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Europe's Aging Population Drives Demand: The Knee Replacement Market on the Rise | Get Full analyzed Research Report with Top Key Companies Statistics
Knee Replacement Market
The Knee Replacement Market was valued at USD 6.5 billion in 2022 and is anticipated to increase from USD 6.99 billion in 2023 to USD 10.85 billion by 2030, showcasing a compound annual growth rate (CAGR) of 7.60% during the forecast period (2023 - 2030).
Key market drivers contributing to this growth include a high incidence of road accidents resulting in amputations, along with an increasing prevalence of osteoarthritis and a rise in the number of knee injury cases.
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Market Trends
The increasing prevalence of knee osteoarthritis stands out as a significant driver for the growth of the knee replacement market. Knee osteoarthritis, commonly found among the elderly, is characterized by cartilage degradation in the knee joint, leading to pain and mobility limitations. With the aging population, the incidence of knee osteoarthritis is expected to rise, fueling the demand for knee replacement surgeries. This surgical intervention involves the replacement of the damaged knee joint with a prosthetic implant, typically recommended for patients with severe osteoarthritis unresponsive to conservative treatments like medication and physical therapy. The growing prevalence of knee osteoarthritis translates into a larger pool of potential candidates for knee replacement surgeries, driving the demand for knee replacement implants and related products, thereby supporting market growth.
Furthermore, during the forecast period, an increase in post-traumatic arthritis cases is anticipated, driving the demand for minimally invasive surgical techniques. Notably, the introduction of innovative technologies such as the FDA-approved Persona IQ, the first smart knee replacement device developed by Canary Medical and Zimmer Biomet, further propels market growth. This patient-centric approach by leading companies addresses the unmet needs for effective treatment of severe knee osteoarthritis.
Additionally, advancements in surgical methods including robotic surgery and navigation support systems, coupled with the rising demand for affordable, personalized knee implants, contribute to market expansion. The global knee replacement market experiences growth due to heightened awareness of the necessity to address orthopedic issues. Knee replacement surgery, or knee arthroplasty, involves the removal of diseased knee tissues and their replacement with artificial joint implants typically made of metal alloys, ceramics, or plastics. The procedure aims to resurface damaged knee joint areas and alleviate persistent knee discomfort for patients with conditions such as rheumatoid arthritis, osteoarthritis, or post-traumatic arthritis.
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Competitive Insights
Key Companies in the market of knee replacement includes
Zimmer Inc. (US)
Stryker (US)
Smith and Nephew (UK)
Exactech, Inc. (US)
Corin Group (UK)
DePuy Synthes (US)
Aesculap Implants Systems LLC (US)
Medacta International. (Switzerland)
Allegra Orthopaedics Limited (Australia)
Kinamed, Inc. (US)
Knee Replacement Market Segment Insights
End Use Insights:
The Knee Replacement market segments based on end use include Clinics and Hospitals, Rehabilitation Centers, and Specialty Centers. In 2022, the hospitals segment dominated the market, contributing around 65-70% of the Knee Replacement Market revenue. This dominance is attributed to hospitals' advanced facilities and expanding healthcare infrastructure. Over the forecast period, the healthcare sector is expected to maintain its dominance, driven by an increase in orthopedic procedures and patient admissions for orthopedic injuries.
Product Insights:
Segmentation based on product includes partial knee reconstructive implants, total knee reconstructive implants, medical pivot implants, fixed bearing implants, revision knee reconstructive implants, mobile bearing implants, and others. The total knee reconstructive implants segment led the market in 2022 and is projected to exhibit the fastest growth during the forecast period (2023-2030). This growth is fueled by increased demand for implants and customized replacement systems, driven by a substantial patient base of arthritis sufferers and rising knee replacement surgeries.
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Regional Insights:
Regionally, the Knee Replacement market is analyzed across North America, Europe, Asia-Pacific, and Rest of the World. In North America, the market accounted for USD 2.97 billion in 2022 and is expected to demonstrate significant CAGR growth during the study period. Factors contributing to this growth include a rising elderly population, increasing prevalence of arthritis, and access to advanced implant surgeries. Major countries studied include the U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil. In Europe, the knee replacement market holds the second-largest market share, driven by cutting-edge treatment facilities, government support for healthcare industry growth, an aging population, and increasing road accidents. Germany leads the market share, while the UK exhibits the fastest growth. The Asia-Pacific region is expected to witness the fastest CAGR growth, attributed to untapped development potential, increasing orthopedic implant use, rising arthritis rates, and rapidly developing healthcare infrastructure. China leads the market share, with India showing the fastest growth.
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