The global ‘knee replacement market‘ is expected to reach USD 12.48 billion by 2027, exhibiting a CAGR of 4.3% during the forecast period. The growing cases of arthritis among the general population can be a crucial factor augmenting the growth of the market, states Fortune Business Insights, in a report, titled “Knee Replacement Market Size, Share & COVID-19 Impact Analysis, By Procedure (Total Knee Arthroplasty, Partial Knee Arthroplasty, and Revision Arthroplasty) By Implant Type (Fixed Bearing, Mobile Bearing, and Others) End-user (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, and Others) and Regional Forecast, 2020-2027” the market size stood at USD 9.45 billion in 2019.
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The report on the knee replacement market highlights:
- Reliable insights on the latest developments
- Obtained data with grander analysis
- Key market drivers and trends
- Comprehensive analysis of market players
Market Driver:
Rising Diagnosis Rate of Knee Arthritis to Bolster Growth
The surge in the geriatric population will create lucrative opportunities for the market in the forthcoming years. According to the Arthritis Foundation, the annual incidence of knee osteoarthritis in the United States is highest between the age group 55 and 64 years old. The rapid surge in diagnosis of knee arthritis among the adult population is expected to enable speedy expansion of the market in the forthcoming years. The rising prevalence of knee osteoarthritis is a key factor in promoting the growth of the market. According to the Osteoarthritis Research Society International (OARSI), the prevalence of global knee osteoarthritis is likely to reach 5% with the rise in the aging population. The growing number of knee replacement surgeries around the world is likely to have a positive effect on the market. According to the Agency for Healthcare Research and Quality (AHRQ), more than 600,000 knee replacement surgeries are performed in the United States every year. Additionally, the surge in healthcare expenditure is predicted to spur lucrative opportunities for the market in the foreseeable future.
Frequently Ask Question :
- How much will be the knee replacement market worth in 2027?
As per Fortune Business Insights study, the global knee replacement market is predicted to reach USD 12.48 Bn by 2027.
- What was the value of the global market in 2019?
In 2019, the market was valued at USD 9.45 Bn.
- At what CAGR is the market projected to grow during the forecast period (2020-2027)?
The market is projected to grow at a CAGR of 4.3% during the forecast period (2020-2027)
Regional Analysis:
Favorable Reimbursement Policies to Favor Growth in North America
The market size in North America generated a revenue of USD 5.05 billion in 2019 and is expected to witness a high growth rate during the forecast period. The growth in the region is attributed to the rising geriatric population. The rising inclination towards computer-aided implant designs will foster healthy growth in North America. The robotic-assisted surgeries and favorable reimbursement policies in the U.S will aid the expansion of the market during the forecast period. Europe is expected to rise tremendously due to the rising number of chronic diseases such as diabetes. The growing prevalence of the bone disease will further speedy expansion of the market. The Innovations in material and design of the implants is expected to boost the growth of the market. The presence of leading players and their strong distribution network will contribute positively to the growth of the market. The surging demand for knee replacement procedures will further support the development of the market in the region. The market in Asia Pacific is predicted to witness a high growth rate owing to the increasing prevalence of knee disorder. The booming medical tourism increased disposable incomes, and improved healthcare infrastructure will influence the healthy growth of the market in Asia Pacific.
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An Overview of the Impact of COVID-19 on this Market :
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of corona virus outbreak across industries to help you prepare for the future.
Key Development:
September 2017: Zimmer Biomet introduced Persona Partial Knee System, the latest addition to its portfolio of personalized and anatomically designed knee implant systems.
The Report Lists the Main Companies in the Knee Replacement Market:
- Zimmer Biomet (Indiana, U.S.)
- Stryker (Michigan, U.S.)
- DePuy Synthes Companies (Johnson & Johnson Services, Inc.) (Indiana, U.S.)
- Smith & Nephew (London, U.K.)
- Aesculap, Inc.– a B. Braun company (Center Vally, USA)
- Medacta International (Castel San Pietro, Switzerland)
- MicroPort Scientific Corporation (Shanghai, China)
- Conformis (Massachusetts, U.S.)
- Other Prominent Players
Global Knee Replacement Market Segmentation :
By Procedure
- Total Knee Arthroplasty
- Partial Knee Arthroplasty
- Revision Knee Arthroplasty
By Implant Type
- Fixed Bearing
- Mobile Bearing
- Others
By End-user
- Hospitals
- Orthopedic Clinics
- Ambulatory Surgical Centers
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Have Any Query? Ask Our Experts:
Table Of Content :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Knee Osteoarthritis by key Country/Region-2019
- Technological Advancements in Knee Implants
- Overview of Number of Knee Replacement Surgeries by key Country/Region-2019
- The Regulatory Scenario by Key Country/Region
- key Industry Developments-Mergers, Acquisitions, Partnerships, & New Product Launch)
- Impact of COVID-19 on Knee Replacement Market
Continue…
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