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Global Knee Replacement Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Product, Procedure, End-user & Region (North America, Europe, APAC, Latin America, Middle East and Africa), Industry Forecast (2022 to 2027)

Published: March, 2022
ID: 12879
Pages: 190
Formats: report pdf report excel report power bi report ppt

Global Knee Replacement Market Size (2022 to 2027)

In 2021, the global market size for knee replacement was worth USD 10.12 billion. This value is estimated to be growing at a CAGR of 5.09% from 2022 to 2027 and worth USD 13.63 billion by 2027 from USD 10.64 billion in 2022.

Knee replacement is joint surgery to replace affected parts of the knee to relieve pain and disability. The procedure involves replacing the femur, tibia, and patella by cutting out the damaged bone and cartilage and replacing them with an artificial joint. It can help relieve pain and restore function to severely diseased knee joints. Knee replacement surgery is most frequently performed to relieve excruciating pain brought on by osteoarthritis.

The Impact of Covid-19 on the Global Knee Replacement Market

The outbreak began in early March 2020 and continued for over a year. Lockdowns and quarantines have resulted from the coronavirus outbreak. It started in China. Many businesses have suffered losses due to shipping and travel restrictions. The unemployment rate rose as more deaths were reported. Due to the unexpected increase in the number of patients and the severe shortage of hospital resources, such as oxygen cylinders, the financial situation has deteriorated.

Covid-19 has had a negative impact on the knee replacement market. This is attributed to export bans imposed in many countries, supplies, only a few functioning manufacturing units, lack of health workers to transport and manufacture the products. Additionally, truck traffic jams and port checkpoints delayed their deliveries. In addition, many people did not want to go to health centers for fear of infection. Therefore, patients with mild arthritis requiring timely surgery had unfortunately assumed that the risk of contracting COVID-19 may outweigh the benefits of joint replacement.

MARKET DRIVERS:

The increasing incidence of traffic mishaps resulting in accidents and amputations is expected to drive market growth over the forecast period. In addition, road accidents are one of the leading causes of death among young adults aged 5 to 29 and children, according to data published by the World Health Organization in June 2022. Therefore, these factors are expected to increase the demand for knee replacement surgery.

YOY rise in the prevalence of knee osteoarthritis drives the knee replacement market.

One of the major factors likely to drive the demand for bone surgeries is the rising prevalence of knee osteoarthritis globally. The increasing rate of diagnosis of knee arthritis in the adult population is expected to increase the demand for knee implants. Rheumatoid arthritis affects the joints of the body and causes muscle pain. Thus, the increase in the incidence of these chronic diseases leads to high demand for surgical procedures, which drives the market's growth. In addition, the continuously rising populations of geriatric people worldwide and the rising number of obesity cases are expected to boost the market growth. As the medical industry advances, disease diagnosis rates also increase. Due to the increasing rates, the adult population suffering from these diseases is more aware of their problems and has started opting for these alternative surgeries. This helps in the growth of the market.

An increase in the number of product launches is also fueling the growth of the knee replacement market. For instance, robotic-assisted surgeries promote high efficiency and precision and thus reduce the failure rates of surgery. Furthermore, the increase in imagination in the healthcare field, encouraging more vivid and innovative treatment procedures and advanced configured instruments, is anticipated to drive the market's growth.

MARKET RESTRAINTS:

The market is hindered by the extensive rising costs of knee implant surgical procedures and the lack of proper renumerating policies for patients undergoing surgery. Furthermore, the growing number of FDA disapprovals and callbacks of knee replacement implants due to the incompetency of products, lack of standardization, or lack of proper safety and hygiene testing may hamper the market's growth. Additionally, knee replacement procedures are performed using precious metal implants and advanced technology, which makes these products more expensive. As a result, these products are expected to be limited in developing regions with limited healthcare expenditures and in regions with a shortage of skilled surgeons.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Product, Procedure, End-user & Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis; DROC, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

This report on the global knee replacement market has been segmented and sub-segmented into the product, procedure, end-user, and region.

Global Knee Replacement Market Analysis – By Product:

  • Knees
  • Hips
  • Extremities
    • Upper
    • Lower

Global Knee Replacement Market Analysis – By Procedure:

  • Total Replacement
  • Partial Replacement

Global Knee Replacement Market Analysis – By End-User:

  • Hospitals
  • Orthopedic Clinics

Global Knee Replacement Market Analysis – By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Geographically, North America dominated the market for knee replacement worldwide in 2021. The region's dominance can be attributed to the rising cases of bone diseases like arthritis in the region, along with the growing imaginative and innovative technologies for surgical development in the field of orthopedics. Furthermore, key product launches, high concentration of market players or presence of manufacturers, as well as acquisitions and partnerships, are some factors favoring the market in North America. In addition, the increasing penetration of computer-aided implant designs, robot-assisted surgeries, the prevalence of osteoarthritis, the geriatric population, the availability of insurance coverage, and several trauma and accident cases are also expected to drive demand for knee replacements in the North American region.

Europe is likely to have the second largest share of the global market after North America during the forecast period owing to the increase in chronic diseases such as diabetes leading to an increase in the prevalence of bone disorders. Out of the surgeries performed, about 85% of them last for 20 years. According to the Eurostat in 2020, more than one-fifth of the European Union Population is above 65. As age increases, the prevalence of orthopedic ailments increases; thus, the share in the market increases.

In the region of Asia-Pacific, an increase in the prevalence of osteoporosis and its awareness is presumed to drive market growth and hold a significant share.

Latin America, the Middle East, and Africa will likely experience slow market growth due to a lack of orthopedic surgeons and low revenue growth. However, an increasing number of orthopedic injuries and diseases and an increase in the adoption of replacement procedures are expected to drive growth.

Key Market Players:

Johnson & Johnson Services, Inc. (DePuy Synthes), Stryker, Zimmer Biomet, Smith+Nephew, DJO, LLC., Arthrex, Inc., Exactech, Inc., Conformis, and MicroPort Orthopedics are a few of the noteworthy companies operating in the global knee replacement market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

  • In September 2022, the CORI Surgical System from Smith+Nephew, a leading medical technology provider, was the first to replace a knee with intelligent non-image mapping, doing away with the necessity for preoperative CT/MRI scans. Instead, surgeons can model the joint in 3D using information specific to the patient. RI.KNEE ROBOTICS can precisely cut components for final placement, balance the gap in real time, and register flaws following implant removal. Surgeons can now benefit from the strength and adaptability of a single robotic platform thanks to the CORI Surgical System. You can handle computer-assisted total hip replacements and total, partial, and revision knee replacements.
  • In October 2022, A 62-year-old woman with severe knee deformity and difficulty walking recently underwent total knee replacement surgery at Victor Hospital. Fewer incisions, less discomfort and scarring, a quicker recovery, and less strain on the surrounding muscles are all benefits of minimally invasive knee replacement surgeries.

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