Yahoo Finance Total Knee Replacement Market to Touch Valuation of $14.28 Billion by 2028 | 3.4 Million Total Knee Replacement to Be Performed by 2023
Global total knee replacement market was valued at USD 10.2 billion in 2021 and is expected to reach USD 14.28 billion by 2028, growing at a CAGR of 4.76% during the forecast period. (2022–2028).
Westford, USA, Oct. 06, 2022 (GLOBE NEWSWIRE) -- As the baby boomer generation continues to age, the demand for total knee replacement market is only going to grow. According to a recent report from Gartner, the global market for these procedures is expected to reach $12.29 billion by 2025. In the past, patients who underwent total knee replacement were often left with significant pain and mobility issues. However, thanks to advances in surgical techniques and implant technology, today's patients are typically able to return to their normal activities within a few months.
Total knee replacements are usually reserved for patients who have tried other methods of treatment, such as physical therapy, weight loss, and pain medication, but have not found relief. The procedure involves replacing the damaged joint with an artificial one made of metal and plastic in the total knee replacement market.
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Technology Landscape: Current Scenario of Total Knee Replacement Market
With the advances in medical technology, knee replacement surgery market is now more sophisticated than ever. There are a number of different types of knee replacement surgery available, each with its own advantages.
Knee replacement surgery is one of the most common orthopedic procedures performed today. Over the years, knee replacement technology has advanced significantly, making the surgery safer and more effective than ever before. One of the key advancements in total knee replacement market is the development of better artificial knee joint materials. In the past, artificial knee joint replacements were made from metal and plastic materials. However, these materials did not always last as long as doctors would like.
Nowadays, there are artificial knee joint replacements made from ceramic and titanium materials. These materials are much stronger and longer lasting than metal and plastic. This means that patients who receive a ceramic or titanium knee replacement can expect their new joint to last for many years, if not their entire lifetime in the total knee replacement market.
Another advancement in knee replacement technology is the development of computer-assisted surgery (CAS). CAS is a surgical technique that uses computer software to plan and execute the operation. This technique helps surgeons to be more precise when performing the surgery, resulting in better outcomes for patients.
One of the biggest advancements in the global total knee replacement market has been in the area of custom implants. In the past, all knee replacement patients would receive the same size and style of implant. However, thanks to new technology, surgeons can now create custom implants that are specifically designed for each patient's individual anatomy. This results in a much better fit and a quicker, more successful recovery.
Another advancement that has made knee replacements even more successful is computer-assisted surgery. This type of surgery uses 3D imaging to help the surgeon plan and execute the procedure with precision. This results in fewer complications and a shorter hospital stay for patients.
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Finally, newer types in the global total knee replacement market are being developed that are designed to last longer than the traditional implants. These new designs aim to provide patients with a lifetime of pain-free mobility.
Here are some of the key technology developments in the total knee replacement market:
Robotics is playing an increasingly important role in total knee replacements. This technology allows for more precise placement of implant components, which can lead to better outcomes and quicker recoveries.
New types of bearing surfaces are being developed that may improve long-term joint function. For example, ceramic-on-ceramic bearings are extremely wear-resistant and can provide a smooth gliding surface for the joint.
Total Knee Replacements to Reach 3.40 Million
A recent report from SkyQuest predicts that 3.4 million total knee replacements will be performed by 2023. This is a significant increase from the 2.7 million procedures that were performed in 2015 in the global total knee replacement market.
There are several reasons for this projected increase. First, the population is aging and more people are developing age-related joint problems. Second, obesity rates are rising and this puts additional strain on the knees. And finally, advances in medical technology have made knee replacement surgery safer and more effective than ever before.
This increase in the growth of the global total knee replacement market is being driven by an aging population and the growing obesity epidemic. As the baby boomer generation continues to age, the number of people over the age of 65 is expected to increase from 12% of the population in 2010 to 15% percent by 2030. As obesity rates continue to rise, so does the number of people develop knee osteoarthritis. It's estimated that for every 10% increase in body weight, the risk of developing knee osteoarthritis increases by 20–25%.
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While the U.S. currently dominates the total knee replacement market, accounting for nearly 45% of all procedures, Europe is expected to see the biggest growth in demand over the next decade. This is largely due to an aging population and increasing obesity rates. As per SkyQuest’s analysis, more than 59% European population is overweight is on the brick of becoming obese. In addition, 19% of the population in Europe is geriatric. But China and India are expected to see the biggest growth in demand, due to their large populations and increasing rates of obesity.
The prevalence of obesity has more than doubled since 1980 and is now a significant risk factor for developing osteoarthritis. For instance, over 10 of men population above 60 years and over 13% of women population above 60 years are having osteoarthritis. In fact, our study on the total knee replacement market show that more than 54 million Americans are having some form of arthritis and the number is projected exceed 78 million by 2040. As of 2022, over 100 types of arthritis are reported across the globe. As a result, we expect the demand for total knee replacement market to continue to grow at a healthy pace in the coming years.
Key Players in Global Total Knee Replacement Market
Zimmer Biomet (US)
Stryker (US)
DePuy Synthes Companies (Johnson & Johnson Services, Inc.) (US)
Smith & Nephew (UK)
Aesculap, Inc.– a B. Braun company (US)
Medacta International (Switzerland)
MicroPort Scientific Corporation (China)
Conformis (US)
Allegra Orthopaedics Limited (Australia)
Kinamed, Inc (US)
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