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Total Knee Arthroplasty is Estimated to Witness High Growth Owing to Rapidly Aging Population

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Sumedha
Total Knee Arthroplasty is Estimated to Witness High Growth Owing to Rapidly Aging Population

Total knee arthroplasty, also known as total knee replacement, is a surgical procedure to replace the weight-bearing surfaces of the knee joint to relieve pain and disability. The implants used in total knee arthroplasty provide a rounded surface at the end of the femur and tibia along with a plastic spacer between them. Total knee arthroplasty helps improve knee functioning, reduce knee pain, and improve mobility for individuals suffering from arthritis or other chronic knee problems. The procedure has grown in popularity as the average lifespan increases and more people are opting for knee replacement to maintain an active lifestyle.


The global Total Knee Arthroplasty Market is estimated to be valued at US$ 9452.32 in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Opportunity:

Rapidly Aging Population


The steadily growing geriatric population worldwide is one of the key factors driving the demand for total knee arthroplasty procedures. According to the United Nations, the proportion of the world's population aged 60 years or over grew from 9.2% in 1990 to 11.7% in 2013 and is projected to reach 21.1% by 2050. As people are living longer, the prevalence of knee osteoarthritis and other degenerative knee disorders increases with age. Elderly individuals are more prone to chronic joint issues due to worn out cartilage and misaligned bones. Total knee arthroplasty offers them an effective solution for joint pain relief and regains knee functionality, improving their quality of life. Therefore, the rising aging demographics will continue augmenting the need for knee replacement surgeries in the coming years.


Porter's Analysis


Threat of new entrants: The total knee arthroplasty market requires high initial capital investment for R&D, manufacturing, and marketing which poses barriers for new companies. The market is dominated by few major players.


Bargaining power of buyers: Individual consumers have low bargaining power as they have less influence over prices due to inelastic demand for knee replacement surgeries. However, large healthcare organizations and government bodies have higher negotiating power.


Bargaining power of suppliers: Major medical device companies have significant control over prices of knee implant components and technology. However, availability of generic suppliers provides alternative options to buyers.


Threat of new substitutes: There are limited treatment substitutes for advanced knee arthritis cases apart from knee replacement surgery.


Competitive rivalry: The market is highly competitive with major players competing on the basis of product innovation, quality, and customer service.


SWOT Analysis

Strengths: Growing geriatric population suffering from osteoarthritis is driving the demand. Advanced biomaterial technologies are improving prosthetic design and lifespan.

Weaknesses: High cost of surgery limits market growth. Risk of revisions and implant failures can negatively impact the market.

Opportunities: Emerging economies offer lucrative growth opportunities. Minimally invasive knee replacement procedures will boost the market.

Threats: Stringent regulatory approval process increases delivery timelines. Reimbursement issues in some regions hamper market access.


Key Takeaways


The Global Total Knee Arthroplasty Market Size is expected to witness high growth over the forecast period. The global Total Knee Arthroplasty Market is estimated to be valued at US$ 9452.32 in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.

The North American region currently dominates the global market owing to the growing geriatric population, rising obesity rates, and associated healthcare expenditure in the US and Canada. China, India, and Japan are major revenue contributors in the region. Increasing healthcare spending and presence of untapped opportunities are driving the market in Asia Pacific.


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. Major players are focusing on new product launches and expansion strategies to strengthen their market presence.


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