The knee replacement market is expected to register a CAGR of nearly 3.7% during the forecast period. The knee replacement market is majorly driven by the increasing geriatric population giving rise to old-age ailments such as arthritis, osteoporosis, and diabetes. Additionally, rising technological advancements such as minimally invasive surgeries along with presence of better implant materials are likely to drive the growth of knee replacement market.
Osteoarthritis (OA) is found affecting older adults and is the most common form of arthritis. It is a leading cause of chronic pain and physical disability in older individuals. In terms of prevalence, OA ranks fifth, among all forms of disabilities, globally.
According to the statistics of Arthritis Foundation in 2017, an estimated 30.8 million adults were observed to be suffering from OA, and in the United States, 14 million individuals were found to be suffering from symptomatic knee osteoarthritis. The prevalence of OA increases with age. OA has been observed in up to 80% of people, over the age of 65, in the high-income countries. As the global population continues to age, it is estimated that degenerative joint disease disorders, such as OA, may impact at least 130 million individuals around the world, by 2050.
Therefore with the increasing prevalence of OA, many patients are adopting knee replacement as a therapy, which is acting as a major driver for the growth of the market.
Key Market Trends
Hospitals Segment is Expected to Hold the Largest Share of the Market
The hospitals segment has the largest share in the market, as majority of knee replacement surgeries are conducted in hospitals, due to the availability of advanced technologies and trained professionals in these healthcare settings. Additional provision and intensive care provided post the surgical procedures in hospital are expected to fuel the growth of this end user segment of the market.
North America Holds the Largest Share of the Knee Replacement Market
North America dominates the market, due to the presence of major market players and increase in prevalence of people suffering from degenerative diseases. In the United States, every year, more than 300,000 knee replacement procedures are performed, and the number is expected to increase by 525, by the year 2030. Additionally, researchers of the National Institutes of Health’s (NIH) and National Institute of Arthritis and Musculoskeletal and Skin Diseases (NIAMS) are focusing on improving the knee replacement surgery by replacing the weight-bearing surfaces of the knee joint. Owing to these factors and the high prevalence of osteoarthritis in the region, the market is expected to grow further, over the forecast period.
Some of the prominent players operating in the knee replacement market include Stryker, Smith & Nephew, Medacta, MicroPort Scientific, DePuy Synthes, and Zimmer Biomet. Development of advanced products for better outcomes and rigorous marketing are the competitive strategies adopted by the players in the market.
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