Global Knee Replacement Market Size, Share, Growth Analysis, By Procedure type, By Component - Industry Forecast 2024-2031

Global Knee Replacement Market size was valued at USD 10.34 billion in 2022 and is poised to grow from USD 10.93 billion in 2023 to USD 16.99 billion by 2031, at a CAGR of 5.67% during the forecast period (2024-2031).

During a knee arthroplasty procedure, the diseased tissues and cartilages in the knee joint are removed, and an artificial knee implant is used in their place. The need for this operation is expected to soar in the upcoming years because to the rising global prevalence of osteoarthritis and other knee ailments like psoriatic arthritis and rheumatoid arthritis. The Arthritis Foundation estimates that approximately one million Americans suffer from symptomatic osteoarthritis in their knees. In the upcoming years, the demand for less invasive surgical procedures and the aging population will probably drive the growth rate. In addition, the prevalence of bone-related illnesses, mishaps, obesity, and the practicality of contemporary designs are anticipated to propel market growth. Arthritis is also significantly influenced by obesity. According to research published in the BMJ Journal in 2020, being overweight or obese increased the incidence of knee OA by 2.5 to 4.6 times compared to being of normal weight. This rise may be attributed to both the rising incidence of arthritis and the growing usage of minimally invasive procedures. Over the course of the forecast period, these factors are anticipated to encourage the use of replacement devices, driving market expansion.

Development is anticipated to be fueled by the growing use of painkillers for age-related joint problems and other challenges brought on by co-occurring disorders like diabetes and obesity. But it's anticipated that stringent regulations, limitations on medical device approvals, and a rise in product defects would impede advancement. It is anticipated that the sector will benefit from the availability of untapped expansion opportunities in the quickly developing economies of Asia and Latin America as well as from growing understanding about knee implants. Manufacturers are focusing on taking advantage of opportunities in developing economies as a result in order to grow their market share.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Knee Replacement Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Knee Replacement Market Segmental Analysis

Global Knee Replacement Market is segmented based on the Procedure type, Component, End User, and region. Based on Procedure type, the Knee Replacement Market is segmented Total Knee Replacement, Partial Knee Replacement, and Revision Knee Replacement. Based Component, the Knee Replacement Market is segmented into Fixed-bearing Implants and Mobile-bearing Implants. Based on End User, the Knee Replacement Market is categorized into Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, and Others. By region, the Knee Replacement Market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.

Drivers of the Global Knee Replacement Market

The key variables impacting sales of these replacement procedure-related items are currently growing understanding of material advances and designs of knee implants and robot-assisted knee operations. Robotic technology improves operation precision and lessens the need for surgeons to oversee surgical outcomes. In addition, some major industry manufacturers are now offering more comprehensive knee implants as part of their portfolio due to the incorporation of robotic surgery.

Restraints in the Global Knee Replacement Market

Modern technologies and implants composed of precious metals are used in knee replacement surgery. Moreover, the stringent guidelines for product approval drive up the cost of these goods. Consequently, the entry of these products into developing countries with limited healthcare resources and a shortage of skilled surgeons has been prohibited.

Market Trends of the Global Knee Replacement Market

Numerous research have revealed that the use of contemporary technology, such as robots and artificial intelligence (AI), improves surgical operations' efficiency. The need for these technologically advanced medical items is growing on a global scale. AI helps doctors create a customized surgical plan that considers the unique knee motion of every patient. In the near future, rising R&D spending and a rise in the introduction of new robotics products are anticipated to propel market expansion.