Knee Replacement Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, Germany, France, China - Size and Forecast 2024-2028

Knee Replacement Market Forecast 2024-2028

The Global Knee Replacement Market size is forecast to increase by USD 4.13 billion, at a CAGR of 6.91% between 2023 and 2028.

The global market for knee replacement surgeries is witnessing a significant rise, driven by the increasing prevalence of joint diseases and the rapid growth of the elderly population. Surprisingly, a growing number of individuals under the age of 65 are also opting for joint replacement procedures. In the United States, the number of total knee replacement (TKR) surgeries has more than tripled. These factors collectively contribute to the positive impact on the market, indicating a growing demand for knee replacement surgeries worldwide.

What will be the Size of the Market During the Forecast Period?

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Segmentation by Product, End-user, and Geography Analysis

The market is a critical segment within the orthopedic industry, addressing a wide range of knee-related conditions and ailments. From osteoarthritis to rheumatoid arthritis and psoriatic arthritis, patients with knee joint issues often seek solutions such as artificial knee implant surgeries. These procedures are commonly performed in specialized facilities like Orthopedic Clinics and Ambulatory Surgical Centers. Technological advancements like Robot-assisted knee replacement surgeries and Surgical robots have revolutionized knee arthroplasty, offering precise and less invasive procedures for patients with symptomatic knee osteoarthritis or other rheumatic conditions.

The market also includes various types of knee implants such as Fixed bearing implants, Mobile bearing implants, and Medial pivotal implants, catering to different patient needs and preferences. Healthcare providers focus on Knee osteoarthritis treatment and pain medications to manage symptoms and improve patient outcomes. The prevalence of knee-related ailments, coupled with the Epidemic of obesity, underscores the need for effective Knee replacement surgeries and Revision arthroplasty techniques. As the Prevalence of knee osteoarthritis continues to rise, organizations like the Arthritis Foundation and the Osteoarthritis Research Society International (OARSI) play crucial roles in research, education, and advocacy within the market. Innovations such as 3D technology, Customized knee replacement implants, and Smart implants further enhance the range of treatment options available to patients and healthcare providers.

Product Analysis

The TKR segment is estimated to witness significant growth during the forecast period. Total knee replacement (TKR) is a key surgical procedure within the global market, which is utilized by different end-users, including hospitals, orthopedic clinics, and ambulatory surgical centers. In addition, hospitals constitute the primary end-user segment, dominating the market due to their advanced infrastructure, skilled medical staff, and ability to handle complex surgical cases. Furthermore, hospitals offer comprehensive services, including pre-operative assessment, surgical procedures, and post-operative care, making them the preferred choice for TKR surgeries.

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The TKR segment was the largest segment and was valued at USD 7.51 billion in 2018. Moreover, TKR is the most common type of knee replacement surgery, which involves all three constituents of the knee joint, namely the bottom part of the thigh bone (femur), the top of the shin bone (tibia), and the kneecap (patella). In addition, the surgery involves cutting and removal of cartilage and some bone from the upper part of the tibia and lower sections of the femur, along with the removal and replacement of the underside of the patella (if it has degraded) with a polyethylene implant. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.

End-user Analysis

The global market is fuelled by various end-users, especially hospitals and specialty clinics segment, which play a pivotal role in performing the replacement surgeries and offering related services. In addition, hospitals are key stakeholders in this market due to their comprehensive infrastructure, specialized medical staff, and ability to handle complex surgical procedures. Moreover, hospital end-users vary widely in size and scope, ranging from small clinics to large medical centers and academic or teaching hospitals. Furthermore, they serve as the primary healthcare centers for joint replacement surgeries, offering a wide array of services, including pre-operative consultations, surgical procedures, post-operative care, and rehabilitation programs. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.

Ambulatory surgical centers (ASCs) are emerging as the main end-users in the global market, offering an alternative setting for orthopedic surgeries outside traditional hospital environments. In addition, these specialized facilities offer outpatient surgical services, including joint replacement procedures, in a more convenient and cost-effective manner than hospitals. Furthermore, ASCs are equipped with advanced medical equipment and staffed by skilled orthopedic surgeons, anesthesiologists, and nurses, ensuring efficient and streamlined surgical care. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.

Regional Analysis

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North America is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. North America was the most prominent geographical segment of the global market over the past few years with the US and Canada are the major revenue contributors to the market in North America. In addition, the rapid growth of the market in this region is attributed to the growing adoption of advanced implants, improved healthcare infrastructure, the high prevalence of joint diseases and related risk factors, and the increasing number of joint replacement surgeries. Moreover, key companies such as Johnson and Johnson Services Inc. (Johnson and Johnson Services), Smith and Nephew plc (Smith and Nephew), Stryker Corp. (Stryker), and Zimmer Biomet Holdings Inc., also generate a significant portion of their revenues from their businesses in this region. In addition, the rising prevalence of orthopedic conditions, launches of new joint replacement implants, favorable reimbursements for orthopedic implants, and initiatives taken by governments and non-profit organizations to create awareness about orthopedic conditions are driving the growth of the market in North America during the forecast period.

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Key Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

ADLER ORTHO S.p.A.: The company offers knee replacement products such as Proximal Femoral Replacement, Genus Pantheon, Personalized design products, Genus UNI, and FIXA duplex.

Amplitude SAS, Arthrex Inc., B.Braun SE, Conformis Inc., Corin Group Plc, Enovis Corp., Exactech Inc., Fuse Medical Inc., implantcast GmbH, Johnson and Johnson Services Inc., Just Medical Devices Tianjin Co. Ltd, Limacorporate SpA, Medacta Group SA, Merete Technologies Inc., MicroPort Scientific Corp., Smith and Nephew plc, Stryker Corp., Waldemar Link GmbH and Co. KG, and Zimmer Biomet Holdings Inc.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Dynamics and Customer Landscape

The market is driven by factors such as the rising prevalence of knee osteoarthritis and related conditions like psoriatic and rheumatoid arthritis. The introduction of innovative technologies like Robot-assisted surgeries and 3D printing for Customized implants is also fueling market growth. However, challenges such as the high cost of joint arthroplasty procedures, limited accessibility to advanced healthcare facilities in certain regions, and growing concerns about post-surgery complications pose significant obstacles to market expansion. Managing co-occurring illnesses and ensuring optimal patient outcomes remain key focus areas for industry players. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Drivers

Increasing government support for healthcare enabling better access to orthopedic procedures is notably driving the market. Governments across the globe are recognizing the growing need for healthcare, such as orthopedic procedures, including joint replacement surgeries, due to the increasing geriatric population and the rising prevalence of orthopedic conditions like osteoarthritis. In addition, in response, many governments are implementing policies to enhance access to healthcare services, including orthopedic surgeries, through increased funding, subsidies, and insurance coverage.

Moreover, this is making prosthetics or implant surgeries accessible to a greater number of people. For example, in Germany, the Health Insurance Compulsory Law ensures that all residents are covered under a common health insurance program and are entitled to insurance benefits, including universal access to medical specialists; physiotherapy; and medical aids, such as prosthetics.  Hence, such factors are driving the market during the forecast period.

Significant Trends

Increasing demand for 3D-printed knee implants is an emerging trend in the market. 3D printing is widely being utilized for the fabrication of standard-sized joint implants, patient-matched implants for individuals who have typical bone and joint anatomy, and custom 3D-printed implants for individuals who have a bone or joint deformity. In addition, the nature of additive layer manufacturing in 3D printing enables clinicians to fabricate customized joint implants with any complex shape or geometric feature.

Moreover, the ability to quickly produce customized surgical implants solves an important problem in orthopedics, wherein traditional implants are often not sufficient for a significant number of patients, especially in complex cases. In addition, patient-specific joint implants can restore normal anatomy, joint line position, and normal joint function, with the potential to result in more normal joint kinematics. Hence, such factors are driving the market during the forecast period.

Major Challenges

High implant prices coupled with decreasing healthcare reimbursements is a major challenge hindering the market. The significant cost of knee replacement surgeries and joint implants is hindering their widespread adoption in several developing as well as developed countries. In addition, in the US, the total costs involved in UKR procedures range from USD 15,000 to USD 25,000. Furthermore, the cost of these procedures can increase significantly, depending on the type of implant used, the extent of the surgery, the surgeon's skill and experience, hospital costs, special tests, insurance coverage, and medication required.

Moreover, a significant number of patients need to undergo revision joint replacement surgeries because of reasons such as infection, wear, and dislocation of the bearing, which can place a significant financial burden on patients as well as hospitals. In addition, this is due to the increased costs of peri-operative investigations, blood transfusions, surgical instrumentation, implants, and operating time. Hence, such factors are hindering the market during the forecast period.

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Key Market Customer Landscape

The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

 Customer Landscape

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Product Outlook
  • TKR
  • RKR
  • PKR
• End-user Outlook
  • Hospitals and specialty clinics
  • Ambulatory surgical clinics
• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • ROW
    • Australia
    • Argentina
    • Brazil

Market Analyst Overview

The market is experiencing significant growth driven by various factors and technological advancements. Knee arthroplasty surgery and the use of artificial knee implants have become crucial in addressing knee-related ailments such as psoriatic arthritis, rheumatoid arthritis, and symptomatic knee osteoarthritis. The rise of less invasive surgical procedures has improved patient outcomes and recovery times. Moreover, advancements like fixed-bearing implants, mobile-bearing implants, and LPS-Mobile Bearing Knees offer enhanced functionality and longevity. 

Furthermore, the market is a dynamic sector driven by advancements in medical technology and the increasing prevalence of joint-related conditions such as osteoarthritis. Organizations like the Arthritis Foundation play a pivotal role in raising awareness and supporting research in this field. Patients suffering from rheumatic conditions and bone-related ailments often require interventions like Partial Knee Replacement or total knee arthroplasty due to discomfort and limited mobility. Technological innovations like artificial intelligence (AI) and robot-assisted knee surgeries have transformed treatment options, enabling Customized knee replacement implants and precise surgical techniques. The market also includes Modular implants and Mobile-bearing implants designed to enhance patient outcomes and longevity.

Moreover, cartilages play a crucial role in knee health, but conditions like osteoarthritis often lead to the need for revision knee replacement surgeries. Innovations like the NexGen LPS-Flex Mobile and robot-assisted knee replacement surgeries are improving outcomes and reducing total knee replacement discomfort. As these technologies advance, more procedures can be done in ambulatory healthcare facilities, driving the knee reconstruction device market and the below-the-knee implant market. Epidemics of obesity have led to increased demand for knee implants, particularly in the geriatric patient population. Both partial knee arthroplasty and total knee arthroplasty segments are affected, with a rising need for revision arthroplasty. This trend has driven growth in ambulatory surgery centers specializing in knee implant surgeries.

Market Scope
Report Coverage	Details
Page number	164
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 6.91%
Market Growth 2024-2028	USD 4.13 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	5.62
Regional analysis	North America, Europe, Asia, and the Rest of the World (ROW)
Performing market contribution	North America at 50%
Key countries	US, Canada, Germany, France, and China
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	ADLER ORTHO S.p.A., Amplitude SAS, Arthrex Inc., B.Braun SE, Conformis Inc., Corin Group Plc, Enovis Corp., Exactech Inc., Fuse Medical Inc., implantcast GmbH, Johnson and Johnson Services Inc., Just Medical Devices Tianjin Co. Ltd, Limacorporate SpA, Medacta Group SA, Merete Technologies Inc., MicroPort Scientific Corp., Smith and Nephew plc, Stryker Corp., Waldemar Link GmbH and Co. KG, and Zimmer Biomet Holdings Inc.
Market dynamics	Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the between 2023 and 2028
• Precise estimation of the size and its contribution to the market in focus on the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Companies landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on companies position and classification
• Accurate predictions about upcoming market trends and changes in consumer behavior
• Growth of the market across North America, Europe, Asia, and the Rest of the World (ROW)
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market growth and forecasting analysis of factors that will challenge the growth of companies

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