KNEE REPLACEMENT MARKET ANALYSIS

The high cost of knee replacement surgery can hamper the global knee replacement market growth. Knee replacement surgery is an expensive procedure, which costs around US$ 30,000 to US$ 50,000 in the U.S. The cost varies significantly based on the country, hospital, implant used and other factors. For many patients undergoing this surgery is simply not affordable due to the massive out-of-pocket costs involved despite having health insurance coverage. This financial barrier prevents thousands of patients from opting for knee replacement each year even if these people are in severe pain and the surgery is medically necessary and warranted. According to the study published by Centers for Disease Control and Prevention (CDC), about 25% of Americans who need knee replacement surgery have decided against it primarily due to concerns over the high costs. This has led to worsening of their knee conditions and deteriorating quality of life. A knee replacement, if delayed, may also require a more extensive and complex revision surgery in future which would further drive up the costs.

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Advancements in minimally invasive procedures can offer opportunity for the global knee replacement market growth. Traditionally, knee replacement surgeries required making large incisions and cutting of muscles, in order to access the knee joint. However, newer minimally invasive techniques allow surgeons to perform partial or total knee replacements through much smaller incisions usually 4-6 cm in length. This has dramatically reduced surgery related pain, shortened hospital stay and improved recovery time for patients. According to a  study published by American Association of Hip and Knee Surgeons in 2021, patients who underwent minimally invasive partial or total knee replacement using newer techniques reported almost 50% less pain during movement and walking within the first 2 weeks of surgery as compared to traditional methods. These people were also able to perform daily activities independently much earlier without external support. The average hospital stay was reduced by 2-3 days for such patients. Faster recovery means less disruption to daily lives and quicker return to normal routines. This has made minimally invasive knee surgery more attractive to an increasing number of active, younger patients who want minimal downtime from work or lifestyle.