The knee replacement market is characterized by artificial joints and implants that are used to replace the articulating surfaces of the knee joint. Made of highly durable materials like polyethylene and titanium alloy, knee replacements help restore mobility and relieve pain for people suffering from arthritis or other degenerative knee conditions.
The global knee replacement market is estimated to be valued at US$9.2 billion in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period to 2024.
Key players operating in the knee replacement market are Zimmer Biomet, Stryker Corporation, Smith & Nephew, Johnson & Johnson, Corin Group, and MicroPort Scientific Corporation. Growing rates of osteoarthritis and other knee disorders have increased the demand for knee replacement procedures among geriatric populations worldwide. Additionally, the development of advanced knee implants with customized designs tailored for individual patients is helping improve surgical outcomes.
The rising popularity of minimally invasive knee replacement techniques is also contributing to Knee Replacement Market Size These procedures utilize smaller incisions and navigation tools to replace knee joints through smaller cuts, leading to reduced recovery times, less pain and scarring for patients. Advanced robot-assisted surgical systems are being adopted by many hospitals to perform precision cuts and implant placements, improving the accuracy and success of procedures.
Furthermore, growing medical tourism in Asia Pacific region with low-cost knee replacement surgeries available in countries like India and Thailand is fueling the global expansion of the knee replacement market. The development of healthcare infrastructure and skilled orthopedic surgeons in emerging nations will continue to drive the market over the coming years.
One of Knee Replacement Companies for customized or patient-specific knee implants. Manufacturers have started 3D printing patient bone scans to manufacture implants that perfectly match an individual's anatomy for optimal implant fit and performance. The use of advanced computer modeling and 3D printing techniques have made it possible to design highly personalized knee implants. This trend towards customized knees is expected to accelerate over the forecast period.
Porter’s Analysis
The threat of new entrants in the knee replacement market is moderate as establishing manufacturing facilities and obtaining regulatory approvals require significant investments. However, large medical device companies can enter this market easily. The bargaining power of buyers in the form of hospitals and healthcare providers is high due to the availability of substitutes and focus on providing quality treatment at lower costs. Suppliers of knee replacement materials have moderate bargaining power due to the inputs being commodity products and availability of substitute suppliers. Threat of substitutes is moderate as new minimally invasive surgical techniques can replace knee replacement surgeries. The competitive rivalry in the market is high due to the presence of global medical device companies continuously investing in new product development and expansion to emerging markets.
Geographical regions
North America accounted for the largest share of the knee replacement market in terms of value in 2024, owing to the region’s high healthcare spending and rising geriatric population. Moreover, favorable reimbursement policies and healthcare infrastructure in countries like the US and copyright contribute to market growth.
The Asia Pacific region is expected to witness the fastest growth during the forecast period driven by improving access to healthcare facilities, rising medical tourism, growing awareness about knee replacement surgeries, and increasing focus of medical device companies in emerging economies. Additionally, a large aging population prone to osteoarthritis and rising disposable incomes are fueling the demand for knee replacement surgeries in Asia Pacific.
Get More Insights On, Knee Replacement Market
For More Insights Discover the Report In language that Resonates with you
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)