Global Knee Replacement Market Size

Total Knee Arthroplast Market Analysis

The Global Knee Replacement Market size is estimated at USD 11.74 billion in 2024, and is expected to reach USD 14.80 billion by 2029, growing at a CAGR of 4.73% during the forecast period (2024-2029).

COVID-19 has adversely impacted the knee replacement market. The pandemic caused added challenges for patients with some form of disability. Due to social distancing, many hospitals were restricted to non-elective procedures and surgeries. Instead, they offered patients video conferencing with disabilities to overcome the limitations of the market growth.

The disruption in the supply chain during COVID-19 and delay in delivery of essential products required for manufacturing the knee replacement devices also adversely affected the knee replacement market. Some major issues faced by the market during a pandemic include trucking bottlenecks and port checkpoints slowing down their deliveries, including critical supplies, export bans imposed in many countries, only a few functional manufacturing units, lack of healthcare workers to transport and produce products, and lack of healthcare workers to transport and produce products. However, companies are taking definite measures to ensure a proper supply of bionics to the patients. For instance, one of the key players, Cochlear Ltd, is currently focusing on maintaining a consistent supply chain for its customers to supply implants for surgeries.Therefore, such a restraining factor imposed an adverse impact on the market initially, however, in later times the positive developments helped the market to gain positive momentum, thereby propelling the market growth.

Increasing incidence of road accidents leading to amputations is also anticipated to propel the market growth over the forecast period. For instance, according to the data published by the National Highway Traffic Safety Administration in the United States, in May 2022, traffic fatalities witnessed an increase of around 10.5% in 2021 from 2020. It also reported that fatalities on urban roads were around 57.0% in March 2020, which became 62.0% in March 2021, which is almost a 5.0% increase from the previous year. Similarly, according to the data published by the World Health Organization in June 2022, road traffic injuries are one of the leading causes of death among young adults aged 5 to 29 years and children. It also reported around 93.0% of the world's fatalities mostly occur in middle and low-income countries. African region witnesses the highest road traffic injuries and European countries witness lowest road traffic injuries and more than 20.0 million to 50.0 million people across the globe suffer from non-fatal injuries and survive with disability and amputations. Hence, such factors are expected to increase the demand of knee replacement, thereby surging the market growth over the forecast period.

However, high cost of the implants and procedure & reimbursement issues are likely to impede the market growth over the forecast period.