The global knee implant is expected to witness a significant growth rate of around 5.6% during the forecast period of 2022-2028. Knee implants are used to replace the weight-bearing surfaces of the knee joint in order to reduce the suffering brought on by rheumatoid arthritis or damage. The knee replacement procedure involves removing damaged bone and cartilage from your thighbone, shinbone, and kneecap and replacing it with an artificial joint (prosthesis) made of metal alloys, high-grade plastics, and polymers.
The market growth is attributed to the increasing adoption of minimally invasive surgeries. Minimally invasive knee replacement is performed through a shorter incision—typically 4 to 6 inches versus 8 to 10 inches for traditional knee replacement. A smaller incision allows for less tissue disturbance. In addition to a shorter incision, the technique used to open the knee is less invasive. Owing to such benefits offered, minimally invasive surgeries are increasingly being adopted across the globe and hence drive market growth.
The emergence of obesity, degenerative diseases, and the growth of the geriatric population boost the market growth
Obesity and other inabilities that weaken the bone and joint strength have emerged as a leading cause of knee replacements, combined with a rise in the elderly population as a result of enhanced medical care. In conjunction with advances in medical technology, these health issues have boosted the capacity to restore normal knee functioning and increased the viability of orthopedic implants. As more and more young and active people suffer from joint injuries as a result of sports activities and everyday wear and tear, the need for a permanent or semi-permanent solution is growing which is boosting the demand for knee implants.
Moreover, a developing trend in knee replacement surgeries is the use of robotic technologies to assist a surgeon with implant positioning. Technologically advanced implant material coupled with the development of customized replacement implants has been projected to gain significant traction in the knee replacement market. Robotic technology is fostering greater procedural precision and reducing the reliance of surgical results on surgeons. However, the use of precious metals in the production of these implants combined with advanced technologies makes these products costly.
Smart knee implants to gain strong traction in the future
One of the most recent developments in the field of knee implants is the emergence of the smart knee implant. Persona IQ, a smart knee implant launched by Zimmer Biomet is equipped with advanced implant technology that helps track every movement of a patient’s leg for better and enhanced treatment. The sensors equipped in the smart knee implant capture information like the range of motion, stride length, walking speed, and step count. The data collected will be transferred to the medical care team via a secure online portal. Several medical device companies are exploring opportunities to deep-dive into this new technology which is expected to accelerate the market growth rate in the coming future.
Total Knee Replacement (TKR) segment to contribute a prominent share
Based on the procedure, the TKR segment held the dominating share owing to the increasing need for knee implants. The segmental growth is attributed to the presence of a significant patient base suffering from arthritis and a surge in the number of patients undergoing the procedure. The companies are continuously making efforts to provide innovative and personalized TKR systems that focus on individual patient needs. For instance, Zimmer Biomet and Stryker are two of the major players that offer a wide range of advanced technologies and products for TKR. In addition, minimally invasive total knee implant surgeries are increasingly gaining popularity due to the small incision required during the procedure. All these factors tend to drive the segmental growth of the market during the forecast period.
North America constitutes a huge market share in the Global Knee Implant
Geographically, North America held the largest market share in 2021, primarily driven by an increasing number of osteoarthritis patients and the increasing geriatric population. The penetration of robot-assisted surgeries and computer-aided implant designs are likely to fuel the regional market during the forecast period. Moreover, US healthcare spending is expected to grow with an increase in chronic diseases and a rise in obesity which is expected to positively influence the market growth.
Further, regions like Europe and the Asia Pacific are expected to contribute significantly as they are highly potential markets for knee replacement surgeries. The factors contributing to the rising demand for knee replacement surgeries in Europe and APAC are growing awareness, the increasing elderly population, and increasing healthcare expenditure. The market in the Asia Pacific is likely to witness fast-paced growth during the forecast period majorly due to the increasing prevalence of knee disorders, flourishing medical tourism, rise in disposable incomes, and gradually improving healthcare infrastructure.
Market Structure and Competitive Landscape
The global knee implant is fragmented in nature with various players operating in the market. Some of the prominent players that contribute significantly to the market growth include Medtronic plc, Zimmer Biomet, DePuy Synthes, MicroPort Scientific Corporation, Stryker Corporation, Exatech Inc., Medacta, Aesculap Implants Systems LLC, Smith & Nephew Plc, Johnson & Johnson, and B Braun Melsungen AG, among others.
These players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers and acquisitions, product launches, and partnerships and collaborations are some of the strategies followed by industry players. Some of the key developments in the global knee implant include,
- In August 2021, Zimmer Biomet and Canary Medical announced the US FDA De Novo classification grant and authorization to market the tibial extension for its smart knee implant named Persona IQ.
- In November 2021, Stryker expanded its Mako SmartRobotics footprint to reach more veterans and military suffering from joint pain.
- In January 2021, Stryker has acquired OrthoSensor, a company focused on applying digital technologies and big data to total joint replacements.
- In October 2019, Think Surgical Inc. announced the US Food and Drug Administration has granted clearance for it to market its TSolution One system for knee replacement in the US.
Key Market Segmentation
RationalStat has segmented the global knee implant market based on the type, procedure type, material, end use, and region.
- By Type
- Conventional Knee Implants
- Smart Knee Implants
- By Procedure Type
- Total Knee Replacement
- Partial Knee Replacement
- Revision Knee Replacement
- By Material
- Stainless Steel
- Titanium Alloys
- Cobalt-Chromium Alloys
- Others (Bone Cement, etc.)
- By End Use
- Ambulatory Service Center
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide clients with the best possible real-time insights. We combine various industry experiences, data analytics, and experts’ viewpoints to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for orthopedic device manufacturers, medical technology providers, medical device manufacturers, third party distributors, investment firms, government organizations, educational organizations, regulatory agencies, research organizations, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The Global Knee Implant is expected to grow at a CAGR of approximately 5.6% during the forecast period 2022-2028.
The global market for Global Knee Implant was US$ 10.2 Billion in 2021.
The emergence of sensor-enabled knee implants is the key trend in the global market.
North America leads the global knee implant market.
Major companies operating in the Global Knee Implant market include Medtronic plc, Zimmer Biomet, DePuy Synthes, Stryker Corporation, Aesculap Implants Systems LLC, Smith & Nephew Plc, Johnson & Johnson, and B Braun Melsungen AG, among others.