[Research Report] The knee implant market size is projected to grow from US$ 12.97 billion in 2022 to US$ 18.90 billion by 2030; the market is anticipated to record a CAGR of 4.82% from 2022 to 2030.
Market Insights and Analyst View:
The knee implant market forecast can help stakeholders in this marketplace plan their growth strategies. A knee implant, also known as a prosthesis, refers to a medical device designed to replace a damaged or diseased knee joint. The knee implant is a crucial component of knee replacement surgery, intended to alleviate pain, restore function, and improve mobility for individuals with advanced arthritis, severe knee injuries, or other degenerative conditions affecting the knee joint. The knee implant typically comprises metal alloys, high-grade polymers, and, in some cases, ceramic components, aiming to replicate the knee joint's natural function.
Growth Drivers and Challenges:
The knee implant market trends include the increasing prevalence of osteoarthritis and a rise in knee injury cases. Osteoarthritis, known as the most common type of arthritis, has demonstrated a substantial surge, particularly among aging populations and individuals affected by obesity. This trend has underscored the growing need for knee implant surgeries to alleviate pain, restore mobility, and improve the quality of life for affected individuals. Institute For Health Metrics And Evaluation claims that, by 2050, around 1 billion individuals worldwide will have osteoarthritis. Currently, 15% of people who are aged 30 years and above have osteoarthritis.
Hands and knees are the most typical spots for osteoarthritis. Osteoarthritis will rise by 50% in the hands and 75% in the knees by 2050. Additionally, the escalating incidence of knee injuries, particularly among athletes and the active population, has accentuated the demand for knee implants as a means of addressing trauma-related joint damage.
However, high cost of orthopedic procedures and limited availability impede the knee implant market growth. The considerable expenses associated with orthopedic surgeries, including knee implant procedures, can restrict access to these treatments, particularly for patients with limited financial resources or those residing in underserved areas. Additionally, the extensive training, expertise, and infrastructure required for orthopedic surgeries and the complex nature of knee implant procedures have led to a scarcity of skilled orthopedic surgeons in certain regions. Furthermore, this limited availability may create significant waiting times for orthopedic procedures, impacting patient access and healthcare delivery.
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Report Segmentation and Scope:
The “knee implant market analysis” has been carried out by considering the following segments: based on type of procedures, implant type, material, and end user. By type of procedure, the market is divided into total knee replacement, partial knee replacement, and revision knee replacement. Based on implant type, the market is bifurcated into fixed-bearing prostheses and mobile-bearing prostheses. In terms of material, the market is divided into total cemented and non-cemented. By end user, the market is segmented into hospitals, ambulatory surgical centers, and others. Geographically, the knee implant market report is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
Segmental Analysis:
Based on the type of procedures, the knee implants market report is divided into total knee replacement, partial knee replacement, and revision knee replacement. Due to the rising demand for implants and customized replacement systems provided by businesses, the Total Knee Replacement (TKR) category captured the largest revenue share in 2022. The substantial portion of the market may also be ascribed to elements such as a sizable patient population with arthritis and an increase in the number of individuals having the treatment. During the forecast period, partial knee replacement is expected to develop at the quickest rate.
By implant type, the knee implant market is segmented into fixed-bearing prosthesis and mobile-bearing prosthesis. In 2022, the fixed-bearing prosthesis segment held a larger revenue share. Due to the component's enhanced wear properties and stability, the mobile-bearing prosthesis segment is anticipated to develop at a quicker CAGR during the forecast period. For instance, Zimmer Biomet provides NexGen LPS-Flex Mobile and LPS-Mobile Bearing Knees, which permit unrestricted internal or external rotation for 25° following replacement surgeries.
In terms of end user, the market for knee implants is divided into hospitals, ambulatory surgical centers, and others. Due to the availability of cutting-edge technologies and highly qualified healthcare workers, hospitals perform bulk knee replacement surgeries, owing to which the hospitals segment holds the largest knee implant market share. Furthermore, rising patient preferences for hospitals that provide noteworthy intensive care following surgical procedures are anticipated to support the expansion of the market during the forecast period.
Regional Analysis:
Geographically, the knee implant market is classified into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
In terms of revenue North America dominated the knee implant market share owing to a higher incidence of knee replacement in the US. Furthermore, factors such as an increase in accident cases and a rise in the number of people with degenerative diseases are responsible for the spike. According to a report released in June 2021 by the Canadian Institute for Health Information, about 75,073 knee replacements were carried out in Canada in 2020. Additionally, it stated that Canada spends more than US$ 1.4 billion annually on knee replacement surgery. However, the region's disabled population found life particularly difficult during the COVID-19 pandemic lockdown.
The US knee replacement market is growing due to several factors, including key product introductions, a high concentration of manufacturers or market players, and alliances and acquisitions among prominent competitors. Furthermore, the strategic presence of key players positions US is a key country for the knee implant market growth. For instance, the newest handheld smart instrument for knee replacement surgery, Lantern, was introduced in November 2021 by OrthAlign, a privately held business in the US. The device provides precise, customized alignment for every patient with just one use. It is a portable, intelligent instrument with many implant systems and surgical techniques. Such ongoing product launches are expected to propel the market expansion in the country.
Knee Implant Market Regional Insights
Knee Implant Market Regional Insights
The regional trends and factors influencing the Knee Implant Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Knee Implant Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
- Get the Regional Specific Data for Knee Implant Market
Knee Implant Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2022 | US$ 12.97 Billion |
Market Size by 2030 | US$ 18.90 Billion |
Global CAGR (2022 - 2030) | 4.82% |
Historical Data | 2020-2022 |
Forecast period | 2022-2030 |
Segments Covered |
By Type of Procedures
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
Knee Implant Market Players Density: Understanding Its Impact on Business Dynamics
The Knee Implant Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Knee Implant Market are:
- Zimmer Biomet
- CONMED
- Stryker
- Smith and Nephew
- DePuy Synthes
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Knee Implant Market top key players overview
Industry Developments and Future Opportunities:
A few initiatives taken by key players operating in the global knee implant market are listed below:
- In October 2023, the first KA-optimized femoral component for total knee replacement, GMK SpheriKA, was released by Medacta Group S.A. This Swiss firm offers cutting-edge, customized, and sustainable solutions for sports medicine, spine surgery, and joint replacement.
- In November 2021, Zimmer Biomet Holdings, Inc. received FDA 510(k) clearance for Persona OsseoTi Keel Tibia for cementless knee replacement in the US.
Competitive Landscape and Key Companies:
Zimmer Biomet; CONMED; Stryker; Smith and Nephew; DePuy Synthes; Aesculap Implants Systems, LLC; Medacta; Exactech, Inc.; MicroPort Scientific; Kinamed, Inc.; ConforMIS; and OMNIlife science, Inc. are a few key companies operating in the knee implant market report. These companies focus on expanding their offerings to meet the growing consumer demand worldwide. Their global presence allows them to serve many customers, subsequently allowing them to expand their market presence.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type of Procedures, Implant Type, Material, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The light therapy market has major market players, including Koninklijke Philips N.V.; Beurer GmbH; BioPhotas; Northern Light Technologies; Lumie; Verilux, Inc; Zepter International; The Daylight Company; Zerigo Health; and Naturebright.
The light therapy market was valued at US$ 930.69 million in 2022.
Light therapy, also known as phototherapy, is the therapeutic use of specific wavelengths of light to address a range of conditions, including dermatological disorders, mood-related disturbances, and sleep-related issues. This noninvasive treatment modality harnesses the unique properties of light to elicit biological responses within the body, often targeting the skin or retina, as well as influencing circadian rhythms and mood-regulating pathways. Light therapy can encompass various forms, such as blue light therapy for acne, red light therapy for skin rejuvenation, and bright light therapy for seasonal affective disorder.
Growing prevalence of skin diseases and the growing use of noninvasive therapies. In 2023, the World Health Organization released estimates that skin diseases impacted over 1.8 million people worldwide. However, the stringent regulatory processes and high cost of devices hinder the growth of the light therapy market.
Based on light type, the light therapy market is segmented into red light, blue light, and white light. Red light treatment is anticipated to gain significant traction in the upcoming years due to its capacity to fortify mitochondria by conducting a biochemical reaction within cells. Thus, red-light therapy has increased adenosine triphosphate (ATP) production, which claims to support hair development, heal wounds, restore tissue, and reverse sun damage.
The light therapy market is expected to be valued at US$ 1,434.25 million in 2030.
Based on type, the portable segment in the light therapy market is expected to record the fastest CAGR from 2022 to 2030. Portable light therapy devices have revolutionized the accessibility and convenience of light-based treatments, allowing individuals to receive therapeutic benefits on the go. These portable solutions encompass a range of devices, including compact light boxes, wearable light visors, and handheld light wands, designed to deliver targeted phototherapy in various settings. The portability of these devices empowers users to seamlessly integrate light therapy into their daily routines, whether at home, in the workplace, or while traveling. As a result, portable light therapy has expanded the reach of light-based treatments, giving individuals greater control over their wellness regimens and enhancing adherence to prescribed phototherapy protocols.
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The List of Companies - Knee Implant Market
- Zimmer Biomet
- CONMED
- Stryker
- Smith and Nephew
- DePuy Synthes
- Aesculap Implants Systems, LLC
- Medacta
- Exactech, Inc.
- MicroPort Scientific
- Kinamed, Inc.
- ConforMIS
- OMNIlife science, Inc.