logo
logo
Sign in

Total Knee Arthroplasty Market is Estimated To Witness High Growth Owing To Increasing Prevalence of Knee Osteoarthritis

avatar
Gauri Cmi
Total Knee Arthroplasty Market is Estimated To Witness High Growth Owing To Increasing Prevalence of Knee Osteoarthritis


The global Total Knee Arthroplasty Market is estimated to be valued at US$ 8,739.2 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Total Knee Arthroplasty refers to the surgical procedure of replacing the damaged knee joint with an artificial joint or prosthesis. This procedure provides relief from pain and improves knee function in patients suffering from severe knee osteoarthritis. The rising prevalence of knee osteoarthritis, coupled with the increasing elderly population, is driving the demand for Total Knee Arthroplasty procedures. The advantages of this procedure include reduced pain, improved mobility, and enhanced quality of life for patients. The need for effective and long-lasting solutions for knee osteoarthritis is a key factor contributing to the growth of the Total Knee Arthroplasty Market.

Market key trends:

One key trend in the Total Knee Arthroplasty Market is the adoption of advanced technologies in knee replacement procedures. Innovations such as robotic-assisted surgeries and patient-specific implants are gaining prominence in the market. Robotic-assisted surgeries enable precise and accurate placement of the knee prosthesis, leading to better outcomes and faster recovery for patients. Patient-specific implants are customized to the individual patient's anatomy, improving the fit and function of the prosthesis. These advancements in technology are expected to drive the growth of the Total Knee Arthroplasty market by providing improved surgical outcomes and patient satisfaction.

PEST Analysis:

Political: The political factors affecting the Total Knee Arthroplasty Market Size include government regulations and policies regarding healthcare, reimbursement policies, and funding for medical procedures. For example, changes in government healthcare policies and regulations can impact the availability and affordability of total knee arthroplasty procedures.

Economic: The economic factors influencing the market include healthcare expenditure, GDP growth, and disposable income levels. As the global economy grows, individuals have more disposable income to spend on healthcare, leading to an increased demand for total knee arthroplasty procedures. Additionally, the rising geriatric population and higher prevalence of knee disorders contribute to the economic growth of the market.

Social: The social factors impacting the total knee arthroplasty market include the aging population, increasing awareness about knee disorders and related treatments, and lifestyle changes leading to higher incidences of knee problems. The growing adoption of sedentary lifestyles and increasing obesity rates have also contributed to the rise in knee disorders and subsequent demand for total knee arthroplasty procedures.

Technological: Technological advancements play a crucial role in the total knee arthroplasty market. Innovations in implant materials, surgical techniques, and minimally invasive procedures have improved the success rates and patient outcomes of total knee arthroplasty. Advancements such as computer-assisted surgeries and robotic-assisted procedures have also gained popularity in recent years.

Key Takeaways:

The global total knee arthroplasty market is expected to witness high growth, exhibiting a CAGR of 4.0% over the forecast period (2023-2030). The market is driven by increasing awareness about knee disorders, advancements in surgical techniques, and the rising geriatric population. Additionally, lifestyle changes, such as sedentary lifestyles and obesity, contribute to the growing demand for total knee arthroplasty procedures.

Regionally, North America is anticipated to be the fastest-growing and dominating region in the total knee arthroplasty market. This can be attributed to factors such as a well-established healthcare infrastructure, high healthcare expenditure, and a large geriatric population in the region. The region also has a high prevalence of knee disorders, driving the demand for total knee arthroplasty procedures.

Key players operating in the total knee arthroplasty market include 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. These key players in the market focus on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge and expand their market presence.

 

Read More: https://www.marketwebjournal.com/the-future-outlook-of-the-total-knee-arthroplasty-market/


collect
0
avatar
Gauri Cmi
guide
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more