The global knee replacement market is anticipated to expand substantially at 6.1% CAGR, by the year 2023. This report has been published by Market Research Future that researched with keeping the current scenario of the market. Knee replacement is a joint replacement surgery which is meant for patients who suffer knee damage. Knee damage is mainly caused by diseases such as osteoarthritis, post-traumatic arthritis, or rheumatoid arthritis or due to an accident.
Knee replacement procedure entails dignified tools or system at the time of diagnosis and treatment of knee fracture and other knee diseases. The knee replacement market is expected to witness substantial growth owing to the increasing number of patients suffering from osteoarthritis, rising geriatric population, expanding the pool of knee fracture patients, favorable reimbursement, and technological advancements. They are boosting the demand for the market over the forecast period.
The knee replacement market is primarily driven by the swelling rate in the older population, which is eventually giving rise to old age ailments such as arthritis, osteoporosis, and diabetes. With this, the availability of better implant materials, advancement in technologies such as minimally invasive surgery, and substantial research and latest developments in knee replacement surgery are likely to boost the global knee replacement market over the forecast period.
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Key players leading the global knee replacement market include ConforMIS, Stryker, Smith & Nephew, Zimmer Inc., DePuy Synthes Companies, Biomet, Inc., Wright Medical Group N.V., Exactech, Inc., and B. Braun Melsungen AG among others.
The report has been segmented into four key dynamics for enhanced understanding.
- By Product Type, the global knee replacement market is segmented into partial knee reconstructive implants, total knee reconstructive implants, and revision knee reconstructive implants. The total knee reconstructive implants segment is further subcategorized into medial pivot implants, mobile bearing implants, fixed bearing implants, and others.
- By Material Type, the global knee replacement market is segmented into ceramics, metal alloys, strong plastic parts, and others.
- By End use, the global knee replacement market is segmented into hospitals and clinics, specialty centers, and rehabilitation centers. The hospitals and clinics segment holds the largest share in the global knee replacement market.
The North American region, heading with the availability of advanced knee replacement procedures dominates the global knee replacement market. Moreover, factors like the increasing number of aging populations affected by knee joint disorders and the well-spread awareness towards joint related treatments foster the growth of the regional market.
Additionally, growing government initiatives that have been funding several research and development activities in the knee implant industry to bring about technologically advanced products are pushing the growth of the market. The US backed by the increasing number of joint replacement procedures performed accounts for the leading market in the North American Region. The U.S. and Canada are the leading countries for revenue generation and market penetration across the globe.
The European region, led by the availability of innovative and advanced treatment facilities and rising skilled medical professionals accounts for the second-largest knee replacement market, globally. Furthermore, the increasing aged population is positively impacting the market growth, subsequently giving rise to the patient population.
The Asia Pacific knee replacement market, heading with the rising awareness about health and availability of new treatment methods, is rapidly emerging as a promising market, globally. China, backed by the large patient population and increasing geriatric populace holds the dominant share in the knee replacement market in the region.
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