High Incidence of Knee Problems Can Expect to Drive Asia Pacific Knee Replacement Implants Market Growth
The global knee replacement implants market size is expected to reach USD 17.45 Billion in 2030 and register a revenue CAGR of 5.3% over the forecast period, according to latest report by Reports and Data. High prevalence of osteoporosis, increased awareness, and research initiatives to improve the effectiveness of medical devices are factors driving knee replacement implants market revenue growth.
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Knee replacement, also known as knee arthroplasty, is a complex surgical procedure that involves replacing weight-bearing surface of knee to relieve pain and disability in patients with deformities. An implant is a term for artificial material used in knee replacement. It aids in resumption of normal knee functions.
As people age, most begin to experience joint pain, which makes it difficult for them to engage in various types of physical activities to their full potential. Some people may experience excruciating pain in their knees, necessitating a visit to an orthopedic doctor, who may prescribe medications as well as treatments such as physiotherapy, acupuncture, and use of braces. However, if pain persists despite taking medications, doctor may recommend knee replacement surgery, which can help to relieve pain and improve mobility. During surgery, doctor removes a portion or all of the knee joints and replaces damaged parts with a metal or plastic artificial knee replacement implant. As more and more young and active people suffer from joint injuries as a result of sports activities and everyday wear and tear, need for a permanent or semi-permanent solution is growing which is boosting demand for knee replacement implants.
Some Key Highlights from the Report
- In July 2020, Corin Group received the U.S. Food and Drug Administration (FDA) approval for OMNIBotics software update, enabling option to incorporate Unity Knee, total knee implants with robotic-assisted surgery in the U.S. This approval helped the company to strengthen its product portfolio in the U.S.
- Total knee replacement segment accounted for largest revenue share in 2021. Increasing global geriatric population has fueled growth of the segment. Older population suffers from a weakened immune system, which leads to a variety of health problems. Diabetes, osteoporosis, and arthritis are some of the most common health problems among elderly. With time their knees get damaged due to reasons such as calcium deficiency or other external damage which can cause severe pain. Total knee replacement is best solution to ease unbearable pain which drives revenue growth of the segment.
- Hospital segment accounted for largest revenue share in 2021, owing to presence of advanced facilities and improvement in healthcare infrastructure in developing countries. Emergence of specialized orthopedic hospitals is also contributing to growth of segment.
- Fixed Bearing (FB) implants accounted for largest revenue share in 2021. FB implant’s standard operative procedure is to relieve pain and restore function in patients with osteoarthritis or rheumatoid arthritis. FB knee design has round femoral components that articulate with a relatively flat tibial articular surface. Most of FB implant patients has improved knee condition for long term which is driving revenue growth of segment.
- Cobalt chromium alloys accounted for largest revenue share in 2021. Knee replacement materials such as stem, cup, ball, and liner are made from cobalt-chromium as this material is scratch-resistant and safe for use in total knee replacements. Most total knee femoral components are made out of cobalt-chromium with excellent long-term success rates which is boosting growth of segment.
- Market in North America accounted for largest revenue share in 2021, owing to availability of highly sophisticated healthcare system and increasing expenditure on healthcare by population are factors boosting growth of market. Moreover, use of advanced technology such as 3D printing and presence of key market players are some of factors driving growth of knee replacement implants market in this region.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Zimmer Biomet, Stryker, Smith+Nephew, Depuy Synthes (a Johnson & Johnson Company), Medacta International, Conformis, B. Braun Melsungen AG, MicroPort Scientific Corporation, NuVasive Inc., and Corin Group
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Knee Replacement Implants Market Segmentation:
Procedure Type Outlook (Revenue, USD Billion; 2019–2030)
- Total Knee Replacement
- Partial Knee Replacement
- Revision Knee Replacement
End-use Outlook (Revenue, USD Billion; 2019–2030)
- Ambulatory Service Center
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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