Knee Replacement Market to Reach USD 14.63 Billion By 2032

According to analysts at Vantage Market Research, the Global Knee Replacement Market size is worth USD 9.83 Billion in 2023 and is projected to reach USD 14.63 Billion by 2032, growing at a CAGR (Compound Annual Growth Rate) of 4.52 % from 2024 to 2032. ​The primary drivers of the knee replacement market include the increasing prevalence of osteoarthritis and other knee-related disorders, particularly among the aging population, which necessitates surgical interventions.​ Additionally, technological advancements in surgical procedures, such as robotic-assisted surgeries, enhance success rates and efficiency, driving market growth.

Market Overview

The Knee Replacement Market is driven by a growing demand for surgical interventions owing to the increasing prevalence of knee disorders, particularly osteoarthritis, and injuries.​ As the senior population expands, the incidence of arthritis-related conditions rises, prompting a greater need for knee replacements. This market is characterized by the development of advanced surgical technologies and procedures, such as robotic-assisted surgeries, which enhance these operations' precision and success rates. Additionally, the availability of various implant types tailored to the needs of different patients further contributes to the market's growth and attractiveness for both healthcare providers and patients alike.

Moreover, significant advancements in medical technology and increasing healthcare expenditures drive innovation in knee replacement solutions. Hospitals remain the predominant setting for these procedures due to their integrated support systems and the availability of specialized medical professionals. The introduction of artificial intelligence into surgical practices has increased procedural efficiency and effectiveness, allowing for personalized treatment plans that can adapt to patients' specific requirements. Such developments are expected to bolster market growth and enhance the overall patient experience when undergoing knee replacement surgeries.

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.

Key Takeaways from the Report

• 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

Top Companies

• Johnson & Johnson Services Inc. (DePuy Synthes)
• Stryker
• Zimmer Biomet
• Smith+Nephew
• DJO LLC
• Arthrex Inc.
• Exactech Inc.
• Conformis
• MicroPort Orthopedics
• Corin Group

Latest News

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.