May 24, 2024
Total Knee Arthroplasty Market

Total Knee Arthroplasty Market Poised for High Growth Owing to Increasing Prevalence of Knee Osteoarthritis

Total Knee Arthroplasty (TKA), also known as knee replacement surgery, is a surgical procedure used to treat knee pain and disabilities caused by osteoarthritis of the knee. The procedure involves removal of damaged cartilage and bone from the tibia and femur and replacing them with prosthetic implants. Total Knee Arthroplasty is highly beneficial in relieving pain, restoring mobility and improving quality of life for patients with severely damaged knee joints. It is a well-established and common orthopaedic procedure performed worldwide.

The Global Total Knee Arthroplasty Market is estimated to be valued at US$ 10889.08 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period from 2024 to 2031.

Key players operating in the Total Knee Arthroplasty Market are Depuy Synthes (Johnson & Johnson), Zimmer Biomet Holdings, Inc., MicroPort Scientific Corporation, Conformis Inc., Corin Group, Exactech Inc., DJO LLC. (Colfax Corporation), Medacta International, Smith & Nephew plc, Stryker Corporation, Baumer SA, SurgTech Inc., and Meril Life Sciences Pvt. Ltd.

Key Takeaways

Key players – Key players operating in the Total Knee Arthroplasty Market are Depuy Synthes (Johnson & Johnson), Zimmer Biomet Holdings, Inc., MicroPort Scientific Corporation, Conformis Inc., Corin Group, Exactech Inc., DJO LLC. (Colfax Corporation), Medacta International, Smith & Nephew plc, Stryker Corporation, Baumer SA, SurgTech Inc., and Meril Life Sciences Pvt. Ltd.

Key opportunities – Growing geriatric population, rising awareness initiatives by Market players, and technological advancements in knee implants are expected to create significant growth opportunities for players in the Total Knee Arthroplasty Market Growth.

Global expansion – Major players are expanding their presence in high growth Markets such as Asia Pacific and Latin America to tap the high unmet needs. Partnerships and acquisitions are also expected to remain key growth strategies.

Market drivers – Increasing prevalence of knee osteoarthritis due to obesity, sedentary lifestyle and road accidents is a key factor driving the demand for Total Knee Arthroplasty procedures. Several studies indicate osteoarthritis affects over 300 million people worldwide.

The rapidly aging population is another major growth driver for the Total Knee Arthroplasty Market. The number of individuals over 60 years is expected to reach 2 billion by 2050, presenting a huge patient pool.

PEST Analysis
Political: Governments around the world are increasing healthcare spending and support for knee arthroplasty procedures to reduce joint pain and improve mobility and quality of life for elderly populations. Some countries have implemented reimbursement programs to make procedures more affordable.

Economic: As more countries become developed nations with aging populations, the economic burden of arthritis and joint diseases is rising, increasing the demand for joint replacement surgeries. The growing economy in many developing countries is also enabling more people to afford these elective procedures.

Social: With higher life expectancies, more people are living with knee pain and mobility issues in their later years. This has increased social acceptance of joint replacement surgery as a solution. Additionally, less stigmatization around medical devices and procedures encourages those in need to consider options like knee arthroplasty.

Technological: Advanced materials and customized implants allow for less invasive surgical techniques and quicker recovery times. Developments in 3D printing and robotics are helping to improve implant designs and accuracy of implantation. Mobile healthcare solutions also enable more personalized aftercare support.

Geographic regions where Market in terms of value is concentrated:

The United States accounts for the largest share of the Total Knee Arthroplasty devices Market due to factors like the growing geriatric population, high obesity rates, active lifestyles and good reimbursement systems in place. Other developed Markets of Western Europe and Japan also represent major revenue opportunities due to aging demographics and supportive reimbursement structures.

The fastest growing region:

Several emerging economies in Asia Pacific are expected to see the fastest value growth in the Total Knee Arthroplasty Market over the forecast period. Countries like China, India and South Korea are developing strong medical tourism industries as costs are lower compared to the US and Europe. Rising incomes are also enabling more patients in the region to afford elective procedures like knee replacements. Favorable government initiatives aim to improve national healthcare infrastructures and make treatments more accessible to growing middle-class populations.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it