Total Knee Arthroplasty Market is Expected to be Flourished by Increasing Sports Injuries
Total Knee Arthroplasty Market |
Total
knee arthroplasty, also known as total knee replacement, is a surgery to
resurface the weight-bearing surfaces of the knee joint and realign the lower
leg bones. It helps to reduce pain and improves mobility by replacing the worn
joint surfaces with prosthetic parts.Total knee replacement surgery is commonly
performed on people suffering from osteoarthritis of the knee joint caused due
to wear and tear, joint injuries, or other conditions. It restores the movement
of the knee by replacing the damaged knee joint with an artificial surface.
Rising cases of knee arthritis and injuries have boosted the demand for total
knee replacement procedures across the world.
The
global total knee arthroplasty market is estimated to be valued at US$ 9,452.32
million in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast
period 2023 to 2030, as highlighted in a new report published by Coherent
Market Insights.
The global total knee arthroplasty market is driven by increasing sports
injuries and road accidents leading to knee injuries. As per estimates by WHO,
road accidents account for over 1.35 million deaths annually worldwide. Sports
injuries such as ligament tears or cartilage damages caused during soccer,
basketball, American football, etc are also rising rapidly across countries.
Since total knee replacements help to restore joint mobility after trauma,
demand is growing for the procedure among injured athletes and road accident
victims. Furthermore, growing geriatric population worldwide is also fueling
the market as aging increases the risk of osteoarthritis due to weakened bones
and joint cartilage. By 2050, over 16% of the global population will be aged
over 65 years. Favourable reimbursement policies for knee replacement surgeries
in developed countries makes the procedure affordable for the elderly. The
rising cost burden of arthritis treatment is also prompting governments to
promote total joint replacement procedures. All these factors are positively
impacting the growth of the total knee arthroplasty market during the forecast
period.
Market Dynamics:
The growing number of sports injuries as referenced in the heading is one of
the key drivers propelling the total knee arthroplasty market. Sports injuries
to the knee ligaments and cartilage are becoming more prevalent due to intense
training regimens and competitive sports. Since total knee replacement restores
joint mobility, the procedure volume is rising among injured athletes. The risk
of osteoarthritis also increases after a major knee injury if not treated on
time. Demand for reconstructive surgeries is thus growing from the sports industry.
Segment Analysis
The total knee arthroplasty market can be segmented into cementless knee
implants and cemented knee implants. Cemented knee implants dominate more than
60% of the total market share as they are less expensive and offer short term
fixation. However, cementless knee implants are gaining popularity among both
patients and surgeons as they do not use bone cement and allow bone in-growth
for long term fixation.
PEST Analysis
Political: Governments across major countries are focusing on reducing
healthcare costs by promoting generic drugs and implants. They are also
implementing regulations to ensure quality and safety of knee implants.
Economic: Growing geriatric population suffering from knee osteoarthritis,
rising healthcare spending, and medical tourism are fueling market growth.
However, post pandemic economic slowdown may impact market demand in the short
term.
Social: Increased health awareness, lifestyle changes, obesity leading to knee
issues, and demand for active lifestyles are driving the need for knee
replacement surgeries.
Technological: Developments in 3D printing, robotics, and biomaterials are
helping manufacturers develop advanced knee implants with customization options
and better fixation.
Key Takeaways
The Total
Knee Arthroplasty Market Demand is expected to witness high growth
supported by growing geriatric population suffering from knee osteoarthritis.
The global total knee arthroplasty market is estimated to be valued at US$
9,452.32 million in 2023 and is expected to exhibit a CAGR of 8.0% over the
forecast period 2023 to 2030.
Regional analysis: North America dominates the market currently due to presence
of major players, favorable reimbursement policies, and growing obesity.
However, Asia Pacific is expected to witness the fastest growth with increasing
medical tourism and focus of players to tap opportunities in China and India.
Key players: Key players operating in the total knee arthroplasty market are
AssurX, Sparta Systems, Oracle Corporation, Xybion Corporation, Sarjen Systems
Pvt. Ltd., MDI Consultants, AB-Cube, QVigilance, Qserve, and ZEINCRO. Stryker,
Zimmer Biomet, and Johnson & Johnson are the dominant players with the
largest market share currently.
Get more insights on this topic: https://www.pressreleasebulletin.com/total-knee-arthroplasty-market-demand-share-analysis/
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