annual Report for year 2020 published by the American Joint Replacement Registry reported the number of total knee arthroplasty procedures and revision knee arthroplasty procedures performed between the year 2012 and 2019 in the U.S., were 955,410 and 75,489 respectively. The same source states that the number of knee arthroplasty procedures performed are expected to increase significantly in near future.
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The increasing number of product approvals and launches is expected to drive growth of the market over the forecast period. For instance, in October 2019, IMPLANET, a medical technology company specializing in vertebral and knee-surgery implants, announced that it received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for the cemented version of its Madison total knee prosthesis. This is the first step towards targeted clearance of complete total knee replacement (TKR) range.
Moreover, rising focus of market players in adopting marketing strategies such as collaborations, partnerships, acquisitions, and others is expected to bolster growth of the global total knee arthroplasty market over the forecast period. For instance, in 2019, Globus Medical, Inc., a manufacturer of medical devices, acquired a privately-owned company, StelKast, Inc., which is a manufacturer of implants and instruments for hip and knee replacement. Globus Medical, Inc. then launched the total knee implants combined with the robotic system, in 2020.
However, increasing number of the U.S. Food and Drug Administration (FDA) recalls of knee replacement implants due to product failures, component inconsistency or compromised sterility issues is expected to hamper growth of the market. For instance, in July 2020, Zimmer Biomet issued a recall for an unspecified number of polyethylene orthopedic implants for knees, hips, and extremities manufactured between December 2016 and January 2017 in Europe due to the possible presence of elevated endotoxin levels. Expected health consequences include adverse local tissue reaction; critical pain or ache and severe, systemic reaction to allergen or toxin, according to the recall notice.
Key Market Takeaways:
Rising product launches and approvals, increasing prevalence of types of arthritis such as osteoarthritis, psoriatic arthritis, and rheumatoid arthritis, increasing number of knee arthroplasty procedures, increasing research and development activities, inorganic activities such as collaborations, are expected to drive growth of the global total knee arthroplasty market over the forecast period. For instance, in May 2021, Conformis, Inc., a medical technology company, announced that the company received 510(k) clearance from the U.S. Food and Drug Administration for the company’s Identity Imprint Knee Replacement System. Identity Imprint is a new total knee replacement system, which is available in both cruciate retaining (CR) and posterior stabilized (PS) versions, that expands the range of options open to Conformis’ orthopedic surgeon customers and their patients.
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Competitive Landscape:
Key players operating in the global total knee arthroplasty market include Depuy Synthes (Johnson & Johnson), Zimmer Biomet Holdings, Inc., MicroPort Scientific Corporation, Conformis Inc., Corin Group, Exactech Inc., DJO LLC. (Colfax Corporation), Medacta International, Smith & Nephew plc, Stryker Corporation, Baumer SA, SurgTech Inc., and Meril Life Sciences Pvt. Ltd.
Market Segmentation:
- Global Total Knee Arthroplasty Market, By Device Type:
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- Three-compartmental Knee Implants
- Bi-compartmental Knee Implants
- Uni-compartmental Knee Implants
- Global Total Knee Arthroplasty Market, By Procedure:
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- Primary Knee Replacement
- Revision Knee Replacement
- Partial Knee Replacement
- Global Total Knee Arthroplasty Market, By Implant Type:
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- Fixed-bearing Implants
- Mobile-bearing Implants
- Medial Pivot Implants
- Global Total Knee Arthroplasty Market, By Material:
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- Metal-on-Plastic
- Ceramic-on-Ceramic
- Metal-on-Metal
- Global Total Knee Arthroplasty Market, By End User:
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- Hospital
- Orthopedic Clinics
- Ambulatory Surgery Centers
- Global Total Knee Arthroplasty Market, By Region:
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- North America
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- By Country:
- U.S.
- Canada
- By Country:
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- Latin America
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- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
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- Europe
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- By Country:
- U.K.
- Germany
- Italy
- Spain
- France
- Russia
- Rest of Europe
- By Country:
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- Asia Pacific
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- By Country:
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- China
- India
- Japan
- Australia
- South Korea
- ASEAN
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- Rest of Asia Pacific
- Middle East
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- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
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- Africa
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- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
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Related Market Intelligence Reports:
Orthopedic Surgical Navigation Systems Market, By Technology Type (Electromagnetic, Radiography, Fluoroscopy-based, Imageless, Others), By Application Type (Knee Surgeries, Spine Surgeries, Hip Surgeries, Shoulder Replacement Surgeries, Joint Replacement Surgeries, Others), By End User (Hospitals, Specialty Clinics, Ambulatory Surgery Centers, Others) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2021-2028
Knee Replacement Market, by Procedure (Total Knee Replacement, Partial Knee Replacement, Kneecap Replacement, and Revision Knee Replacement), by Implant Type (Fixed-bearing Implants, Mobile-bearing Implants, Medial Pivot Implants, and Others), by Material (Metal-on-Plastic, Ceramic-on-Plastic, Ceramic-on-Ceramic, and Metal-on-Metal), by End User (Hospital, Orthopedic Clinics, Ambulatory Surgery Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
