The knee replacement implants market refers to the market for medical devices that are used to replace damaged or diseased knee joints with artificial implants. Knee replacement surgery is a common orthopedic procedure that is performed to relieve pain and improve mobility in patients with severe knee osteoarthritis, rheumatoid arthritis, and other degenerative joint diseases.
The global knee replacement implants market was valued at $8.7 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028. The market is driven by the rising prevalence of knee osteoarthritis and other joint diseases, the growing demand for minimally invasive surgical procedures, and the increasing adoption of advanced knee implant technologies.
The market is segmented by product type, material, fixation type, and geography. Product types include total knee replacement implants, partial knee replacement implants, and revision knee replacement implants. Materials used in knee implants include metal alloys, ceramics, and polymers. Fixation types include cemented, cementless, and hybrid fixation.
Geographically, the knee replacement implants market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The Asia-Pacific region is expected to witness the highest growth rate during the forecast period, due to the growing geriatric population, rising healthcare expenditure, and increasing demand for knee replacement surgeries in countries like India and China.
Some key players in the knee replacement implants market include Zimmer Biomet, Stryker Corporation, Smith & Nephew plc, Johnson & Johnson, DJO Global, Exactech Inc., B. Braun Melsungen AG, MicroPort Scientific Corporation, Medacta International SA, and ConforMIS Inc.
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Several factors contribute to the growth of the knee replacement implants market. These include:
- Aging Population: The global population is aging, and with it comes an increase in age-related joint diseases such as osteoarthritis. As a result, there is a growing demand for knee replacement surgery, which drives the market for knee replacement implants.
- Technological Advancements: Advances in knee implant technologies have led to the development of more durable, longer-lasting implants that offer improved mobility and reduced post-operative pain. These advancements are driving the demand for knee replacement surgery and contributing to the growth of the market.
- Increasing Prevalence of Obesity: Obesity is a significant risk factor for knee osteoarthritis, and the global prevalence of obesity is increasing. As a result, there is an increasing demand for knee replacement surgery, which is driving the market for knee replacement implants.
- Rising Healthcare Expenditure: As healthcare expenditure increases globally, there is a growing demand for knee replacement surgery. This is particularly true in emerging economies, where access to healthcare is improving and the middle class is growing.
- Growing Awareness and Acceptance: Increased awareness about the benefits of knee replacement surgery and a growing acceptance of the procedure among patients is also driving the market for knee replacement implants.
Overall, these factors are expected to continue driving the growth of the knee replacement implants market in the coming years.
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