The global knee implants market size is expected to reach USD 17.45 Billion in 2030 and register a revenue CAGR of 5.3% over the forecast period, according to latest report by Reports and Data. High prevalence of osteoporosis, increased awareness, and research initiatives to improve the effectiveness of medical devices are factors driving knee replacement implants market revenue growth.
Knee replacement, also known as knee arthroplasty, is a complex surgical procedure that involves replacing weight-bearing surface of knee to relieve pain and disability in patients with deformities. An implant is a term for artificial material used in knee replacement. It aids in resumption of normal knee functions.
As people age, most begin to experience joint pain, which makes it difficult for them to engage in various types of physical activities to their full potential. Some people may experience excruciating pain in their knees, necessitating a visit to an orthopedic doctor, who may prescribe medications as well as treatments such as physiotherapy, acupuncture, and use of braces. However, if pain persists despite taking medications, doctor may recommend knee replacement surgery, which can help to relieve pain and improve mobility. During surgery, doctor removes a portion or all of the knee joints and replaces damaged parts with a metal or plastic artificial knee replacement implant. As more and more young and active people suffer from joint injuries as a result of sports activities and everyday wear and tear, need for a permanent or semi-permanent solution is growing which is boosting demand for knee replacement implants.
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Based on the application, application 2 is expected to account for a substantially large revenue share of more than 50% during the forecast period owing to increasing demand for advanced products to improve patient outcomes, improvements in healthcare facilities, rising number of investment and funding to accelerate medical and scientific research, increasing focus on personalized medicine, and rapid progress in drug research and development.
Key companies profiled:
- Zimmer Biomet, Stryker
- Smith+Nephew,
- Depuy Synthes (a Johnson Johnson Company),
- Medacta International, Conformis,
- B. Braun Melsungen AG,
- MicroPort Scientific Corporation,
- NuVasive Inc.,
- Corin Group.
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Market in Asia Pacific is expected to register a steady revenue growth rate during the forecast period due to increase in population coupled with an increase in number of trauma cases, a rapidly aging population, and an increase in prevalence of obesity. High incidence of knee problems is driving growth of knee replacement implants market in this region.
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Some Key Highlights from the Report
- In July 2020, Corin Group received the U.S. Food and Drug Administration (FDA) approval for OMNIBotics software update, enabling option to incorporate Unity Knee, total knee implants with robotic-assisted surgery in the U.S. This approval helped the company to strengthen its product portfolio in the U.S.
- Total knee replacement segment accounted for largest revenue share in 2021. Increasing global geriatric population has fueled growth of the segment. Older population suffers from a weakened immune system, which leads to a variety of health problems. Diabetes, osteoporosis, and arthritis are some of the most common health problems among elderly. With time their knees get damaged due to reasons such as calcium deficiency or other external damage which can cause severe pain. Total knee replacement is best solution to ease unbearable pain which drives revenue growth of the segment.
- Hospital segment accounted for largest revenue share in 2021, owing to presence of advanced facilities and improvement in healthcare infrastructure in developing countries. Emergence of specialized orthopedic hospitals is also contributing to growth of segment.
- Fixed Bearing (FB) implants accounted for largest revenue share in 2021. FB implant’s standard operative procedure is to relieve pain and restore function in patients with osteoarthritis or rheumatoid arthritis. FB knee design has round femoral components that articulate with a relatively flat tibial articular surface. Most of FB implant patients has improved knee condition for long term which is driving revenue growth of segment.
- Cobalt chromium alloys accounted for largest revenue share in 2021. Knee replacement materials such as stem, cup, ball, and liner are made from cobalt-chromium as this material is scratch-resistant and safe for use in total knee replacements. Most total knee femoral components are made out of cobalt-chromium with excellent long-term success rates which is boosting growth of segment.
- Market in North America accounted for largest revenue share in 2021, owing to availability of highly sophisticated healthcare system and increasing expenditure on healthcare by population are factors boosting growth of market. Moreover, use of advanced technology such as 3D printing and presence of key market players are some of factors driving growth of knee replacement implants market in this region.
- Major companies in the global market report include Zimmer Biomet, Stryker, Smith+Nephew, Depuy Synthes (a Johnson Johnson Company), Medacta International, Conformis, B. Braun Melsungen AG, MicroPort Scientific Corporation, NuVasive Inc., and Corin Group
For the purpose of this report, Reports and Data has segmented the global knee replacement implants market based on procedure type, end-use, component, material type, and region.
Procedure Type Outlook (Revenue, USD Billion; 2019–2030)
- Total Knee Replacement
- Partial Knee Replacement
- Revision Knee Replacement
End-use Outlook (Revenue, USD Billion; 2019–2030)
- Hospitals
- Clinics
- Ambulatory Service Center
Component Outlook (Revenue, USD Billion; 2019–2030)
- Fixed Bearing Implants
- Mobile Bearing Procedure
Material Type Outlook (Revenue, USD Billion; 2019–2030)
- Stainless Steel
- Cobalt-Chromium Alloys
- Titanium Alloys
- Polyethylene
- Others
Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
Increasing demand to treat chronic and rare diseases to drive market growth
The global Knee Replacement Implants Market is majorly driven by a rapidly rising demand for personalized therapy and precision medicine to treat a wide range of rare and chronic diseases such as diabetes, cancer, hypertension, cardiovascular diseases, neurological disorders, and genetic disorders. Rapid progress in the field of precision medicine and growing application of customized therapies are significantly contributing to the revenue growth of the market.
Inaccessibility to advanced medical facilities in developing regions might hamper market growth
The steady revenue growth of the pharmaceutical and healthcare industry can be restrained due to some external factors. Limited access to proper medical facilities in low- and middle-income regions, shortage of skilled professionals, and lack of knowledge about certain treatments, drugs, and diseases can hamper market growth over the forecast period.
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However, the global Knee Replacement Implants Market is set to recover with significant revenue growth over the forecast period majorly attributed to the emergence of COVID-19 pandemic, rapid growth of telemedicine and teleconsultation services, availability of robust drug and therapeutics pipelines, and establishment of advanced clinical and healthcare facilities.
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