Knee Replacement Market is in Trends by Rising Orthopedic Cases
The knee replacement market is witnessing significant growth owing to the rising prevalence of osteoarthritis and other degenerative joint disorders. Knee replacement surgery, also known as knee arthroplasty, involves removing damaged cartilage and bone and replacing them with prosthetic components. The prosthetic knee joints are made from high-performance polymers and metals that replicate natural knee movement. Knee replacement surgery provides relief from pain, restores mobility, and improves the quality of life for patients suffering from end-stage knee arthritis or damage.
The Global Knee Replacement Market is estimated to be valued at US$ 11.8 Bn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the knee replacement market include Zimmer Biomet Holdings, Inc., Stryker Corporation, DePuy Synthes (a Johnson and Johnson company), Smith and Nephew plc, B. Braun Melsungen AG, Medtronic plc, Conformis Inc., MicroPort Scientific Corporation, DJO Global, Inc., Exactech Inc., Corin Group, Waldemar LINK GmbH and Co. KG, Arthrex Inc., Kinamed Incorporated, Bioimpianti, Ortho Development Corporation, THINK Surgical, Inc., OMNIlife science Inc.
The global Knee Replacement Market Growth is driven by the geriatric population, rising prevalence of osteoarthritis, and increasing obesity rates. According to the Arthritis Foundation, over 54 million adults have been diagnosed with arthritis in the U.S.alone. With the aging population globally, the incidence of age-related joint disorders is poised to rise significantly over the forecast period.
Major players are focusing on geographical expansion and capacity extensions to meet the increasing demand for knee replacement procedures from both developed and developing regions. For instance, Zimmer Biomet expanded its manufacturing facility in Warsaw, Poland in 2020 to increase the production of knee and hip replacement implants. Similarly, Stryker Corporation has strengthened its global distribution network over the recent years.
Market Key Trends
Rising adoption of robotic-assisted surgeries is one of the major trends witnessed in the knee replacement market. Robotic platforms offer surgeons improved accuracy, minimal invasiveness, better implants positioning, and shortened learning curves. Companies are receiving FDA clearances for their robotic knee replacement systems. For instance, in 2019, Stryker received FDA approval for its Mako System for partial and total knee replacements. With advancements in robotics, more surgeons are expected to incorporate robotic technologies in their practices over the coming years.
Porter's Analysis
Threat of new entrants: The Knee Replacement Market Size and Trends requires high investments in R&D and manufacturing to develop and produce knee implants and instruments. This poses high entry barriers for new players.
Bargaining power of buyers: Individual buyers have low bargaining power due to inelastic demand for knee replacement procedures. However, group purchasing organizations wield some power to negotiate lower prices from suppliers.
Bargaining power of suppliers: A few large players dominate the supply of knee implants. This grants them significant power to influence prices in the market.
Threat of new substitutes: No close substitutes exist for partial or total knee replacement procedures. Extensive research is ongoing to develop biologic or tissue engineered substitutes.
Competitive rivalry: The market sees intense competition among the dominant players. Companies compete based on innovation, service, brand recognition and geographic expansion.
Geographical Regions
North America led the knee replacement market and accounted for the largest share in 2024, owing to the region's growing geriatric population, higher adoption of technologically advanced products, and favorable reimbursement scenario.
Asia Pacific is poised to be the fastest growing regional market between 2024-2031 due to improving access to healthcare, rising medical tourism, and increasing awareness about knee disorders and their surgical treatments in countries like China, India and Japan.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)