The global Total Knee Arthroplasty Market is estimated to be valued at US$ 9452.32 Mn in 2023 and is expected to exhibit a CAGR of 4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Total knee arthroplasty, commonly known as knee replacement surgery, is an orthopedic procedure to resurface the ends of the femur and tibia bones. It helps to reduce pain and improve mobility in patients suffering from osteoarthritis, traumatic arthritis or other joint damage of the knee. A prosthetic implant is placed to replace the weight-bearing surfaces of the knee joint to restore normal joint mechanics.
Market key trends:
Growing geriatric population and increasing incidence of osteoarthritis is a key factor propelling demand for total knee arthroplasty procedures. As per data, over 80% of knee replacements are performed on people aged 65 and older. Knee osteoarthritis becomes more common with advancing age. Moreover, risk factors like obesity and joint injuries at younger age are contributing to rising cases of knee osteoarthritis and implants replacements at early ages. Technological advancements in knee implants with improved materials and designs offering better fit, alignment and longevity of implants is expected to augment the market growth over the forecast period. Customized and patient-specific total knee implants with advanced 3D printing and robot-assisted technologies ensure optimal implantation and functional outcomes.
Segment Analysis
The total knee arthroplasty market is segmented into Technology type, implant type, and end-user. Based on technology type, the market is further divided into Traditional technology Knee Arthroplasty and Computer-navigated knee replacement system. The traditional technology Knee Arthroplasty segment currently dominates the market due to lower prices as compared to computer-navigated system. However, computer-navigated knee replacement system segment is expected to witness high growth owing to benefits such as accurate placement of implants and better functional outcomes for patients.
Key Takeaways
The Global Total Knee Arthroplasty Market Size is expected to witness high growth, exhibiting CAGR of 4% over the forecast period, due to rising geriatric population and increasing incidence of osteoarthritis.
Regional analysis
North America currently dominates the total knee arthroplasty market owing to presence of major players and rising obesity rates leading to osteoarthritis in the region. Europe is expected to grow at a fastest pace during the forecast period due to growing awareness regarding benefits of knee replacement surgery.
Key players
Key players operating in the total knee arthroplasty market are Depuy Synthes (Johnson & Johnson), Zimmer Biomet Holdings, Inc., MicroPort Scientific Corporation, Conformis Inc., Corin Group, Exactech Inc., DJO LLC. (Colfax Corporation), Medacta International, Smith & Nephew plc, Stryker Corporation, Baumer SA, SurgTech Inc., and Meril Life Sciences Pvt. Ltd. These major players are focusing on new product launches and geographical expansion to increase their market share.
The global total knee arthroplasty market size for 2023 is US$ 9452.32 Mn. North America dominates the market currently. Computer-navigated knee replacement system segment is expected witness highest growth during the forecast period due to benefits offered.
Read More: https://www.ukwebwire.com/total-knee-arthroplasty-market-size-share-and-growth-forecast-2023-2023/
Comments
0 comment