by The Total Knee Arthroplasty Market involves the replacement of the weight-bearing surfaces of the knee joint, which is made up of the femur, tibia, and patella. It helps patients with severe joint pain relief and regain mobility from arthritic damage in the knee joint. Total knee replacement surgery involves removing damaged cartilage and bone and replacing them with prosthetic parts made of surgical-grade metals and high-performance plastics. This helps to restore the function and mobility of the knee joint. The demand for knee replacement surgery is increasing owing to the growing geriatric population suffering from osteoarthritis, favorable reimbursement policies, and technological advancements in implant design.
The Global Total Knee Arthroplasty Market is estimated to be valued at US$ 10889.08 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Total Knee Arthroplasty Market are Depuy Synthes (Johnson & Johnson), Zimmer Biomet Holdings, Inc., MicroPort Scientific Corporation, Conformis Inc., Corin Group, Exactech Inc., DJO LLC. (Colfax Corporation), Medacta International, Smith & Nephew plc, Stryker Corporation, Baumer SA, SurgTech Inc., and Meril Life Sciences Pvt. Ltd.
The growing prevalence of osteoarthritis and the global increase in geriatric population are major factors driving Total Knee Arthroplasty Market Growth. According to the Arthritis Foundation, osteoarthritis affects over 32.5 million people in the U.S. Furthermore, around 54 million adults aged 65 years and above are expected to suffer from symptomatic osteoarthritis of the knee by 2030 in the U.S.
The key manufacturers are focusing on emerging Markets like Asia Pacific, Latin America, and Middle East & Africa for tapping the business opportunities attributable to developing healthcare infrastructure and increasing healthcare expenditures. For instance, Stryker Corporation expanded its operations in India by establishing new production and research facilities to address the unmet needs in the knee reconstruction Market.
Market Key Trends
One of the key trends gaining traction in the Total Knee Arthroplasty Market is the increasing adoption of robot-assisted surgical systems. Robot-assisted knee replacement surgery uses advanced computer technology to help the surgeon perform precise cuts and minimize mistakes. It can help improve implant positioning and alignment accuracy over conventional surgery. Companies like Stryker Corporation offer MAKOplasty, a robotic-arm assisted surgery platform that assists orthopedic surgeons with total and partial knee replacement procedures.
Porter’s Analysis
Threat of new entrants: High capital requirements and regulatory barriers make it difficult for new companies to enter the Total Knee Arthroplasty Market. Bargaining power of buyers: Individual consumers have limited bargaining power due to lack of equipment and expertise, but hospital organizations can negotiate based on volume. Bargaining power of suppliers: A few large companies dominate the Market, giving them significant power in negotiations. Threat of new substitutes: Alternatives like knee arthroscopy are emerging but currently have limited applications compared to knee replacements. Competitive rivalry: The Market is competitive with many large players and differentiated products, driving ongoing innovation.
In terms of value, the Total Knee Arthroplasty Market is currently concentrated in North America and Europe due to aging populations and higher demand for knee replacement procedures in these regions. The Asia Pacific Market is the fastest growing for knee arthroplasty, as developing countries experience increasing rates of osteoarthritis due to lifestyle changes, obesity, and growth in private healthcare spending.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
