The Total Knee Arthroplasty Market is estimated to be valued at US$ 9452.32 Mn in 2023 and is expected to exhibit a CAGR of 4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Total knee arthroplasty, commonly known as total knee replacement, refers to the surgical procedure of replacing worn, damaged or diseased cartilage and bones of the knee joint with artificial components. These procedures have shown to effectively relieve pain and improve mobility by restoring the mobility of the knee joint. With rising geriatric population and prevalence of obesity driving the cases of knee osteoarthritis, demand for total knee arthroplasty procedures is expected to steadily grow over the forecast period.
Market key trends:
One of the key market trends is the growing prevalence of knee osteoarthritis which is the leading cause of total knee replacement surgeries. According to Arthritis Foundation, knee osteoarthritis affects over 30 million adults in the U.S. alone and is expected to affect over 67 million adults by 2030. Risk factors like obesity, joint injuries and age are further driving the cases of osteoarthritis globally. Furthermore, advanced robotic-assisted knee replacement techniques and 3D-printed customized implant components are gaining acceptance in clinical practice to improve surgical precision and patient outcomes. Growing popularity of short-stay and outpatient knee replacement procedures are also supporting the market growth.
Porter’s Analysis
Threat of new entrants: The total knee arthroplasty market has high initial capital requirements & manufacturers need to have approvals from stringent regulatory authorities like FDA to enter the market. This decreases the threat of new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate as hospital networks have formed group purchasing organizations to negotiate lower prices from manufacturers for high volume purchases.
Bargaining power of suppliers: There are multiple component and material suppliers present globally, thus decreasing their bargaining power in this industry. Patent and regulatory approvals protect product design & development investments.
Threat of new substitutes: There is no viable substitute available for total knee replacement procedures at present. Bioengineered implant materials are being researched but pose limited threats.
Competitive rivalry: Competition is intense between established players with extensive product portfolios for market share through new product launches, acquisitions and marketing strategies.
SWOT Analysis
Strength: Strong R&D focus on robotics-assisted surgeries, customized implants using 3D printing and minimally invasive techniques for faster recovery.
Weakness: High costs associated and limited access in developing regions. Revision surgeries may be required in some cases after 10-15 years.
Opportunity: Growing geriatric population globally and higher joints replacements in obesity cases. Expand in developing Asian, Latin American and African markets.
Threats: Stringent regulatory approval process causes delays. Reimbursement policies vary by region/insurer affecting pricing and adoption rates.
Key Takeaways
The Global Total Knee Arthroplasty Market Size is expected to witness high growth, exhibiting CAGR of 4% over the forecast period, due to increasing prevalence of knee osteoarthritis & obesity across regions. The United States dominates the global market with highest procedures, followed by markets in Western Europe and Japan.
Regional analysis: The North American region is expected to continue its dominance in the total knee arthroplasty market over the forecast period. High obesity rates, sedentary lifestyles and awareness have resulted in rapid adoption of knee replacement surgeries. The Asia Pacific region is expected to exhibit fastest growth fueled by growing medical tourism and rising disposable incomes in China and India enabling affordability.
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.
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