Total Knee Arthroplasty is Estimated to Witness High Growth Owing to Rapidly Aging Population

 

Total Knee Arthroplasty Market

Total knee arthroplasty, also known as total knee replacement, is a surgical procedure used to treat knee joint degeneration, bone damage, or knee damage caused by trauma. It involves replacing the cartilage surface of the knee joint and sometimes portions of the two lower leg bones that meet at the knee, called the tibia and femur. Total knee replacement procedures aim to relieve pain and allow normal movement of the knee.

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 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

One of the key drivers for the growth of the total knee arthroplasty market is the increasing geriatric population globally as the risk of osteoarthritis and knee injuries increases with age. As per WHO estimates, the population aged 60 years and older is expected to double from 12% to 22% between 2015 and 2050 globally. Additionally, rising obesity rates are also expected to propel the demand for knee replacement surgeries. As per the data by the World Obesity Federation, over 1.9 billion adults were overweight in 2014, out of which more than 600 million were clinically obese, and the number is set to rise significantly over the coming years. Obese individuals are more prone to developing knee problems due to excess pressure on the joints.

 

SWOT Analysis

Strength: Total knee arthroplasty procedures are performed to relieve chronic knee pain and restore mobility. Patients experience less pain and improved functionality post-procedure. The surgery provides long lasting treatment results and returns knee joint to normal function.

Weakness: Total knee arthroplasty surgeries are expensive procedures that may not be affordable or reimbursable for some patients. The prosthetic implants have limited lifespan requiring possible revision surgery. Early rehabilitation is required post-surgery for successful recovery.

Opportunity: Advancements in prosthetic materials and designs prolong implant life and improve patient outcomes. Growing geriatric population contributes to increasing demand for knee replacement procedures. Virtual and augmented reality technologies enhance surgical precision and planning.

Threats: Rapid recovery and hospital discharge protocols may compromise quality of care if complications arise. Reimbursement policies can impact procedure uptake if coverage is restricted. Alternative treatment methods reduce reliance solely on joint replacement surgery.

 

Key Takeaways

 

The Global Total Knee Arthroplasty Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market estimated size for 2024 is US$ 9452.32 Mn, projecting a CAGR of 6.1% between the forecast period.

 

Regional analysis shows North America currently dominates the total knee arthroplasty market, accounting for over 40% revenue share in 2024. This is attributed to the large target patient population and higher procedure volumes in countries like the United States. However, Asia Pacific is expected to witness the fastest growth over the forecast period, with China, India and other Southeast Asian countries emerging as highly lucrative markets. This growth can be credited to growing medical tourism, increasing healthcare expenditure and expansion of private healthcare facilities.

 

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. Major players are focusing on new product launches, geographical expansion and mergers & acquisitions to strengthen their market presence.


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https://www.newswirestats.com/total-knee-arthroplasty-market-size-share-growth-outlook-2023/

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