The knee replacement market overview includes surgical procedures that involve resurfacing or reconstructing of knee joints. During knee replacement surgery, damaged knee joint surfaces in the thigh bone (femur) and shin bone (tibia) are replaced with prosthetic components. This helps in restoring mobility and alleviating joint pain. Product innovations include advanced polymer materials and improved designs of knee prostheses to closely resemble natural knee anatomy.
The Global knee replacement market is estimated to be valued at US$ 9.4 Bn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030.
Key Takeaways
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. The growing geriatric population globally is leading to a rise in the number of osteoarthritis cases, thereby increasing demand for knee replacement surgeries. Major players are expanding their presence in emerging markets of Asia Pacific, Latin America, and Middle East & Africa to tap the potential opportunities.
Market drivers
The key driver for the knee replacement market is the rising geriatric population globally. As per the United Nations, the population aged 60 years and above is expected to reach 2.1 billion by 2050 from 1.4 billion in 2020. Older individuals are more susceptible to osteoarthritis due to wear and tear of cartilage lining the joints over time. Furthermore, lifestyle diseases like obesity and diabetes are contributing to faster cartilage degradation, necessitating knee replacement at an earlier age. Rising obesity levels worldwide will continue fueling the demand for knee replacement procedures in the forecast period.
Geopolitical Impact on Knee Replacement Market Growth
The current geopolitical instability and supply chain disruption caused by the Russia-Ukraine war is significantly impacting the growth of the global knee replacement market. Both Russia and Ukraine are major suppliers of raw materials like titanium and alloys that are essential for manufacturing knee implants. Since the onset of the war in early 2022, the export of these key materials from the region has reduced substantially. This has led to shortages and delays in knee implant production across major markets. Furthermore, economic sanctions imposed on Russia by Western nations are also hampering material trade, putting additional strain on the supply chain.
To overcome this challenge, knee replacement device manufacturers will need to source critical raw materials from alternative regions and establish new supplier networks. Diversifying material procurement across multiple geographies can help reduce single-source dependency and geopolitical risk exposure. Companies may also consider localizing more stages of component manufacturing to international facilities to boost self-sufficiency. While these strategies require large investments initially, they can help insulate the knee replacement market from future geo-economic disturbances and pave the way for steady long-term growth.
European Market Dominance in Knee Replacement Procedures
Europe currently dominates the global knee replacement market in terms of value, accounting for over 40% of the total sales. Countries like Germany, the UK, France, Italy and Spain perform the highest volume of knee arthroscopy procedures annually across the region. This can be attributed to factors like the growing geriatric population, increasing prevalence of osteoarthritis, favorable reimbursement coverage and well-established healthcare infrastructures. Moreover, the presence of leading global manufacturers has further enhanced adoption rates through extensive marketing and physician training programs within Europe. With the aging demographics continuing to rise sharply, the European knee replacement device market is expected to witness steady value growth during the forecast period.
Rising Acceptance in Asia Pacific Drives Market Growth
The Asia Pacific region has emerged as the fastest growing market for knee replacement globally. Led by rapidly developing healthcare systems and improving access in large populated countries like China and India, the number of knee replacement surgeries performed in Asia Pacific has increased noticeably over the past decade. Rising medical tourism and the lower treatment costs compared to Western markets are attracting more patients from other regions to the area as well. Furthermore, growing awareness, technological advancements and increasing investments by international manufacturers are helping to push adoption of knee arthroplasty procedures across Asia Pacific. With its large patient population and continued economic development, the region is poised to take over a major share of the global knee replacement market in the upcoming years.
