Knee Replacement Devices Market Expected to Reach $12.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Knee Replacement Devices Market," The knee replacement devices market size was valued at $8.8 billion in 2021, and is estimated to reach $12.3 billion by 2031, growing at a CAGR of 3.4% from 2022 to 2031.

Rise in incidence of accidents and increase in prevalence of osteoporosis cases are expected to drive the growth of the knee replacement devices industry. However, high cost of knee implants, lack of reimbursement policies in emerging countries, and product recalls hinder the market growth. Conversely, huge untapped market potential in the emerging countries, such as China, India, and Saudi Arabia are expected to provide lucrative opportunities to the market players.

According to the International Osteoporosis Foundation, an approximately 8.9 million fractures were reported in 2020. Also, as per the World Health Organization, in 2020, the osteoporosis disease affected 6.3% of men and 21.2% of women aged above 50. Hence, increasing burden of osteoporosis cases has increased the use of implant devices, thus boosting the growth of the market. Furthermore, other factors that drive the growth of the knee replacement devices market include, growing investment in R&D for development of knee implants, increase in procedure approvals, and new product launches in the market. Moreover, integration of software-based navigation system with knee replacements further contributes to the growth of the market.

According to the International Osteoporosis Federation, there will be availability of dual energy X-ray absorptiometry instruments for diagnosis of osteoporosis disease. Therefore, growth in number of patients diagnosed with osteoporosis disorders leads to a surge in the usage of knee replacement devices, which is anticipated to boost the market growth. Furthermore, increase in number of product or procedure approvals is expected to provide remunerative opportunities for the expansion of the global knee replacement devices market size during the forecast period.

In addition, as per the article published by Regenio Orthopedics, in March 2022, there were latest new technological developments in knee replacement surgery, such as the robotic knee replacement surgery, which is done by a technologically advanced robotic arm that performs the surgery with high precision. This surgery provides a great balance in the soft tissues around the patient’s knee and provides better alignment of the joint. There are various types of robotic knee replacement surgeries, such as Mako Robotic assisted knee surgery and The Navio Cori Surgical Systems. Thus, rise in number of technological advancements in knee replacement surgical procedure increases the demand for knee replacement devices, which significantly drives the growth of the market.

Furthermore, according to Healthline, in April 2020, knee replacement surgery became a routine procedure in many hospitals. It was estimated that there were approximately 600,000 total knee replacements performed in the U.S. in 2020. In addition, as per the American Academy of Orthopedic Surgeons, it was observed that approximately 90% of the people treated by knee replacement surgery experienced a significant reduction in pain. Thus, increasing number of knee replacement surgeries led to increase in U.S.ge of knee implants, which drives the growth of the market.

However, high cost of knee implants and increase in cases of product recalls are expected to hinder the growth of the knee replacement devices industry. Conversely, large number of product development in the upcoming years and key developmental strategies aimed at increasing the awareness regarding knee replacement surgery and its accessibility by the healthcare providers & patients are opportunistic for investment purpose in the knee replacement devices.

Among procedure type, the market is segmented into total knee replacement, partial knee replacement, and revision knee replacement. The revision knee replacement segment is anticipated to register higher CAGR owing to rise in the incidence of infections among patients gone through total replacement surgery further propelling the demand for revision surgery.

On the basis of implant type, the market is categorized into fixed bearing, mobile bearing, and others. The mobile bearing segment is expected to project higher CAGR during the forecast period owing to its special design that allows complete rotation, twisting, bending, and flexing like a natural knee-joint among young patients.

Among end user, the market is classified into hospitals, orthopedic clinics, and ambulatory surgical centers. The orthopedic clinic segment is expected to register significant CAGR owing to increase in number of specialty clinics in both developed and emerging countries along with growing demand for personalized care among patient population.

North America accounted for a majority of the knee replacement devices market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to technological advancements in knee replacement devices, rise in prevalence of orthopedic diseases, well established healthcare infrastructure, and presence of key players in the region. Asia-Pacific is anticipated to witness lucrative growth during knee replacement devices market forecast, owing to increase in incidences of knee injury and growth in geriatric population.

KEY FINDINGS OF THE STUDY

• The study provides an in-depth knee replacement devices market analysis, and the current trends & future estimations to elucidate imminent investment pockets.
• By procedure type, the total knee replacement segment accounted for the majority of knee replacement devices market share in 2021.
• By implant type, the fixed bearing segment was the highest contributor to the market in 2021.
• By end user, the hospitals segment was the highest contributor in 2021, and is expected to continue this trend during the forecast period.
• Region-wise, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
• Extensive analysis of the market based on procedure type and implant type to understand the knee replacement devices market trends in the industry.