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Knee Implants Market Trends, Growth & Analysis 2024-2033
Knee Implants Market Trends
According to The Business Research Company's, The knee implants market size has grown strongly in recent years. It will grow from $11.39 billion in 2023 to $11.96 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to rising aging population, prevalence of osteoarthritis, advancements in implant materials, increasing acceptance of minimally invasive surgeries, patient awareness and education programs.
The knee implants market size is expected to see strong growth in the next few years. It will grow to $14.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to personalized and customized implants rise in sports-related injuries, increasing global health expenditure, advancements in robotics-assisted surgery, rising obesity rates, focus on outpatient and ambulatory surgery centers. Major trends in the forecast period include patient-specific implants, minimally invasive surgery (mis), smart implants and iot integration, biocompatible materials and surface technologies, outpatient knee replacement surgery.
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Market Drivers and Trends:
The increasing prevalence of orthopedic disorders is expected to boost the growth of the knee implants market going forward. Orthopedic disorder refers to illness or injury to the musculoskeletal system, which includes the bones, joints, muscles, tendons, and ligaments. People with orthopedic conditions can decrease pain and incapacity by replacing the damaged knee joint surfaces with knee implants; hence, the increasing prevalence of orthopedic disorders is expected to boost the knee implant market. For instance, according to a report published by the Centers for Disease Control and Prevention, a US-based national public health institute, in 2023, 25.9% of the projected total adult population, or 78.4 million individuals aged 18 and older, are anticipated to have arthritis by 2040. A further 34.6 million individuals (43.2% of arthritis-affected adults or 11.4% of all US adults) are predicted to experience activity limits related to arthritis by the year 2040. Therefore, the increasing prevalence of orthopedic disorders is driving the growth of the knee implants market.
Technological advancements are a key trend gaining popularity in the knee implants market. Major companies operating in the knee implants market are focusing on developing new technologies to sustain their position in the market. For instance, in August 2021, Zimmer Biomet, a US-based medical technology company, and Canary Medical Inc., a US-based medical data company, launched the Persona IQ knee implant, the world's first and only smart knee implant for total knee replacement surgery. Persona IQ's unique feature is that it combines Zimmer Biomet's proven and trusted knee implant, Persona The Personalized Knee, with Canary Medical's proprietary implantable canturioTMte tibial extension sensor technology that measures and determines range of motion, step count, walking speed, and other gait metrics.
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Major Key Players of the Market:
Johnson & Johnson Services Inc.; Zimmer Biomet; Stryker Corporation; Smith+Nephew PLC; Aesculap Inc.; Exatech Inc.; MicroPort Scientific Corp.; CONMED Corporation; Conformis Inc.; Corin Group; Medacta International; B. Braun SE; ARTIQO GmbH; Arthrex Inc.; Enovis Corp.; Hospital for Special Surgery; Medtronic plc; LimaCorporate S.p.A.; Physica system Trabecular Titanium; SurgTech Inc.; Waldemar Link GmbH & Co KG; Engage Surgical LLC; CORI Medical Ltd.; Wright Medical Group Inc; Biomet Inc.; Kyocera Medical Technologies Inc; DJO Global; OrthoPedic Implant Xperts; CORENTEC Co. Ltd.; Ballistic Armor Co.
Knee Implants Market 2024 Key Insights:
• The knee implants market will grow to $14.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Rising Prevalence Of Orthopedic Disorders Propels Growth In The Knee Implants Market
• Pioneering Smart Knee Implant In The Knee Implants Market
• North America was the largest region in the knee implant market in 2023
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