The knee replacement market is expected to reach a valuation of US $15.7 Bn, exhibiting a CAGR of 6% during the forecast period of 2022-2032. Elevated demand for knee implants and increased government investment in the healthcare sector bodes well for the knee replacement market.
Rising incidences of bone degeneration along with a growing geriatric population seem to stimulate growth of the knee replacement market. Heightened awareness about the advantages of knee replacement is shifting the perception of an increased number of the adult population who is undergoing early knee replacement surgery. This is expected to propel market growth. Furthermore, the rapid development of 3D technology and its rising application is anticipated to bolster knee replacement sales.
Growing cases of knee osteoarthritis are contributing to the increasing demand for knee replacement surgeries. As per an Osteoarthritis Research Society International (OARSI) report, global knee osteoarthritis is expected to reach 5% and continue upwards due to the rise in the aging population. All this has led to an increase in demand for knee implants, and consequently, contributed to the knee replacement market.
"Technologically advanced knee implant material along with the rise of customized replacement implants will promote growth in the knee replacement market over the forecast period," says FMI.
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- The demand for knee replacement procedures is expected to increase substantially.
- Ambulatory surgical centers are expected to contribute to market growth.
- The U.S. knee replacement market is expected to grow at a steady CAGR of 4.5% during the forecast period.
- Rising demand for knee implants and government investments in healthcare in the U.S. will expand the market.
- Asia Pacific is predicted to reflect significant growth in the market due to rising demands for knee replacement surgeries.
- High surgery costs, growing demand for non-surgical treatments, extremely high competition, and economic downturn may hamper market growth.
- Developments in the reimbursement schemes space and government initiatives have led to a reduction in surgery costs, positively impacting the market.
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Region Wise Analysis:
The knee replacement market in the United States is expected to grow at a 4.5% CAGR through 2032, owing to many reasons such as rising demand for knee implants, government spending on healthcare and medical devices, as well as the existence of established manufacturers.
Knee arthroplasty operations are routinely done in the elderly in the United States. Still, they have also grown popular in middle-aged persons due to the availability of high-quality surgical instruments and painless procedures.
According to the Agency for Healthcare Research and Quality, approximately 754,000 knee replacements were done in the United States in 2017.
The demand for knee replacement surgery devices is surging across Asian regions. The factors contributing to the rising demand for knee replacement surgeries in APAC are growing awareness for possible treatments, increasing the elderly population and following patients with knee joint afflictions.
Key Players Profiled:
- Stryker Corporation
- Zimmer Holdings
- Smith & Nephew Plc
- DePuy Companies, Inc
- Wright Medical Group, Inc
- Biomet, Inc.
- Braun Melsungen AG.
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