Continuous Innovation in Technology Boosts the Knee Replacement Market

calendar_today 21 December, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study conducted by Growth+ Reports, the global knee replacement market was valued at ~US$ 10.34 billion in 2021. The market is expected to witness a CAGR of ~4.5% from 2022 to 2030.  

Knee replacement market is experiencing a constant growth. The development of this market is attributed to consistent innovations in technologies such as the utilization of AI (Artificial Intelligence) and the use of robotics into surgical operations (minimally invasive surgeries). Additionally, unremitting product launches and FDA (Food and Drug Administration) approvals accelerates the market expansion. Moreover, the rising frequency of knee-related problems/disorders such as osteoarthritis, post-traumatic arthritis, and rheumatoid arthritis, and growing geriatric population further drives market development. Furthermore, rising road traffic accidents also anticipates in market growth.

The rising prevalence of knee-related disorders such as osteoarthritis, post-traumatic arthritis, and rheumatoid arthritis is a major driving factor in this market. This attributes to the growing aged population, rising obesity problems among the population (especially in youngsters), and many more. According to the Canadian Institute for Health Information annual report of 2019-2020, nearly 75,073 knee replacements procedures were performed in Canada.

Technological advancements and innovations have fueled the growth of the global knee replacement market. The innovations in design of the implants and surgical procedures attributes to the market development. Introducing robotic and AI (Artificial Intelligence) in the surgical technologies results in increasing popularity of such advanced devices/methods in the global market. Technologically advanced methods such as minimally invasive quadriceps-sparing total knee replacement provides various benefits such as faster recovery of the knee function, minor incision, reduced post-operative pain, and so on, thus, such innovations in the techniques proves beneficial for the market development globally. For instance, in July 2022, Enovis launched “ARVIS” (Augmented Reality Visualization and Information System), to improve knee replacement surgery. This device provides a real-time, hands-free augmented reality (AR) technology developed to offer visualize precision and better guidance for knee replacement surgeries. 

The growing geriatric population is also a major driving factor in this market. Knee replacement surgeries are quite common among aged people (age group: 65 & above) as this age group suffers from knee problems the most. Growing age may lead to the structural damaging of knee which could create a severe problem in mobility, thereby increasing demands for knee replacement procedures. Thus, these factors positively impact the market growth.

However, there are a few challenges in this market such as the high cost of orthopedic procedures/devices and lack of skilled professionals. The cost of the orthopedic procedures/devices can have a negative impact on the market growth. High price can drop the adoption rate of the procedures in the market as the underdeveloped countries would not have access to this service/facility. The price of the knee replacement device may differ from US$ 20,000 to US$ 40,000. 

North America leads the market with the highest revenue share. This is attributed to the large base of aged population, increased prevalence of knee disorders, and presence of key market players. While Europe comes second in terms of revenue contribution due to heighted innovation, strong distribution network. The growth in research and development initiatives by government and private bodies in the region also helps in the development of the market. Asia Pacific is expected to be the fastest-growing region in the knee replacement market globally. The growth of the region can be attributed to the rising adoption of advanced technologies, the improving healthcare infrastructure, and the growing aged population. Furthermore, growing disposable income and flourishing medical tourism in this region also contribute to the market development.

The prominent players operating in the global knee replacement market are Zimmer Biomet Holdings Inc., Stryker Corp., DePuy Synthes (Johnson & Johnsons Services, Inc.), Smith & Nephew Plc., Aesculap Inc. (B. Braun company), Medacta International SA, MicroPort Scientific Corporation, Conformis Inc., SurgTech Inc., and Exactech Inc. among others.

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