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Total Knee Arthroplasty Market to Grow at Highest Pace Owing to Increasing Geriatric Population

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Total Knee Arthroplasty Market to Grow at Highest Pace Owing to Increasing Geriatric Population

The Total Knee Arthroplasty Market involves the surgical replacement of the weight bearing surfaces of the knee joint with prosthetic components. Knee replacement surgery is a treatment option for severe knee damage from arthritis or injury. Total knee replacements are generally made of metal alloys and high-grade plastics that are designed to last 15-30 years. They allow patients to continue activities of daily living without discomfort or pain.

The global Total Knee Arthroplasty Market is estimated to be valued at US$ 10889.08 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period from 2024 to 2031.

Key Takeaways

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. The major players are focusing on new product launches and acquisitions to strengthen their Market position. For instance, in 2021, Stryker Corporation launched the XL knee implant with increased tibial plate coverage.

The growing geriatric population worldwide and the prevalence of osteoarthritis are major drivers fueling Total Knee Arthroplasty Market Demand procedures. According to the United Nations, the number of persons aged 60 or over is expected to more than double by 2050 and reach nearly 2.1 billion. Also, arthritis is the most common cause of disability in the United States, affecting over 54 million adults.

Technological advancements such as robot-assisted knee replacement surgeries and the advent of customized or patient-specific knee implants are supporting the growth of the Market. Custom implants optimized for an individual's anatomy help in improved implantation accuracy and shorter recovery times.

Market Trends

Rising popularity of outpatient knee replacement surgeries: To reduce healthcare costs, hospitals are increasingly performing knee arthroplasty procedures on an outpatient basis. Shorter hospital stays reduce the risk of infections and improve patient satisfaction.

Growing demand for computer-assisted knee surgery: With advancements in imaging and robotics, computer-assisted knee replacement surgeries offer enhanced precision in implant alignment and positioning. This leads to improved clinical outcomes for complex cases.

Market Opportunities

Increasing healthcare expenditure in emerging economies: Countries like India, China, and Brazil are witnessing rising disposable incomes and healthcare budgets which is creating lucrative opportunities for knee replacement device manufacturers.

Development of biodegradable knee implants: Researchers are developing partially or fully biodegradable knee implants made from materials like magnesium and silk that degrade gradually after implantation. This eliminates the need for revision surgery in young active patients.

COVID-19 Impact on Total Knee Arthroplasty Market

The COVID-19 pandemic has adversely impacted the growth of Total Knee Arthroplasty Market. During the peak of pandemic, major healthcare resources and facilities were utilized for treating COVID-19 patients which resulted in cancellation or postponing of elective surgeries like knee replacement. This led to a drastic decline in Total Knee Arthroplasty procedures being performed globally. However, as the restrictions are being lifted now, the Market is expected to recover steadily as backlogged surgeries resume. Manufacturers are focusing on ensuring supply chain continuity and producing surgical kits and implants with highest safety standards to restore patient and physician confidence. The future growth will depend on how quickly the providers are able to clear the backlog while following strict protocols to prevent infection risk. Telemedicine and digital health solutions can help in remote consultations and monitoring to assist recovery.

In terms of geographical contribution, the Total Knee Arthroplasty Market in United States holds the highest value currently owing to large volume of procedures performed annually and availability of advanced technology. However, China is projected to emerge as the fastest growing regional Market during the forecast period due to increasing geriatric population, growing medical tourism and rising healthcare expenditure in the country. The number of knee replacement surgeries are also rising sharply in other Asian countries like India and Japan as awareness increases about benefits of joint replacement for improving mobility and quality of life. Governments are undertaking initiatives to promote availability of affordable implants and expand coverage under public insurance schemes to support Market growth.

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