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  • Published In : Jun 2024
  • Code : CMI4328
  • Pages :194
  • Formats :
      Excel and PDF
  • Industry : Medical Devices

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.

Market Concentration and Competitive Landscape

Knee Replacement Market Concentration By Players

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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.

Key Takeaways from Analyst:

Global knee replacement market is expected to witness growth due to rising geriatric population worldwide who are more prone to knee injuries and conditions like osteoarthritis. However, high cost of knee replacement surgeries and prolonged recovery time post-surgery can hamper the market growth.

North America currently dominates the market, owing to the well-established healthcare infrastructure and technology in the region. However, Asia Pacific is likely to be fastest growing market due to improving healthcare facilities and rising medical tourism in countries like India, China, and Southeast Asian nations.

Within procedure segment, total knee replacement dominates as it provides a permanent solution to chronic knee problems. Noncompartmental or partial knee replacement procedure is growing at a higher rate due to the benefits of fewer complications and faster recovery time.

There has been huge demand for revision knee replacement surgeries as more number of young active adults opt for knee replacements. This offers opportunities for market players to develop innovative solutions catering to need for revision knee joints with high durability.

Market Challenges: High cost of knee replacement surgery

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.

Market Opportunities: Biomarker discovery for rare neurological disorders

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.

Knee Replacement Market By Procedure

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Insights, By Procedure- Demand for joint replacement surgeries boosts total knee replacement segment growth

In terms of procedure, total knee replacement segment is estimated to contribute the highest market share of 60.1% in 2024, owing to increasing demand for joint replacement surgeries among aging populations globally. Total knee replacement procedures help alleviate chronic joint pain and restore mobility in patients suffering from severe osteoarthritis or other degenerative conditions of the knee joint. As life expectancy rises worldwide, there has been increase in number of elderly individuals experiencing joint disorders. This rising geriatric demographic boosts demand. Lifestyle diseases like obesity exacerbate knee problems and increases the workload on weight-bearing joints at a younger age. Growing health awareness also encourages more people to opt for total knee replacement at an early stage, before the cartilage wears away completely.

Insights, By Implant Type - Material innovations boosts adoption of mobile-bearing implants

In terms of implant type, mobile-bearing implants segment is estimated to contribute the highest market share of 50.12 % in 2024. Mobile implants allow more natural knee movement by maintaining flexibility in the insert that acts as a cushion between the femoral component and tibial component. The key advantage of mobile-bearing implants over fixed implants is lower risk of implant loosening over time as these experience less shear stress at the bone-implant interfaces. Furthermore, material advancements have made these implants more durable and comfortable for patients. Manufacturers continue innovating new polymer and alloy formulations that mimic natural joint properties more closely. These material innovations help improve fixation, lubrication and wear resistance of mobile implants as compared to earlier generations. Their enhanced performance characteristics and design flexibility are stimulating its greater uptake among surgeons and patients.

Insights, By Material - Ceramic components boosts demand for ceramic-on-ceramic materials

In terms of material, ceramic-on-ceramic segment is estimated to contribute the highest market share of 49.13 % in 2024 due to biocompatibility and wear resistance advantages of ceramic components. Ceramic bearings have very low friction coefficients minimizing wear particulate release which often leads to osteolysis in other material combinations over the long term. Since ceramic is very stable and durable, ceramic-on-ceramic implants undergo negligible wear even after 10-15 years post-surgery. Absence of corrosion or allergic reactions with ceramic further elevates its biocompatibility. Advancements in manufacturing technologies have improved the mechanical strength and structural reliability of ceramic joints, thus, addressing the concerns around material fracture in early ceramic implants. Widespread clinical evidence validating the longevity of ceramic components is propelling its adoption among younger patient demographics. Recognition of ceramic materials for their superior qualities as compared to traditional metal and plastic options can boost demand for ceramic-on-ceramic.

Regional Insights

Knee Replacement Market Regional Insights

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North America has dominated the global knee replacement market with an estimated market share of 40.2 % share in 2024 .The large size of the market in the U.S., along with strong healthcare infrastructure and high healthcare spending has made North America the premier location for major knee replacement device manufacturers. Several leading global players like Zimmer Biomet, Stryker Corporation and Johnson & Johnson have sizable operations and manufacturing facilities located in the U.S., catering to the local as well as international demand. The presence of major orthopedic surgical centers and growing geriatric population suffering from osteoarthritis has boosted the number of knee replacement surgeries in the U.S. The pricing of knee implants is also regulated by the government bodies, thus, ensuring affordability for patients.

The Asia Pacific region has emerged as the fastest growing market for knee replacements globally in the recent years. In particular, countries like China, Japan and India have witnessed double digit growth, and are gradually catching up to developed markets. This can be attributed to growing awareness about treatment options and rising affordability of implants and surgeries. While China and Japan already have sizable markets comparable to major Western countries, India's market is still untapped and holds huge future potential. Growing medical tourism where patients travel to India from other Asian and African countries for affordable surgeries has further boosted the knee replacement volumes in the country. The knee implants industry in Asia Pacific region has also benefited due to manufacturing investments from leading MNCs who are setting up production sites to cater to rising local as well as international demands.

Market Report Scope

Knee Replacement Market Report Coverage

Report Coverage Details
Base Year: 2023 Market Size in 2024: US$ 11.8 Bn
Historical Data for: 2019 to 2023 Forecast Period: 2024 to 2031
Forecast Period 2024 to 2031 CAGR: 4.6% 2031 Value Projection: US$ 16.2 Bn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, Rest of Middle East
  • Africa: South Africa, North Africa, Central Africa
Segments covered:
  • 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 
Companies covered:

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.

Growth Drivers:
  • Increasing incidence of road accidents Leading to Amputations
  • Rising Prevalence of Osteoarthritis
Restraints & Challenges:
  • High cost of knee replacement surgery
  • Risk of post-surgery complications

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

*Definition: Global knee replacement market comprises companies that manufacture and sell knee implant devices used in total and partial knee replacement surgeries. As the population ages worldwide, the risk of developing osteoarthritis rises and demand for knee replacement procedures grows significantly. Major players in this market offer different types of knee implants made of metals, plastics or a combination to restore knee functionality in patients dealing with severe knee pain and mobility issues. Growing obesity levels and a rise in sports injuries are also fueling market expansion.

Market Segmentation

  •  Procedure Insights (Revenue, USD Bn, 2019 - 2031)
    • Total Knee Replacement
    • Partial Knee Replacement
    • Kneecap Replacement
    • Revision Knee Replacement
  •  Implant Type Insights (Revenue, USD Bn, 2019 - 2031)
    • Fixed-bearing Implants
    • Mobile-bearing Implants
    • Medial Pivot Implants
    • Others
  •  Material Insights (Revenue, USD Bn, 2019 - 2031)
    • Metal-on-Plastic
    • Ceramic-on-Plastic
    • Ceramic-on-Ceramic
    • Metal-on-Metal
  •  End User Insights (Revenue, USD Bn, 2019 - 2031)
    • Hospital
    • Orthopedic Clinics
    • Ambulatory Surgery Centers
    • Others
  • Regional Insights (Revenue, USD Bn, 2019 - 2031)
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
    • Middle East
      • GCC Countries
      • Israel
      • Rest of Middle East
    • Africa
      • South Africa
      • North Africa
      • Central Africa
  • Key Players Insights
    • 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.

Frequently Asked Questions

The CAGR of global knee replacement market is projected to be 4.6% from 2024 to 2031.

Increasing incidence of road accidents leading to amputations and rising prevalence of osteoarthritis are the major factors driving the growth of global knee replacement market.

High cost of knee replacement surgery and risk of post-surgery complications are the major factors hampering the growth of global knee replacement market.

In terms of procedure, total knee replacement segment is estimated to dominate the market in 2024.

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. are the major players.

North America is expected to lead the global knee replacement market.

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