The knee replacement market involves surgically replacing knees that are damaged by arthritis or injury. Knee replacement surgery involves removing damaged cartilage and bone from the knee joint and replacing them with artificial implants made from metals, plastics, and ceramics. The prosthetic knee is designed to work like a normal knee, allowing patients to regain mobility and reduce pain. Knee replacements are needed for patients suffering from osteoarthritis, rheumatoid arthritis, post-traumatic arthritis and other degenerative joint diseases that damage the knee cartilage and underlying bones. Growing geriatric population prone to arthritis and other joint diseases is fueling demand for knee replacement procedures.

The Global Knee Replacement Market is estimated to be valued at US$ 9.4 Bn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the knee replacement market are Zimmer Biomet, Stryker Corporation, Smith & Nephew Plc, Johnson & Johnson Services Inc., B. Braun Melsungen AG, Medacta International, MicroPort Scientific Corporation, ConforMIS, Inc., Corin Group, Exactech, Inc., DJO Global, Inc., Baumer Holding AG, SurgTech Inc., Wright Medical Group N.V., and X.NOV. These players are focusing on developing advanced knee replacement implants using new materials and technologies.

Growing geriatric population suffering from osteoarthritis and other joint disorders is a major factor driving demand for knee replacement surgeries. According to statistics, more than 30 million Americans suffer from knee pain and over 600,000 knee replacements are performed annually in the US alone. Rapidly aging societies worldwide will continue to present a huge patient pool in the coming years.

Technological advancements are allowing the design of knee implants that better replicate natural knee motion and alignment. 3D printing, robotics and computer navigation are enabling accurate implantation of components to maximize range of motion and durability of artificial knees. New materials like highly cross-linked polyethylene for improved strength and longevity are also gaining popularity.

Market Trends

- Bigger sized implants: Implant manufacturers are developing extra large and extended size implants to suit growing obesity rates and address joint deformities in heavier patients.

- Personalized knee implants: Advances in 3D printing, MRI and CT imaging are propelling the shift to customized, patient-specific knee replacement implants tailored as per individual anatomy.

Market Opportunities

- Younger patient demographics: Greater awareness is resulting in knee replacements even for younger people with joint injuries or obesity-related conditions.

- Emerging markets: Developing countries in Asia Pacific and Latin America are poised to offer high growth opportunities for knee replacement device makers due to rising healthcare investments, lifestyle changes and increasing medical tourism.

Impact of COVID-19 on Knee Replacement Market Growth
The COVID-19 pandemic has significantly impacted the growth of the knee replacement market. In the initial months of the pandemic, non-essential surgeries like knee replacement were postponed to focus on urgent COVID-19 related treatments. This led to a decline in the number of knee replacement procedures performed during this period. However, as the pandemic is brought under control with vaccination drives in many countries, the volume of knee replacement surgeries is gradually increasing.

The postponed surgeries during the peak of the pandemic has created a backlog which is driving the current growth of the market. Researchers believe that it may take at least 1-2 years for the knee replacement market to reach pre-pandemic volumes. Manufacturers are facing issues in terms of shortage of raw materials and supply chain disruptions caused by the pandemic. This has negatively impacted their production capacity. Further, fear of virus exposure at hospitals has discouraged some patients from undergoing elective surgeries like knee replacement. However, with more people now getting vaccinated, this fear is reducing.

Geographical Regions with Highest Knee Replacement Market Value
North America dominates the knee replacement market in terms of value, holding over 40% share. This is attributed to factors like rising geriatric population, high obesity rates, availability of advanced treatment options and favorable reimbursement policies in countries like the US. Within the region, the US accounts for the major share owing to large patient volume and high adoption of new technologies.

Europe is the second largest regional market for knee replacements. Countries like Germany, UK, France and Italy have widespread coverage for knee replacement procedures under public healthcare systems. This has ensured greater accessibility for patients. Additionally, several top medical device manufacturers are based in Europe, enabling strong local supply.

Asia Pacific is the fastest growing region for the knee replacement market. Rapidly aging populations, rising affluence, growing medical tourism and increasing healthcare investments are fueling the demand. China and India have huge patient bases and are witnessing heavy influx of international players setting up local manufacturing plants. This is augmenting the availability of advanced knee replacement systems at lower costs.

Fastest Growing Region for Knee Replacement Market
Asia Pacific region is poised to register the fastest growth in the knee replacement market during the forecast period. This can be attributed to several factors like -

- Significant deterioration of knee joints among older adults in developing Asian countries due to obesity, sedentary lifestyles and sports injuries.

- Favorable government policies promoting healthcare access and modern joint replacement techniques.

- Growing medical tourism industry attracting International patients for quality treatment at lower costs.

- Aggressive facility expansion programs by foreign medical device companies catering to rising needs.

- Rising health expenditure of Asian middle class enabling greater affordability for elective surgeries.

- Increasing awareness about knee replacement benefits through public awareness drives.

So in summary, Asia Pacific's massive patient population, healthcare reforms and rapid infrastructure development are establishing it as the most promising regional market for knee replacements in the coming years.