April 22, 2024

The Knee Replacement Market witnessed steady growth driven by increasing geriatric population trends By rising joint pain prevalence

The knee replacement market involves joint replacement surgery to resurface the worn knee joints. It is an effective treatment for patients suffering from degenerative joint disease, rheumatoid arthritis and severe osteoarthritis. The procedure involves removing damaged bone and cartilage and replacing it with artificial knee implants made of metal alloys, polymers or ceramics. Knee replacement surgery significantly reduces knee pain and restores mobility in patients by providing stable, pain-free knee joints.

The Global Knee Replacement Market is estimated to be valued at US$ 9.4 Bn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the knee replacement market are Zimmer Biomet, Stryker Corporation, Smith & Nephew Plc, Johnson & Johnson Services Inc., B. Braun Melsungen AG, Medacta International, MicroPort Scientific Corporation, ConforMIS, Inc., Corin Group, Exactech, Inc., DJO Global, Inc., Baumer Holding AG, SurgTech Inc., Wright Medical Group N.V., and X.NOV. The rising prevalence of arthritis and joint pain disorders among the geriatric population globally is driving the demand for knee replacement procedures. Manufacturers are expanding their presence in developing markets like Asia Pacific and Latin America to tap the high growth opportunities in these regions.

Market key trends

One of the key trends gaining traction in the knee replacement market is the rising adoption of robot-assisted knee replacement surgeries. The introduction of surgical robots like MAKOplasty by Stryker allows for precise implant alignment and positioning with increased accuracy compared to conventional techniques. This reduces risks of tibial or femoral notching and yields better postoperative outcomes for patients. With their advantages of precision and accuracy, robot-assisted knee replacement procedures are expected to become more prevalent going forward and drive the overall market growth.

Porter’s Analysis

Threat of new entrants: New companies need substantial resources and funding to undertake the R&D required to design and develop knee replacement implants. Existing players hold major market share and have well established distribution channels.

Bargaining power of buyers: Individual buyers have low bargaining power due to inelastic demand for knee replacement procedures while hospitals and healthcare providers have moderate power by consolidating purchases.

Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power as switching costs are relatively low for medical device manufacturers. Companies source from multiple suppliers to avoid dependence.

Threat of new substitutes: No close substitutes exist for knee replacement procedures although some alternative treatment options offer temporary relief for less severe cases.

Competitive rivalry: Intense competition exists among major players to develop innovative products and surgical techniques. Brand loyalty and network of healthcare providers influences competitive landscape.

Geographical regions with highest market value
North America accounts for the largest share in terms value owing to growing geriatric population, high obesity rates and favorable reimbursement policies driving procedure volumes in the US and Canada.

Fastest growing region
Asia Pacific region is poised to be the fastest growing market during the forecast period attributed to rising healthcare investments, growing medical tourism and increasing focus on expanding access to elective orthopedic procedures in China, India and other developing Asian countries.

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  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it