Knee Replacement Market

The global Knee Replacement Market is valued at USD 9.83 Billion in 2023 and is projected to reach a value of USD 14.63 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 4.52 % between 2024 and 2032.

Key Highlights

• North America emerged as the dominant Knee Replacement market in 2023, with a market share exceeding 41.1%
• The Asia Pacific region is poised for substantial growth from 2024 through 2032, underscoring its significance as a key market driver.
• By Procedure, the Total knee arthroplasty segment captures the highest market share of 63.1% in 2023
• Based on the End User, the Hospitals category accounted for about 31.1% of the market share in 2023
• Recent advancements in total Knee Replacement surgeries and the introduction of artificial intelligence have boosted the success rate of these procedures, encouraging more patients to opt for them

Regional Overview

The North America exhibited dominance in 2023, capturing 41.1% of the revenue share. The increasing elderly population, higher prevalence of arthritis, and other joint issues drive the growth of the North American Knee Replacement market. The availability of advanced healthcare facilities and implant surgeries, supported by artificial intelligence and robotic assistance, is expanding the market. High disposable incomes enable more people to opt for these advanced procedures.

Key market players in the region further contribute to its growth. In 2023, the U.S. led the North American market, fuelled by its growing geriatric population and advanced healthcare infrastructure. In Canada, the aging population and a shortage of healthcare providers are challenging the healthcare system, prompting federal interventions. Advances in surgical techniques and materials have made Knee Replacement surgery safer and more effective, broadening the criteria for eligible patients. Increased public awareness and improved access to healthcare also support the market's growth.

Nearly one million hip and Knee Replacement surgeries are performed annually in the U.S., making it a standard orthopaedic procedure. By 2030, total Knee Replacements are expected to increase by 673% to 3.5 million annually, with women accounting for 60% of these surgeries. Approximately 85% of Knee Replacements last 20 years, and nearly half of American adults will develop knee osteoarthritis in their lifetime, with 80% experiencing movement limitations. Over 90% of patients report significant pain reduction after Knee Replacement surgery. Total joint replacement is among the safest and most reliable medical treatments, often lasting over 20 years. This procedure is considered a lifelong solution for arthritis after non-surgical methods fail.

The Asia-Pacific Knee Replacement market is poised for rapid growth from 2024 to 2032. Growth is driven by untapped opportunities, rising use of implants, increasing arthritis prevalence, and improving healthcare infrastructure. Technological advancements and growing healthcare awareness in emerging economies are key contributors to this growth. The market benefits from a rising elderly population and increasing knee disorder cases, particularly in Thailand, where medical tourism is flourishing.

Events like the August 2023 showcase by the Thailand Centre of Excellence for Life Sciences, VNU Asia Pacific, and STTA highlight the region's healthcare advancements. Thailand's affordable, high-quality healthcare services attract many visitors, with surgeons skilled in the latest techniques. Similarly, Malaysia's MH Wellness Fair in October 2023 promoted international healthcare packages, including Knee Replacements. China's Knee Replacement market holds the largest share, while India's is the fastest-growing in the region. Due to these favourable factors, the Asia-Pacific Knee Replacement market is set for significant expansion.

The use of robots in Knee Replacement surgeries has significantly transformed the field, particularly in Bengaluru. At SPARSH Hospital, about 70% of Knee Replacement patients choose robot-assisted surgeries, while at AASRA Group of Hospitals, the rate is around 90%. The high autonomy of surgical robots is expected to drive their deployment in the coming years, paving the way for more efficient and precise surgeries. The adoption of third-generation robots utilizing artificial intelligence for orthopaedic procedures is set to increase in India, promising a future of advanced and innovative healthcare. Notably, in January 2024, a Coimbatore hospital performed an all-ceramic total Knee Replacement, showcasing new advancements in the field.

Implant Type Overview

In 2023, the global Knee Replacement market saw significant growth, particularly in the fixed bearing segment, which held a dominant share. The Therapy segment is separated into Mobile bearing, Fixed bearing, and Others.

This is due to the numerous benefits of fixed-bearing implants, including superior mobility and longevity compared to other types. These implants provide a premium experience and are the preferred choice among healthcare professionals. Meanwhile, the demand for mobile-bearing implants is also rising rapidly, thanks to their enhanced range of motion. The fixed-bearing implants’ long-lasting nature and positive consumer experience have solidified their dominance in the market.

Procedure Overview

In 2023, the global Knee Replacement market saw significant growth, particularly in the total knee arthroplasty segment, which held a dominant 63.1% share. The Therapy segment is separated into Partial knee arthroplasty, Total knee arthroplasty, and Revision knee arthroplasty.

The high number of total knee arthroplasty cases, driven by the geriatric population, and the increasing prevalence of arthritis contributed to this dominance. Robot-assisted surgical procedures gained traction due to their high success rates, attracting potential consumers. Revision arthroplasty also grew, boosted by the rise in revision surgeries and demand for revision implants.

Additionally, the market benefited from younger patients with disposable incomes and the growth of partial knee arthroplasty, supported by key market players. Companies continued to innovate, offering personalized TKR systems to meet individual patient needs.

End User Overview

In 2023, the global Knee Replacement market witnessed significant growth, with hospitals category dominating at a remarkable 31.1% share. The Applications segment is categorized into Hospitals, Ambulatory surgical centres, Orthopedic clinics, and Others.

This surge can be attributed to hospitals conducting many surgical procedures, particularly Knee Replacements, which demand specialized equipment and comprehensive support services. Hospitals benefit from advanced infrastructure, which contributes significantly to their revenue. The prevalence of orthopedic surgeries and frequent patient visits for related complaints further bolstered this segment's expansion. These factors underscore the hospital segment's pivotal role in driving growth within the Knee Replacement market, highlighting its robust position in effectively meeting healthcare demands.

Key Trends

• Modern technology, such as AI and robotics, boosts surgical efficiency and meets rising global demand for advanced medical products. AI helps surgeons create personalized surgical strategies by analyzing dynamic knee motion, while increased R&D investments and new product launches in robotics are expected to drive market growth. These advancements allow for highly customized implants and more precise surgical procedures, improving patient outcomes.
• There is growing awareness about the benefits of Knee Replacement surgeries, especially among the adult and elderly populations. This, combined with the increasing prevalence of knee osteoarthritis and other degenerative diseases, drives the demand for knee implants.
• Developing countries like India are witnessing a surge in government investments in healthcare and medical devices. These investments, coupled with favourable reimbursement scenarios and increased government initiatives, are making Knee Replacement surgeries more accessible and affordable, reassuring the healthcare community.
• The demand for ambulatory healthcare facilities offering personalized care is rising. Due to their convenience and specialized services, these centres are expected to propel the demand for Knee Replacement surgeries.

Premium Insights

Knee Replacement surgery is widely performed in the United States, reaching approximately 800,000 surgeries annually, with numbers rising yearly. About 90% of these replacements last a decade, and 80% endure for two decades, boasting a high success rate. Patient compliance with post-surgery exercises and therapies significantly contributes to the longevity of the knee joint.

Despite regulatory challenges and concerns over product defects, the market is driven by increasing pain treatments for age-related joint issues and co-occurring conditions like obesity and diabetes. Opportunities in burgeoning Asian and Latin American economies and growing awareness of knee implants present promising growth prospects.

Moreover, rising incidents of road accidents and resultant amputations globally further propel market expansion. For instance, recent data highlights a notable increase in traffic fatalities, underscoring the demand for Knee Replacements due to injuries.

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Market Dynamics

High prevalence of osteoarthritis, growing geriatric population, and advancements in AI for surgeries

A significant number of individuals suffer from osteoarthritis, contributing to considerable revenue in the Knee Replacement market. This painful condition requires immediate attention as it hampers mobility, often necessitating surgical intervention, particularly in the adult population. The prevalence of osteoarthritis has increased by around 5% recently. The large geriatric population suffering from osteoarthritis represents a potential market for Knee Replacement surgeries. The introduction of artificial intelligence in surgical procedures has further encouraged this population to opt for Knee Replacements, signalling a promising future for the market.

Lack of disposable income, high costs of advanced procedures, and shortage of skilled professionals

The Knee Replacement market faces several challenges. Many individuals need more disposable income, hampering market growth. The high cost associated with advanced surgical procedures makes them inaccessible for many. Knee Replacement surgery is complex, requiring highly skilled professionals. The absence of such professionals affects market growth, undermining patient confidence. Additionally, strict regulations for product introduction increase the overall cost of surgery, posing a significant challenge for key market players.

Advancements in surgical procedures, introduction of AI, and increasing disposable income

Recent advancements in total Knee Replacement surgeries and the introduction of artificial intelligence have boosted the success rate of these procedures, encouraging more patients to opt for them. A large number of people worldwide suffering from new disorders present a significant opportunity for market growth. Moreover, the increasing disposable income among the working class is a considerable factor that promises a bright future for the Knee Replacement market.

Competitive Landscape

The Knee Replacement market is highly competitive due to numerous manufacturers. Companies focus on growth through mergers, acquisitions, and strategic collaborations to enhance their product portfolios and expand globally. Leading firms innovate to create implants with better functionality, outcomes, and durability, using materials like 3D printing and wear-resistant surfaces. Significant investment in technologies like robotics and digital solutions is notable, especially for robotic knee surgeries. Companies target emerging markets with growing demand and develop minimally invasive techniques for quicker recovery. They aim to reduce costs while maintaining quality to improve accessibility, offering comprehensive patient care solutions and training programs to encourage surgeon adoption.

Recent Market Developments

KEM Hospital Integrates Robotic Arm for Advanced Treatments

• In February 2024, KEM Hospital in Mumbai integrated a robotic arm for Knee Replacement treatments, marking a significant technological advancement in medicine. By doing this, the hospital became one of the first public hospitals in India to carry out the surgery. Corporate sponsorship made this advancement possible. Furthermore, the hospital demonstrated its dedication to providing affordable healthcare by performing the first 300 procedures at no cost.

DePuy Synthes Introduces VELYS Robotic-Assist Solution

• In October 2023, DePuy Synthes (US) introduced the VELYS Robotic-Assist Solution. Aiming to maximize patient outcomes and deliver efficiency, the solution provides perceptive analysis, flexible deployment, and validated performance.

Stryker Bids to Acquire Menix

• In December 2023, Stryker, one of the top medical technology manufacturers, announced a significant development. The company had made a legally binding bid to purchase Menix, a joint replacement company headquartered in France. This strategic move holds the potential to bring about exciting advancements in joint replacement technology, promising a brighter future for patients and healthcare professionals alike.

The global Knee Replacement market can be categorized as Implant Type, Procedure, End User, and Region.