The global knee replacement prosthesis market was estimated at US$ 12.1 billion in 2023 and is projected to grow to US$ 22.73 billion by 2034, rising at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2034. The demand for knee replacement prostheses is increasing globally due to the rise in the elderly population. The age group is more prone to knee-related issues and requires knee replacement to gain normal mobility.
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Knee-replacement prostheses are artificial implants used to replace a part of the knee joint or the entire knee joint with a new replacement surgery. The purpose of doing so is to relieve knee pain or enhance mobility in patients who have arthritis or have suffered knee injuries in accidents or sports. The knee replacement prosthesis market is growing due to growing knee injuries during accidents and various sports activities. Apart from this, people who lack calcium due to improper diet are getting more prone to reduced bone density, leading to arthritis and joint pain. They may need knee replacement surgery in the future.
| Company Name | Funding Got in 2024 |
| Osteal Therapeutics | US$ 50 million |
| restor3D | US$ 70 million |
| SLAM Orthopedic | US$ 2.15 million |
| Miach Orthopedics | US$ 20 million |
| Nanochon | US$ 40 million |
The table provides a list of different start-ups that received funding for various products. The funding will promote the development of knee replacement prostheses or surgeries, which will, in turn, promote the growth of the knee replacement prosthesis market.
Technological advancement is a continuous procedure, and it is also happening in the knee replacement prosthesis market. Various technologies are being used in the market, such as sensor technology, artificial intelligence, minimally invasive surgeries, robotic surgeries, and remote monitoring. Applications like ‘mymobility’ are being developed to track the recovery process, increasing patient satisfaction. Artificial intelligence helps analyze knee conditions and develop personalized prosthetics. All these advancements are improving patient satisfaction by reducing recovery time and better surgery results. People in the future, with these advancements, are going to opt for knee replacement surges, which will help the market to grow.
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Knee replacements are highly useful for mobility, but the cost associated with the surgery is high, which is why not everyone can afford them. In the U.S., the average cost of knee replacement can range between US$ 15,000 to US$ 75,000 depending on the type of surgery, complications, and the material used. From diagnosis, analysis, treatment, and monitoring to the recovery process, a lot of effort and various professionals are involved in providing multidisciplinary care.
North America dominated the knee replacement prosthesis market in 2023. Growing healthcare expenditure, technological advancements, innovation, and initiatives by key market players and government organizations drive the market in North America. Organizations are integrating AI and machine learning in research and development to make better and more affordable knee implants. The region also has a lot of skilled professionals, which is why a lot of people work in the region for surgeries.
The U.S. makes a major contribution to the knee replacement prosthesis market. The U.S. has advanced healthcare infrastructure and skilled professionals who provide quality care to patients. According to data from the 2023 Annual Report, 3,149,042 primary and revision hip and knee arthroplasty surgeries were carried out between 2012 and 2022; primary knee arthroplasty accounted for the bulk of these procedures (51.0%), and primary hip arthroplasty (33.4%). Women made up the majority of the procedures recorded (58.5%). Additionally, as outpatient arthroplasty operations have become more prevalent, the number of cases conducted in ambulatory surgical centers (ASCs) has continued to rise. The number of arthroplasty operations recorded by ASCs increased by 84% this year, reaching almost 42,000 treatments in 2022.
Asia Pacific is expected to grow at the fastest rate during the forecast period. The knee replacement prosthesis market in the Asia Pacific is growing due to the growing geriatric population in the region. Some of the countries with the largest population are in the Asia Pacific. The oldest population in the world is found in China. The number of individuals over 65 in 2023 was 216.76 million, which is more than 15.4% of the entire population and significantly higher than the global average of 10%. The United Nations Population Fund's 2023 India Ageing Report predicted that between 2022 and 2050, the number of individuals over 80 will increase at a pace of about 279%, with widowed and heavily dependent elderly women making up the majority. Government statistics indicated that the number of senior persons in Japan increased by 20,000 between September 2023 and 36.25 million, making up a record-high 29.3 percent of the population.
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By type, the tibial component segment held the largest share of the knee replacement prosthesis market in 2023 and is estimated to grow at a significant rate during the forecast period. One surgical technique for realigning the knee joint is a high tibial osteotomy. This operation preserves damaged joint tissue, which may help some patients with knee arthritis avoid or postpone the need for a partial or total knee replacement.
By application, the osteoarthritis segment led the knee replacement prosthesis market in 2023. The most prevalent kind of arthritis in adults is osteoarthritis, which is characterized by persistent pain and decreased mobility. Osteoarthritis is most common after the age of forty, and its frequency rises sharply with age. Osteoarthritis is the most prevalent reason for knee replacement surgery, and as the number of cases rises, so will the need.
The sports injuries segment is anticipated to grow at a significant rate during the forecast period. Knee injury is very common in sports, especially when the sport requires a lot of jumping and running. Many athletes end up getting knee replacements due to these injuries.
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Deepa has certified the degree of Master’s in Pharmacy in the Pharmaceutical Quality Assurance department from Dr D.Y. Patil College of Pharmacy. Her research is focused on the healthcare industry. She is the author or co-author of four Review Articles, which include Solid dispersion a strategic method for poorly soluble drugs and solubility improvement techniques for poorly soluble drugs, Herbal Drugs Used In Treatment Of Cataracts, Nano sponges And Their Application in Cancer Prevention and Ayurvedic Remedies of Peptic ulcer. She has also published a Research Article on the Formulation and Evaluation of Mucoadhesive Tablets of Miconazole cocrystal which was published in GIS Science Journal Volume 9 Issue 8. Her passion for secondary research and desire to take on the challenge of solving unresolved issues is making her flourish is the in the research sector.
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