Global knee replacement market is expected to witness significant growth, due to rising geriatric population and increasing number of knee surgeries
Global knee replacement market is estimated to be valued at USD 11.8 Bn in 2024, exhibiting a CAGR of 4.6 % over the forecast period 2024-2031. Growing geriatric population suffering from osteoarthritis and other knee-related problems can drive the knee replacement market growth. Furthermore, obese population around the world can boost demand for knee replacement procedures.
Market Dynamics:
Increasing elderly population worldwide susceptible to osteoarthritis can boost demand for knee replacement procedures. As per estimates, over 9.9% of men and 18% of women aged 60 years and above suffer from symptomatic osteoarthritis. Rising obesity rates leads to greater instances of knee injuries, thus, boosting demand for knee replacements. Growing health awareness and availability of advanced knee implants encourages patients to opt for knee replacement surgeries. However, high surgery costs, risk of complications, and the requirement of lifelong follow-ups can hamper the market growth.
Increasing Prevalence of Knee Arthritis
Knee arthritis is a degenerative joint disease that affects millions of people worldwide. It causes pain, swelling and stiffness in the knee joints. According to studies, around 14 million people in the U.S. suffer from knee arthritis. Rising sedentary lifestyles and growing geriatric population have increased the prevalence of knee arthritis globally. Knee replacement surgery is the most effective treatment option for end-stage knee arthritis, when conservative therapies fail to provide relief from pain. Thus, growing cases of knee arthritis have boosted demand for knee replacement procedures and implants.
Rapid Advancements in Knee Replacement Technologies
Continuous advancements in knee replacement technologies by manufacturers have expanded the potential patient base for knee replacement procedures. Newer technologies such as custom knee implants, minimally invasive surgery techniques, robot-assisted knee replacement and computer navigated knee replacements are gaining popularity. These offer advantages like less invasive surgery, higher implant positioning accuracy, faster recovery and better clinical outcomes. Manufacturers are also developing advanced material-based implants like ceramic and highly cross-linked polyethylene implants that provides longer implant life and durability. Such advancements in technologies have increased acceptance for knee replacements among younger patients and sports enthusiasts.
High Cost of Procedure
The high cost associated with knee replacement surgery can hamper the market growth. A standard knee replacement surgery costs between US$ 30,000 to US$ 50,000 in countries like the U.S. The total surgery cost includes implant cost, hospital stay charges, surgeon fee and post-surgery rehabilitation cost. Many patients deter from opting for the procedure due to inability to afford such high medical expenses. Limited coverage or partial reimbursement from insurance and lack of standard reimbursement policies across countries increases the economic burden on patients. This makes knee replacement surgery unviable for patients from low and middle-income families.
Lack of Skilled Surgeons
Lack of trained and skilled surgeons with expertise in knee replacement surgery can hamper the market growth. Knee replacement is a complex orthopedic procedure requiring extensive surgical skills and experience. However, the number of trained surgeons is limited across many countries including developing nations. This leads to long waiting time for patients and difficulty getting a timely surgery. Many patients, specifically in remote areas, have limited or no access to qualified knee surgeons. Such concerns over shortage and regional maldistribution of competent surgeons negatively impact the uptake of knee replacement procedures. Initiatives to expand knee replacement fellowships and training programs can help address this constraint in the near future.
Growing Medical Tourism
Medical tourism for affordable knee replacement offers market growth opportunity. Many countries like India, Turkey, Thailand, South Korea and Mexico have established themselves as top destinations for medical tourism. Cost savings of up to 70% as compared to developed nations has attracted a huge number of patients. These countries offer quality healthcare infrastructure and internationally trained medical professionals for joint replacement at very competitive prices. Leading hospitals provide all-inclusive knee replacement packages covering surgery, implants, hospital stay and postoperative care. Growing accessibility of affordable healthcare and availability of air ambulance services boosts medical tourism.
Increasing Healthcare Expenditure in Emerging Economies
Rising per capita income and expanding health insurance coverage in emerging economies of Asia Pacific and Latin America can offer market growth opportunities. Countries like China, India, Brazil, Mexico, and others are demonstrating strong economic growth due to increase in healthcare expenditure. These are graduating towards universal public health programs and medical insurance schemes for greater populace. This would effectively enhance the healthcare accessibility and help reduce the out-of-pocket spendings on knee replacement. The expanding health insurance landscape in developing countries could play a pivotal role in overcoming the financial barrier associated with this procedure.
Link: https://www.coherentmarketinsights.com/market-insight/knee-replacement-market-4328
Key Developments
- In February 2024, KEM Hospital in Mumbai achieved a significant milestone in medical technology by introducing a robotic arm for knee replacement surgeries. This advancement marked KEM Hospital as one of the pioneering public hospitals in India to adopt such technology, made possible through corporate sponsorship. The hospital performed the first 300 surgeries at no cost, demonstrating its dedication to affordable healthcare.
- In December 2023, Stryker, a prominent medical technology company, announced it had made a binding offer to acquire SERF SAS from Menix. SERF SAS is a France-based company specializing in joint replacement solutions.
- In October 2023, Medacta Group S.A., a company that specializes in the designing, production, and distribution of innovative orthopedic products, launched GMK SpheriKA Knee Implant to enhance post-operative comfort and functional stability
- In March 2023, Stryker, a medical technology company, launched the Mako Total Knee 2.0 robotics platform to improve implant positioning and alignment precision
Key Players: Zimmer Biomet Holdings, Inc., Stryker Corporation, DePuy Synthes (a Johnson & Johnson company), Smith & Nephew plc, B. Braun Melsungen AG, Medtronic plc, Conformis Inc., MicroPort Scientific Corporation, DJO Global, Inc., Exactech Inc., Corin Group, Waldemar LINK GmbH & Co. KG, Arthrex Inc., Kinamed Incorporated, Bioimpianti, Ortho Development Corporation, THINK Surgical, Inc., OMNIlife science Inc.
