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The global knee replacement market is estimated to be valued at US$ 9.4 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Knee replacement market involves surgical procedures where damaged parts of the knee joint are removed and replaced with artificial implants. Knee implants are designed to restore normal knee functioning by easing the pain and improving mobility. Robot-assisted surgeries offer several advantages over conventional approaches such as increased precision, less invasive procedures and faster recovery.
Market key trends:
One of the major trends in the knee replacement market is the growing adoption of robotic-assisted procedures.Robotic technology enables surgeons to perform minimally-invasive surgery with more precision and flexibility than conventional techniques. Robotic platforms offer three-dimensional views along with wristed instruments that mimic the movements of surgeons hands. This facilitates precise implantation of the knee prosthesis. Furthermore, robotic tools enable surgeons to perform partial knee replacements in place of total knee replacements, reducing recovery times and costs substantially. The availability of advanced robotics is expected to boost the knee replacement procedures globally.
Read More @ https://www.coherentmarketinsights.com/market-insight/knee-replacement-market-4328
Porter’s Analysis
Threat of new entrants: Low barriers to entry as it requires large investment in R&D and quality certifications to enter the market.
Bargaining power of buyers: Moderate as there are many players in the market offering substitutable products at competitive prices.
Bargaining power of suppliers: Low as there are many suppliers for raw materials and components used in knee replacement surgeries.
Threat of new substitutes: Low as knee replacement surgery is the standard procedure for treating arthritis and there are limited alternatives available.
Competitive rivalry: High as the key players compete on the basis of product quality, innovation and customer service.
Key Takeaways
The global knee replacement market is expected to witness high growth, exhibiting a CAGR of 4.1% over the forecast period, due to increasing prevalence of osteoarthritis and rising geriatric population globally. The market size for 2023 is estimated to be US$ 9.4 Bn.
North America dominates the global knee replacement market owing to growing geriatric population, rising obesity rates, and availability of advanced healthcare facilities in the region. The availability of reimbursement further supplements market growth in this region. Asia Pacific is expected to be the fastest growing market due to growing healthcare expenditure, increasing awareness about knee replacement surgeries, and improving healthcare infrastructure.
Key players operating in the knee replacement market are Zimmer Biomet, Stryker Corporation, Smith & Nephew Plc, Johnson & Johnson Services Inc., B. Braun Melsungen AG, Medacta International, MicroPort Scientific Corporation, ConforMIS, Inc., Corin Group, Exactech, Inc., DJO Global, Inc., Baumer Holding AG, SurgTech Inc., Wright Medical Group N.V., and X.NOV. These players compete based on product offerings and pricing.
