Knee Replacement Market, By Procedure (Total Knee Replacement, Partial Knee Replacement, Kneecap Replacement, Revision Knee Replacement), By Implant Type (Fixed-bearing Implants, Mobile-bearing Implants, Medial Pivot Implants, Others), By Material (Metal-on-Plastic, Ceramic-on-Plastic, Ceramic-on-Ceramic, Metal-on-Metal), By End User (Hospital, Orthopedic Clinics, Ambulatory Surgery Centers, Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Jun 2024

Code : CMI4328

Pages :194

Formats :

Excel and PDF

Industry : Medical Devices

Knee Replacement Market Size and Trends

Global knee replacement market is estimated to be valued at USD 11.8 Bn in 2024 and is expected to reach USD 16.2 Bn by 2031, exhibiting a compound annual growth rate (CAGR) 4.6 % from 2024 to 2031.

Knee Replacement Market Key Factors

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Global knee replacement market is expected to witness significant growth over the forecast period due to rising geriatric population worldwide and increasing number of osteoarthritis and rheumatoid arthritis cases. Increasing sport injuries and road accidents that damage the knee ligaments can boost demand for knee replacement surgeries. Furthermore, rapid innovation in technologies and development of advanced implants and instrumentation for replacement surgeries are making them safer and more effective. For example, robot-assisted knee replacement surgeries reduce human error and improve accuracy of procedures.

Increasing incidence of road accidents leading to amputations

Increasing number of road accidents across the globe can drive the global knee replacement market growth. According to the data published by World Health Organization in 2022, over 1.35 million people die in road crashes each year globally. The rate of non-fatal injuries due to road accidents is estimated to be as high as 20-50 times that of fatal injuries. Knee injuries are one of the most common injuries suffered in road accidents involving vehicles. Severe knee injuries often lead to long term impairment and disability, which can only be treated by knee replacement surgeries.

With rapid motorization and rising traffic volumes worldwide, there has been increase in number of road accidents. For instance, according to the data published by National Highway Traffic Safety Administration in the U.S. in May 2022, traffic fatalities had increased by approximately 10.5% in 2021 as compared to 2020. The report also indicated that fatalities on urban roads had increased from about 57.0% in March 2020 to 62.0% in March 2021, indicating 5.0% increase from 2020. According to the data published by World Health Organization in June 2022, road traffic injuries are leading cause of death among young adults aged 5 to 29 years and children. The WHO report highlighted that approximately 93.0% of global fatalities occur predominantly in middle and low-income countries.

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Rising Prevalence of Osteoarthritis

Rising prevalence of osteoarthritis, the most common cause of knee replacements, can drive the market growth. Osteoarthritis occurs when the protective cartilage that cushions the ends of bones wears down over time. This causes friction and irritation in the joint. The knee is one of the weight-bearing joints that bears the brunt of osteoarthritis due to factors like increased life expectancy, obesity, and physical inactivity among older populations. Aging global demographic profile with a large geriatric population base has resulted in a greater population prone to knee problems and in need of knee replacement surgery. Increasing life expectancy means many more years spent suffering from age-related joint degeneration. Knee osteoarthritis most commonly affects middle-aged to elderly individuals and is more common in women. Unless concrete preventive measures are taken at the community and healthcare system level to promote physical activity and weight management, rising prevalence of OA can boost demand for knee replacement procedures.