by 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, involves replacing the weight-bearing surfaces of the knee joint along with femoral and tibial components made of metal alloys, polymers or ceramic materials. These components are designed to mimic the articulating surfaces of the natural knee joint to reduce pain and restore mobility in patients suffering from severe knee arthritis, deformities or injuries. Total knee replacements are usually appropriate for advanced osteoarthritis, rheumatoid arthritis, post-traumatic arthritis cases where lifestyle limiting joint pain persists even after non-surgical treatments. The medical devices used in knee replacement surgeries provide long-lasting pain relief and improve quality of life for millions of people worldwide every year.
Market key trends:
The global total knee arthroplasty market is primarily driven by the rising prevalence of knee osteoarthritis attributed to risk factors such as obesity, joint injuries and old age. According to the Arthritis Foundation, osteoarthritis is the most common form of arthritis and affects over 30 million adults in the U.S. Other market trends include technological advancements in component materials, designs and surgical techniques, growing popularity of minimally invasive joint replacement procedures and increased awareness about treatment options for end-stage arthritis. Additionally, favorable reimbursement policies for knee replacement surgeries in developed regions augment the market growth. However, the high cost of procedures, long hospital stays and recovery periods pose a challenge.
Porter’s Analysis
Threat of new entrants: Low barrier to enter the market however technology and brand recognition in medical device field takes time to establish. Existing major players hold major market share.
Bargaining power of buyers: Large number of buyers but individual buyer power is low due to importance of healthcare and specialist nature of products. Buyers prefer reputed brands for quality and safety.
Bargaining power of suppliers: Suppliers have moderate power as components are specialized however companies have capabilities to develop alternatives.
Threat of new substitutes: Low threat as knee replacement surgery and implants is a well established procedure with no major substitutes available.
Competitive rivalry: High as market is dominated by few major multinational players. Players compete on technology, quality, pricing and brand value.
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 increasing burden of osteoarthritis and advancements in knee implant designs.
Regional analysis: North America dominates the total knee arthroplasty market owing to high disease burden and accessibility to healthcare in the region. Asia Pacific exhibits high growth potential led by growing geriatric population, rising healthcare expenditure and increasing volume of knee replacement surgeries in China and India.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
