Surge in Research and Development Expenditure to Catalyze Growth in the Knee Replacement Market to Reach USD 13,143.3 Million by 2034

The global knee replacement market value is expected to rise from USD 10,069.3 million in 2024 to USD 13,143.3 million by 2034. This estimated growth is expected to be driven by a sluggish CAGR of 2.70% in the knee replacement industry over the next decade.

Knee replacement industry is expected to be driven by the widespread prevalence of osteoarthritis and various knee disorder, such as psoriatic arthritis and rheumatoid arthritis. Moreover, the industry is observing a surge in healthcare expenditure and technological progress made in replacement surgeries.

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Increasing adoption of robotics and artificial intelligence (AI) is shaping the knee replacement industry. As there is a rising demand for technology-based medical devices throughout the globe, AI is expected to be rapidly deployed by surgeons to create a more personalized surgical plan that analyzes each patient by dynamic motion of the knee.

Surging expenditures on research and development and rising new product releases in robotics are expected to fuel market growth.
"Rising mergers and acquisitions by key players are expected to contribute to market consolidation. In the coming years, companies are predicted to significantly invest in robotic technology to keep pace with the transforming healthcare sector" says an analyst of Future Market Insights.

✅ Key Takeaways from the Knee Replacement Market Report

• The knee replacement market generated a revenue of USD 9,058.0 million in 2018. By 2023, the market attained a valuation of USD 9,920.5 million. Over this period, the market recorded a CAGR of 1.8%.

• By product, the total knee replacement segment is expected to account for value share of 42% in 2024.

• Based on end user, the hospitals segment is projected to acquire a share of 34% in 2024.

• In North America, Canada is projected to register a CAGR of 2% through 2034.

• In Europe, the Spain knee replacement market is expected to register a growth rate of 2.10% from 2024 to 2034.

• India is expected to be a key market in Asia Pacific for knee replacement. The market is estimated to record a CAGR of 4.80% through 2034.

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✅ Competitive Landscape

Key players in the knee replacement market are creating new and better implant designs to improve their product offerings. Additionally, they are investing in robotics technology to offer efficient, accurate, and potentially faster recovery times. Industry participants are further concentrating on emerging markets and developing minimally invasive approaches to magnify their customer bases.

A key go-to strategy adopted by market players includes strategic mergers and acquisitions. This allows for increased product portfolios and combined resources. Players are also focusing on cost-effectiveness and enhancing surgeon training and education to enhance their value proposition. Companies are further offering several patient care solutions to potentially increase patient satisfaction and brand loyalty.

✅ New Developments Shaping the Knee Replacement Market

• In February 2024, the Asian Orthopaedic Institute (AOI) present at SIMS Hospital in Chennai recently launched a new ceramic knee replacement system. The launch proceeded with a demonstration surgery and masterclass for the ceramic knee.

• In December 2023, a global record for the fastest knee joint surgery was achieved by a breakthrough in medical advancement, as per Apex Super Speciality Hospital.

✅ Key Players in Knee Replacement Market

• Zimmer Biomet
• DePuy Synthes Companies (Johnson & Johnson Services, Inc.)
• Stryker
• Aesculap, Inc.
• Conformis
• MicroPort Scientific Corporation
• Medacta International
• Smith & Nephew
• Others

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✅ Knee Replacement Market by Segments

🔹 By Product:
• Total Knee Replacement
• Partial Knee Replacement
• Revision Knee Replacement

🔹 By Implant Type:
• Fixed Bearing
• Mobile Bearing
• Others

🔹 Based on End User:
• Hospitals
• Ambulatory Surgical Centers
• Orthopedic Clinics
• Others

🔹 By Region:
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

✅ Explore FMI's Related Ongoing Coverage on Healthcare Market Insights Domain:

Knee Hyaluronic Acid Injections Industry Analysis by End Users into Hospitals, ASCs and Orthopedic Clinics Through 2035: https://www.futuremarketinsights.com/reports/knee-hyaluronic-acid-injections-market

Knee Reconstruction Devices Market Analysis - Trends & Forecast 2023-2033: https://www.futuremarketinsights.com/reports/knee-reconstruction-market

Hip and Knee Reconstructive Market Analysis - Size, Demand & Forecast 2025-2035: https://www.futuremarketinsights.com/reports/hips-and-knees-reconstructive-market

Revision Knee Replacement Market Growth - Trends & Forecast 2022-2032: https://www.futuremarketinsights.com/reports/revision-knee-replacement-market

3D Printed Hip And Knee Implants Market Trends - Growth & Forecast 2023-2033: https://www.futuremarketinsights.com/reports/3d-printed-hip-and-knee-implants-market

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This release was published on openPR.