Demand for Knee Replacement Grows 5 Percent Worldwide
ST. LOUIS, June 4, 2019 /PRNewswire/ — Approximately 40 percent of the global population over age 55 experiences chronic knee pain. Of those, 50.8 million suffer from disabling pain, and about 2.6 million turn to knee replacement surgery each year.
Knee replacement surgery has become more prevalent in recent years due to increased access to orthopedic care in emerging markets such as China and India. These regions have been historically underserved, but health care infrastructure is rapidly developing to provide advanced medical care. In addition, a growing affluent population segment has stimulated demand for knee replacement surgery.
Another key market driver for knee surgery is the aging global population. Specifically, the “baby boomers”—born between 1945 and 1965—have more active lifestyles and longer work careers, resulting in the need for long-term mobility. Market Scope predicts that the global knee arthroplasty (KA) market will grow at a compound annual rate of 5 percent through 2024.
Despite increasing demand, the knee replacement industry faces significant challenges. Joint replacement has long been a last-resort treatment for chronic knee pain, with only a small share of sufferers undergoing surgery. Knee surgery requires bone resection and other manipulations that require long recovery periods. Implants have a limited life span; many do not last more than 15 years. Complications are relatively common, leading to costly and time-consuming revisions.
Going forward, robotic knee surgery and more robust, realistic implants promise to change the economics of knee arthroplasty. Innovations are designed to reduce surgical trauma, shorten operation times, speed recovery, and extend the life span of prosthetic knees.
The knee implant market is dominated by four large manufacturers that collectively account for more than 85 percent of total market revenue. These four firms, Zimmer Biomet, Stryker, Johnson & Johnson’s DePuy Synthes, and Smith & Nephew, enjoy a significant competitive advantage in the US and other wealthy nations. Advantages include broad product lines with state-of-the-art implant designs, high-quality instrument sets, and well-trained support staff.
Market Scope’s 2019 Knee Arthroplasty Market Report provides global coverage of the knee arthroplasty market, including primary, revision, and partial knee procedures. The report features in-depth analysis and forecasts for eight global regions from 2018 through 2024. Additionally, the top 20 manufacturers are profiled. For more information, visit market-scope.com or email email@example.com.
Read the full release for more data on the knee replacement market on market-scope.com.
SOURCE Market Scope, LLC