Knee Replacement Market Growth in Future Scope 2023-2030

The global Knee Replacement Market is estimated to be valued at US$ 9.4 Billion 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 involves surgical replacement of the weight bearing surfaces of the knee joint along with femoral and tibial components made of metal alloys, ceramic or cross-linked polyethylene. It provides better mobility and reduces pain for people suffering from arthritis or severe knee damages.

Market key trends:

Growing demand for minimally invasive knee replacement procedures is one of the major trends witnessed in the global knee replacement market. Minimally invasive procedures help reducing pain and surgical incisions, swift recovery and lesser hospital stay. Technological advancement has enabled the development of advanced robotic systems which provide surgeons greater control and accuracy during knee replacement surgeries.

Segment Analysis The global knee replacement market can segmented on the basis of product, procedure, end user, and region. The product segment is further divided into total knee replacement, partial knee replacement, and revision knee replacement. Total knee replacement held the largest market share of around 60% in 2023 owing to the increasing incidence of osteoarthritis and rheumatoid arthritis among the geriatric population.

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 accidents leading to knee injuries. The market size is expected to grow from US$ 9.4 Bn in 2023 to over US$ 14 Bn by 2030.

Regional analysis

North America dominates the global knee replacement market and is expected to grow at a CAGR of 3.2% during the forecast period. This is mainly attributed to the growing obese population suffering from knee disorders and favorable reimbursement policies for knee replacement surgeries in the region.

Key players

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. Zimmer Biomet leads the market with over 30% market share owing to its wide portfolio of knee implant products.