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.

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