Report Overview

The Global Knee Replacement Market Size is expected to be worth around USD 16.9 Billion by 2033, from USD 10.9 Billion in 2023, growing at a CAGR of 4.5% during the forecast period from 2024 to 2033.

The knee replacement market is driven by a combination of demographic, economic, and technological factors that influence its growth and development. As the global population ages, the prevalence of osteoarthritis and other degenerative joint diseases rises, leading to increased demand for knee replacement surgeries.

Additionally, higher healthcare expenditure and advancements in surgical techniques, such as minimally invasive procedures and robotic-assisted surgery, are enhancing the efficacy and appeal of knee replacements. The market is also buoyed by rising awareness about advanced treatment options and improvements in prosthetic materials, which contribute to better patient outcomes and longer-lasting implants. Economic factors, including rising disposable incomes and increasing health insurance coverage, enable more individuals to afford these surgeries.

• The 2022 American Joint Replacement Registry (AJRR) annual report includes data from over 2.8 million hip and knee procedures from over 1250 institutions encompassing all 50 states and the District of Columbia.

Key Takeaways

• The Knee Replacement market generated a revenue of USD 10.9 billion in 2023 and is poised to reach USD 16.9 billion by the year 2033, accompanied by a CAGR of 4.5%.
• In 2023, the total knee arthroplasty segment took the lead in the global market, securing 73% of the total revenue share.
• The fixed-bearing segment also dominated, holding the largest revenue share at 67%.
• Among end-use segments, hospitals emerged as the dominant sector, capturing 38% of the total revenue.
• North America maintained its leading position in the global market with a share of over 45% of the total revenue.

Implant Type Analysis

The fixed-bearing segment held a dominant position in the global knee replacement market in 2023, accounting for the largest revenue share of 67%. The fixed-bearing segment has held a dominant position in the global knee replacement market due to its established benefits, reliability, and widespread acceptance among orthopaedic surgeons and patients.

Fixed-bearing knee implants, which feature a stationary tibial component and a femoral component that allows for controlled movement, are favoured for their proven performance and durability. This type of implant is particularly effective in providing stability and predictable outcomes for patients with severe knee joint degeneration, which contributes to its prominence in the market.

The fixed-bearing design minimizes the risk of implant dislocation and wear compared to mobile-bearing alternatives, making it a preferred choice in many cases. Advances in materials and manufacturing have further enhanced the longevity and functionality of fixed-bearing implants, driving their continued preference. The segment’s dominance is also supported by a large body of clinical evidence demonstrating the effectiveness of fixed-bearing implants in improving joint function and reducing pain, which reassures both healthcare providers and patients.

Procedure Analysis

The total knee arthroplasty segment emerged as the leading segment in the global knee replacement market, commanding 73% of the total revenue share due to its comprehensive approach to addressing severe knee joint issues and its high success rate. TKA, often referred to as total knee replacement, involves the complete replacement of the knee joint with an artificial implant, making it a preferred choice for patients suffering from advanced osteoarthritis, rheumatoid arthritis, or traumatic knee injuries.

The segment’s dominance is driven by several factors. Firstly, the increasing prevalence of these conditions, particularly among the ageing population, has significantly boosted the demand for TKA procedures. Technological advancements in implant materials and surgical techniques have further enhanced the effectiveness and longevity of TKA, contributing to its popularity. Innovations such as personalized implants, improved prosthetic designs, and minimally invasive surgical techniques have led to reduced recovery times, less postoperative pain, and better overall outcomes, reinforcing TKA’s position as a leading option for knee replacement.

End-Use Analysis

In 2023, hospitals emerged as the dominant end-use segment in the global market, capturing the largest share of 38% of the total revenue. Hospitals have emerged as the dominant end-use segment in the global knee replacement market due to their comprehensive infrastructure, specialized medical teams, and advanced surgical facilities, which are essential for performing complex knee replacement surgeries.

The preference for hospitals stems from their ability to provide a full spectrum of care, including preoperative assessment, surgical intervention, and postoperative rehabilitation, all within a controlled and equipped environment. Hospitals are typically equipped with state-of-the-art technology and have access to a range of implant options, which enables them to cater to diverse patient needs and preferences.

Furthermore, hospitals often have specialized orthopedic departments and skilled surgeons who are experienced in performing knee replacement procedures, ensuring high levels of expertise and improved patient outcomes. The presence of intensive care units and advanced pain management facilities within hospitals also enhances patient safety and recovery.

Key Market Segments

By Implant Type

• Fixed Bearing
• Mobile Bearing
• Others

By Procedure

• Total Knee Arthroplasty
• Partial Knee Arthroplasty
• Revision Knee Arthroplasty

By End-use

• Hospitals
• Orthopaedic Clinics
• Ambulatory Surgical Centers
• Others

Drivers

Increasing Prevalence of Knee Osteoarthritis

The growing prevalence of knee osteoarthritis (OA) is a major driver of the knee replacement market, as the increasing number of affected individuals accelerates the demand for surgical interventions. Knee osteoarthritis, characterized by the degeneration of joint cartilage and underlying bone, is a common condition that primarily impacts the elderly population.

With the global prevalence of knee osteoarthritis expected to reach 5% and continue rising due to an ageing population, the need for effective treatment solutions is becoming more pronounced. This demographic shift, combined with the rising rates of obesity a significant risk factor for OA intensifies the demand for knee replacement surgeries.

Obesity contributes to increased joint stress, exacerbating the progression of OA and leading to a higher incidence of knee joint deterioration. For instance, as per the report published by the Canadian Institute of Health Information in June 2021, knee replacements in Canada are among the top 3 inpatient surgeries which are performed each year.

Similarly, as per the study titled, ‘India Joining the World of Hip and Knee Registries’ published by the National Library of Medicine in September 2020, the number of joint replacements in India is expected to grow at the highest rate in the world from 2020 to 2026.

In addition, according to the Arthritis Foundation, the incidence of knee osteoarthritis is particularly high among individuals aged 55 to 64, further highlighting the impact of ageing on the condition. As the population ages and obesity rates rise, more individuals are likely to experience severe knee pain and functional limitations, driving the need for knee implants and replacement surgeries.

These trends underscore the growing market for knee replacement procedures, as healthcare systems and patients seek effective solutions to manage the debilitating effects of osteoarthritis. Thus, the escalating prevalence of knee osteoarthritis, influenced by ageing and obesity, is a crucial factor propelling the growth of the knee replacement market.

Restraints

The high cost of Orthopaedic Procedures and Limited Availability of Skilled Surgeons to Restrict the Market

The high cost of orthopaedic procedures and the limited availability of skilled surgeons are significant factors constraining the growth of the knee replacement market. Knee replacement surgeries often involve the use of advanced implants made from high-quality, precious metals and materials, which contribute to their substantial cost.

Additionally, the stringent regulatory requirements for the approval and certification of these implants add to the overall expense, making them less accessible in developing regions with constrained healthcare budgets. These high costs can deter patients and healthcare systems from pursuing knee replacement surgeries, particularly in areas where financial resources are limited. Moreover, the success of knee replacement procedures relies heavily on the expertise of skilled orthopaedic surgeons, who are in short supply in many parts of the world.

The scarcity of these specialized professionals not only restricts the number of surgeries that can be performed but also limits the geographical reach of advanced knee replacement technologies. In regions with inadequate healthcare infrastructure, the lack of trained surgeons further exacerbates the accessibility issue, preventing patients from benefiting from these critical interventions.

Consequently, the combination of high procedural costs and insufficient availability of skilled surgeons creates barriers to market growth, particularly in developing and underserved regions. These constraints highlight the need for targeted strategies to reduce costs and expand training programs to enhance the accessibility and reach of knee replacement procedures globally.

Opportunities

New Product Development

Technological advancements are significantly enhancing the efficacy of knee replacement procedures, thereby attracting more patients and driving market growth. Innovations in knee implant materials and designs, combined with the integration of robotic-assisted surgeries, are transforming the landscape of knee replacements.

Robot-assisted technology, which offers higher precision and reduces surgeon-dependent variability, is becoming a major trend in the field. This technology not only improves surgical outcomes but also facilitates less invasive procedures, leading to quicker recovery times and improved patient satisfaction. For example, the acquisition of Blue Belt Holdings, Inc. by Smith & Nephew in 2016 to gain access to the Navio Surgical System exemplifies this trend.

The Navio System features a CT-free navigation system and a handheld robotic bone-shaping device, which enhances the accuracy of partial knee surgeries. The incorporation of robotic assistance into knee replacement procedures represents a leap forward in surgical precision, minimizing errors and optimizing implant alignment.

Impact of Macroeconomic / Geopolitical Factors

Macroeconomic and geopolitical factors significant influence on the Knee Replacement market, shaping trends in adoption, investment, and regulatory landscapes globally. Economic conditions such as GDP growth, inflation rates, and currency fluctuations impact healthcare spending and investment in technological innovations. During periods of economic downturns, healthcare budgets may face constraints, potentially delaying the adoption of costly smart healthcare technologies despite their long-term benefits. In addition, economic stability and growth encourage healthcare providers and governments to allocate resources towards upgrading healthcare infrastructure and adopting digital health solutions like telemedicine and remote monitoring systems.

Latest Trends

AI and machine learning technologies are increasingly integrated into the design, manufacturing, and customization of Knee Replacement. AI algorithms analyse patient data, biomechanical parameters, and usage patterns to optimize prosthetic design, fit, and functionality. Machine learning algorithms learn from user feedback and adjust prosthetic settings in real time, improving adaptability, responsiveness, and user experience.

Regional Analysis

North America is leading the Knee Replacement Market

North America dominated the global knee replacement market in 2023, capturing over 45% of the total revenue share. North America is leading the knee replacement market due to several interrelated factors driving demand and growth in the region. The high prevalence of osteoarthritis, coupled with a rapidly increasing geriatric population, significantly contributes to the rising need for knee replacement surgeries.

Osteoarthritis is more common among the elderly, and as the population ages, the incidence of this debilitating condition increases, driving demand for knee implants. Additionally, advancements in technology, such as computer-aided implant designs and robot-assisted surgeries, are enhancing the precision and efficacy of knee replacement procedures, making them more attractive to both patients and healthcare providers.

The U.S., in particular, benefits from the widespread adoption of these advanced technologies, which improve surgical outcomes and reduce recovery times. The favorable reimbursement scenario in North America further boosts the market, as comprehensive insurance coverage and supportive healthcare policies make knee replacement surgeries more accessible and affordable for patients.

The Europe region is expected to experience the highest CAGR during the forecast period

Europe is poised to hold the second-largest market share in the global knee replacement sector, trailing North America, due to several pivotal factors driving its growth. The rising prevalence of chronic diseases such as diabetes, which often contributes to an increased risk of complications like osteoarthritis and other bone-related conditions, is significantly impacting the demand for knee replacements.

The European market is also experiencing a surge in the prevalence of bone diseases, further elevating the need for knee implant procedures. Innovations in implant materials and designs are making knee replacement surgeries more effective and personalized, catering to the diverse needs of patients. The strong presence of leading medical device manufacturers in Europe, coupled with their extensive distribution networks, ensures a steady supply of advanced knee implants across the region.

Additionally, the growing demand for knee replacement procedures, driven by an ageing population and increasing awareness of advanced surgical options, is expected to propel market growth. The EU5 countries comprising Germany, France, the UK, Italy, and Spain are particularly significant due to their large healthcare markets and high levels of medical technology adoption. By 2027, these factors are likely to converge, fostering robust growth in the knee implants market across Europe.

Key Regions and Countries

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia
  • Netherland
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • New Zealand
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

Key Players Analysis

Key market players in the knee replacement market are strategically focusing on collaborations, product launches, geographic expansion, and partnerships via mergers and acquisitions, particularly targeting economically favorable and emerging regions. These initiatives aim to leverage local expertise, access new markets, and enhance product offerings to meet diverse customer needs. The strong partnerships and expanding the presence in growth-oriented regions, market players can capitalize on opportunities, drive innovation, and strengthen their competitive position in the dynamic Knee Replacement market.

Top Key Players in the Knee Replacement Market

• Zimmer Biomet
• DePuy Synthes Companies
• Stryker
• Aesculap, Inc.
• Conformis
• MicroPort Scientific Corporation
• Medacta International
• Smith & Nephew
• Kinamed, Inc.
• ConforMIS
• Other Key Players

Recent Developments

• In October 2019, Think Surgical Inc. announced that the U.S. Food and Drug Administration has granted clearance for it to market its TSolution One system for total knee replacement in the U.S.
• In December 2023, Stryker, one of the leading medical technology firms, revealed that it has implemented a binding offer to Menix to obtain SERF SAS, which is a France-based joint replacement firm.
• In October 2023, Malaysia Healthcare unveiled the Malaysia HealthcareWellness Fair, also called MH Wellness Fair. These accredited hospitals offer a comprehensive range of international healthcare packages and services, including total knee replacement treatment.

Report Scope