Knee Replacement Market Size, Comprehensive Research, Analysis by Leading Companies with Forecast till 2027
The Global Knee Replacement Market Size
is anticipated to expand substantially at 6.1% CAGR, by the year 2023. This
report has been published by Market Research Future that researched with
keeping the current scenario of the market. Knee replacement is a joint
replacement surgery which is meant for patients who suffer knee damage. Knee
damage is mainly caused by diseases such as osteoarthritis, post-traumatic
arthritis, or rheumatoid arthritis or due to an accident.
Knee replacement
procedure entails dignified tools or system at the time of diagnosis and
treatment of knee fracture and other knee diseases. The Knee Replacement Market
Size is expected to witness substantial growth owing to the increasing number
of patients suffering from osteoarthritis, rising geriatric population, expanding
the pool of knee fracture patients, favorable reimbursement, and technological
advancements. They are boosting the demand for the market over the forecast period.
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Global Knee
Replacement Market Size: Drivers & Trends
The Knee Replacement
Market Size is primarily driven by the swelling rate in the older population, which
is eventually giving rise to old age ailments such as arthritis, osteoporosis,
and diabetes. With this, the availability of better implant materials, advancement
in technologies such as minimally invasive surgery, and substantial research
and development in the knee implant industry are likely to boost the global Knee
Replacement Market Size over the forecast period.
Knee replacement is
identified as one of the most effective methods to relieve knee pain of
patients. With the use of 3D printing technology has been able to propel the
global Knee Replacement Market Size significantly within the assessment period.
Since the past couple of years, the expenditure on healthcare has been
exclusively increased in all the countries across the globe, which was able to
fuel the growth of the market in substantial ways. The latest era of highly
functional implants has emerged significantly owing to technological
advancements and rapid research developments.
Global knee
replacement, as a mature market continually introduces numerous growth
opportunities for treating knee replacements in smarter ways, has influenced
the global knee replacement growth positively. However, steady development in
reimbursement scenario and government initiatives have lowered the costs of knee
replacement surgery, proving beneficial for industry growth.
Market Segmentation
The global Knee
Replacement Market Size has been segmented based on product type, material, and
end-user.
By mode of
product type, the global Knee Replacement Market Size has been segmented
into total knee reconstructive implants, partial knee reconstructive implants,
and revision knee reconstructive implants. Among these, the total knee
reconstructive implants are further sub-segmented into fixed bearing implants,
mobile bearing implants, medial pivot implants, and others.
By mode of
material, the global Knee Replacement Market Size has been segmented into
ceramic material, metal alloy, strong plastic parts, and others.
By mode of
end-users, the global Knee Replacement Market Size has been segmented into
specialty centers, hospitals and clinics, and rehabilitation centers.
Key Players
Some of the
prominent players in the Knee Replacement Market Size are Zimmer Inc., DePuy
Synthes, Stryker, Smith and Nephew, Kinamed, Inc., Allegra Orthopaedics
Limited, and Exactech, Inc.
Regional Outlook
Regionally, the
North American Knee Replacement Market Size is a mounting market in the
Americas region. The increasing aging population affected by knee joint
disorders and increase in awareness level for joint related treatments are
likely to augment the growth of the Knee Replacement Market Size in the North
American region. Furthermore, with substantial research and development
activities being done in the knee implant industry, the leading companies are providing
technologically advanced products to the customers, which is helping them to
get relief from a knee issue. Apart from this, growing government initiatives
are also pushing the growth of the market. As per the reports, in American
Joint Replacement Registry, around 161,040 joint replacement procedures were
performed in the U.S. in 2015.
Europe is the second
largest market and hence, holds an outstanding share in the global Knee
Replacement Market Size. The European market is thus, expected to inflate during
the forecast period owing to the accessibility of state-of-the-art and advanced
treatment facilities and rising substantial number of skilled medical professionals.
Furthermore, more factors, such as the increasing aged population are also subsequently
giving rise to the patient population, which, in turn, is likely to enhance the
growth of the market. As per research, Eurostat estimated that over 19.2% of
the population in Europe were aged 65 and above. This rising older population
is likely to lead to the increasing patient population.
The Asia Pacific is now
expected to be the fastest growing market owing to the cumulative occurrence of
joint disorders such as arthritis and osteoarthritis. Here, China has been
recorded to be the fastest growing region owing to its mounting older
population and rising patient population. With this, the rising awareness about
health and availability of new treatment methods is also driving the market in
this region. On the other hand, the increasing healthcare expenditure and the
overall growth of the healthcare diagnostic and treatment industry also drive
the market.
In the last, the
Middle East and Africa are expected to illustrate the least growth in the
market owing to some significant factors such as lack of awareness and limited
access and affordability of treatment facilities. However, with the current
development of healthcare infrastructure and rising skilled medical
professionals, the global Knee Replacement Market Size is proliferating at a
substantial CAGR.
Industry News
Almost 10,000
Americans having knee replacements will be able to funnel basic health data
directly from their Apple watches to their surgeons under the supervision of a
new app being tested by orthopedics company Zimmer Biomet. The multi-year study
in collaboration with Apple Inc will allow doctors to gauge how well patients
are following prescribed physiotherapy ahead of surgery.
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