Selbyville, Delaware, Jan. 12, 2023 (GLOBE NEWSWIRE) --
The total knee replacement market value is set to reach USD 5 billion by 2032, according to a new research report by Global Market Insights Inc.
The industry growth is propelled by the rising prevalence of chronic illnesses such as osteoarthritis in the older population aged 65 and higher, which has increased demand for knee replacement implants.
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Pain relief benefits of primary knee replacement systems to escalate product demand
Total knee replacement market share from primary knee replacement systems segment is projected to account for more than USD 11.5 billion by 2032. The growth can be attributed to the presence of advanced technologies supporting in total pain relief provided by the surgery. Furthermore, majority of these surgeries are performed on women, given an increased prevalence of osteoarthritis and osteoporosis in aged women. Such factors are predicted to stimulate the product demand during the forecast years.
Increased preference for bicompartmental knee implants among arthritis patients to boost segment share
Bicompartmental knee implants segment held a significant market share of more than 14% in 2022. Bicompartmental knee implants are becoming increasingly popular among arthritis patients owing to the product’s ability to offer greater pain relief and a wide range of motion, thus allowing patients to resume their normal activities.
Browse key industry insights spread across 600 pages with 1633 market data tables & 32 figures & charts from the report, “Total Knee Replacement Market Statistics, By Product, Device Type, Component, Implant Type, Design, Surgery Type, Fixation Material, Material, Polyethylene Inserts, End-use, Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/total-knee-replacement-market
Enhanced knee joint stability offered by posterior stabilized design to influence market revenue
The posterior stabilized design segment from total knee replacement market is poised to increase at over 5% growth rate over the coming years. Posterior-stabilized implants replace the knee's post-cruciate ligament (PCL) and need the removal of the PCL in the knee. Moreover, these implants strengthen the stability of the knee joint, allowing patients to have a greater range of motion.
Reduced complications associated with hybrid fixation material to boost industry size
Total knee replacement industry revenue from hybrid segment is slated to cross USD 943 million during the forecast timeline. Hybrid fixation materials are used in total knee replacement procedures along with cemented and cementless components to deliver improved results. The material also reduces complications associated with cemented and cementless procedures, boosting its acceptance rate.
Specialized care and reduced surgery costs in ASCs to foster market statistics
Ambulatory Surgery Centers segment accounted for over 14% of the total knee replacement market value in 2022 and is likely to grow significantly through 2032. Benefits such as same-day surgical treatment, lower costs, improved patient comfort, and the reduction of risks associated with hospitalization are driving ASCs adoption. Furthermore, ambulatory surgical centers provide specialized care and operate on a smaller scale, allowing them to deliver quality surgical treatments with less waiting time and at an economical cost than hospitals.
Growing prevalence of chronic illnesses in North America to drive market dynamics
North America total knee replacement market is estimated to hit USD 7 billion by 2032. The high prevalence of chronic illnesses across the region is the major factor fueling the market expansion. Furthermore, the favorable reimbursement regulations and the presence of major companies across the continent are projected to contribute significantly to regional market revenue.
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Innovative product launches by leading enterprises to define industry outlook
Zimmer Biomet, Corin Group, Smith & Nephew PLC, DJO Global, Exactech Inc, ODEV, Depuy Synthes (Johnson & Johnson), Smith & Nephew PLC, Medacta International, Allegra Orthopedics Limited, ConforMIS, Inc, and many others are the prominent companies operating in the total knee replacement market.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
