by Total knee arthroplasty, also known as knee replacement surgery, is an orthopedic surgical procedure to replace the weight-bearing surfaces of the knee joint with an artificial joint implant called knee prosthesis. Total knee arthroplasty is commonly indicated for patients suffering from severe osteoarthritis, rheumatoid arthritis or other joint injuries. The procedure can reduce pain and improve joint function, allowing patients to resume normal daily activities.
The global total knee arthroplasty market is estimated to be valued at US$ 9452.32 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing geriatric population and rising prevalence of osteoarthritis are expected to drive growth of the total knee arthroplasty market over the forecast period. According to United Nations Department of Economic and Social Affairs, globally, number of people aged 65 years or over is projected to grow from 703 million in 2019 to 1.5 billion in 2050. The increasing geriatric population is likely to increase number of total knee arthroplasty procedures performed, as people grow older, chances of developing diseases such as osteoarthritis rise. For instance, according to Arthritis Foundation, around 30 million adults suffer from osteoarthritis in the U.S. The increasing osteoarthritis cases is estimated to boost demand for total knee arthroplasty. Further, rising obesity rates worldwide is another major factor fueling growth of total knee arthroplasty market, as obesity is a significant risk factor for osteoarthritis.
SWOT Analysis
Strength: Total knee arthroplasty is a commonly performed orthopedic procedure that helps reduce pain and improve mobility for osteoarthritic or damaged knees. The demand for total knee arthroplasty procedures has increased significantly due to the growing geriatric population suffering from osteoarthritis. Hospitals and clinics are investing in advanced technologies like computer-assisted surgery for total knee replacements to improve clinical outcomes for patients.
Weakness: Total knee arthroplasty is an invasive surgical procedure that requires significant recovery time for patients. There is also a risk of complications and rejection by the body for the prosthetic knee implants. The lifespan of knee implants is generally 10-15 years requiring revision surgeries for worn out components. This increases the overall treatment costs over time for patients.
Opportunity: With the rising prevalence of knee osteoarthritis worldwide, the demand for total knee arthroplasty continues to grow rapidly. There is potential to increase awareness about this treatment option and its benefits through various education programs. 3D printing technologies offer opportunities for customized prosthetic implants tailored to individual patients’ anatomy.
Threats: Expensive pricing of titanium and other alloy based knee implants increases the overall procedure costs. Strict regulatory approvals and reimbursement policies pose challenges for new market entrants. Post-surgery complications and revisions require additional costs that burden the healthcare systems.
Key Takeaways
The Total Knee Arthroplasty Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The increasing geriatric population suffering from osteoarthritis is driving considerable demand for knee replacement procedures. The global total knee arthroplasty market is estimated to be valued at US$ 9452.32 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030.
Asia Pacific region dominates the market currently due to high patient volumes in China and India. Japan also has a large base of knee replacement surgeries attributable to an aging population. Rapidly increasing healthcare infrastructure and spending on joint replacement surgeries is expected to boost the APAC total knee arthroplasty market.
Key players comprises:
Key players operating in the total knee arthroplasty market are AssurX, Sparta Systems, Oracle Corporation, Xybion Corporation, Sarjen Systems Pvt. Ltd., MDI Consultants, AB-Cube, QVigilance, Qserve, and ZEINCRO. These companies offer knee implants, surgical tools, imaging systems and quality management software solutions.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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