The knee replacement market is estimated to be valued at US$ 10.6 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Knee replacement is a surgical procedure in which the diseased knee joint is replaced with an artificial prosthesis. It helps relieve pain and improve function of the knee joint affected by arthritis, injuries, or other joint disorders. knee replacements provide mobility and improve the quality of life for people suffering from severe knee disorders where conservative treatment options have failed.
Market key trends:
Obesity rates have risen dramatically in recent decades driving the need for knee replacement. Carrying excess weight places extra stress on weight-bearing joints like the knees increasing the risk of osteoarthritis. The prevalence of obesity has led to a significant increase in the number of knee replacement procedures performed annually. According to the WHO, worldwide obesity rates have nearly tripled since 1975 and over 650 million adults are obese today. If obesity rates continue to rise so too will the demand for knee replacements over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the knee replacement market is moderate due to high costs involved in R&D, distribution network, and manufacturing facilities. However, established players provide opportunities for small firms to become suppliers or distribution partners.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of several options for knee replacements. Buyers can negotiate on price and product offerings.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to dependence of manufacturers on raw materials. Established relationships and long-term contracts reduce negotiation power of suppliers.
Threat of new substitutes: Threat of new substitutes is low as knee replacement is a standard procedure with limited substitutes like knee braces or therapy.
Competitive rivalry: The competitive rivalry in the market is high due to strong presence of global and regional players.
SWOT Analysis
Strengths: Availability of customized implants and surgeries based on patient's needs. Growing demand for knee replacements due to increasing geriatric population and obesity rates.
Weaknesses: High costs associated with knee replacement surgeries limits access. Risk of post-surgery infections and complications.
Opportunities: Untapped opportunities in developing markets. Technological advancements in robot-assisted surgeries and personalized 3D printed implants.
Threats: Stringent regulatory approvals and recalls impact business. Reimbursement policies vary globally.
Key Takeaways
The global Knee Replacement Market Share is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing prevalence of arthritis and osteoporosis. Asia Pacific is projected to be the fastest growing regional market for knee replacement over the forecast period, owing to rising healthcare expenditure, increasing disposable income, and growing awareness.
Regional analysis: North America dominates the global knee replacement market and is estimated to maintain its dominance during the forecast period. This is due to continuous launch of innovative products, well-established healthcare infrastructure, and continuous technological advancements. However, Asia Pacific exhibits the highest growth rate due to growing geriatric population, increasing obesity rates, improving healthcare infrastructure and rising medical tourism.
Key players operating in the knee replacement market are Zimmer Biomet, Stryker Corporation, Smith & Nephew Plc, Johnson & Johnson Services Inc., B. Braun Melsungen AG, Medacta International, MicroPort Scientific Corporation, ConforMIS, Inc., Corin Group, Exactech, Inc., DJO Global, Inc., Baumer Holding AG, SurgTech Inc., Wright Medical Group N.V., and X.NOV.
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https://www.newsstatix.com/knee-replacement-market-trends-size-and-share-analysis/
