Total Knee Replacement Market Size to Exceed USD 10 Billion by 2024

Total knee replacement market size is set to exceed USD 10 billion by 2024. Total knee replacement market will witness a CAGR of 3.7 percent during the forecast period owing to expanding ageing population pool worldwide coupled with increasing prevalence of degenerative diseases. Geriatric population is more prone to suffer from degenerative diseases such as osteoporosis resulting in demand for total knee replacement procedures. As per International Osteoporosis Foundation estimates, 200 million women worldwide suffer from osteoporosis; therefore, the demand should only increase during the projection years. Additionally, technological upgradation of implant material with evolution of customized replacement implants is augmenting market growth. The increased benefit of knee replacement surgery in restoration of normal functioning of knee has led to growth of younger population undergoing knee replacement surgeries. Presently, 3D printed surgical implants along with customized inserts, jigs devices are used in surgery to deliver better results escalating the industry growth. With increasing use of 3D technology, the knee replacement market will witness rapid growth over the forecast timeframe.

Although presence of numerous growth opportunities has influenced the industry growth positively, high costs associated with the surgical procedures have affected the same. However, steady development in reimbursement scenario and government initiatives have lowered the costs of knee replacement surgery proving beneficial for industry growth. Partial knee replacement system market accounted for largest market share in 2016 and anticipated to grow at 3.4 percent CAGR, owing to its advantages such as replacement of only damaged component of knee along with minimal erosion of healthy tissues. Tibial knee component market segment will be the fastest growing segment with expected growth of 4.0 percent CAGR by 2024. This component provides intraoperative flexibility to the replaced component proving to be beneficial in revision replacement surgery. Also, polyethylene tibial component is known to provide significant long lasting clinical results with reduced probability of osteolysis; therefore, the demand for the same should rapidly rise in coming years.

Ambulatory surgical centers market segment is expected to experience a CAGR of over 5 percent owing to overall low costs associated with surgery in this facility. Timely procedures without long delay in ambulatory centers attract more patients, resulting in rapid expansion of the same. Moreover, personalized care offering by ambulatory healthcare facilities surges the segment growth. US knee replacement market valued at USD 3294 in 2017 and will expand significantly with growth of than 3.8 percent from 2018-2024. The growing geriatric population base suffering from degenerative diseases such as osteoarthritis and availability of superior quality medical devices and components will favor market growth. Also, increase in the disposable income across the nation will positively affect market growth. Germany knee replacement market will grow at a CAGR of 4.0 percent during the projection period, owing to increasing healthcare spending, technological advancement and high disposable income. Growing healthcare awareness will increase number of knee replacement surgeries favoring market growth.

Some of the major industry players operating in knee replacement market include Stryker, Smith & Nephew, Medacta, MicroPort Scientific, B. Barun, ConforMIS, DePuy Synthes, Corin, DJO Global and Zimmer Biomet. These manufacturing companies have focused their efforts on R&D that have helped them to evolve as major industry players. Key industry players undertake certain strategic initiatives such as new product launch and collaborations to maintain their market position. For instance, Smith & Nephew launched GENESIS II total knee system that is the most preferred and comprehensive system improving surgical performance. Launching this product has rendered company with competitive advantage and improved the company’s market share. – Global Market Insights