Knee Replacement Market Size, Share, Growth Analysis, By Procedure type(Total Knee Replacement, Partial Knee Replacement, and Revision Knee Replacement), By Component(Fixed-bearing Implants, and Mobile-bearing Implants), By End User(Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, and Others.), By Region - Industry Forecast 2024-2031

Global Knee Replacement Market size was valued at USD 10.34 billion in 2022 and is poised to grow from USD 10.93 billion in 2023 to USD 16.99 billion by 2031, at a CAGR of 5.67% during the forecast period (2024-2031).

The knee replacement market is fragmented, with many large and small players in the industry. To gain market share, key players are implementing business strategies such as diverse product offerings, regional expansion, partnerships, and new product launches. For instance, De Puy Synthes' VELYS Robotic-Assisted Solution for use with the ATTUNE Total Knee System received 510(k) clearance from the US FDA in January 2021. 'Stryker Corporation', 'Zimmer Biomet Holdings, Inc.', 'Smith & Nephew plc', 'Johnson & Johnson (DePuy Synthes)', 'Medacta International SA', 'MicroPort Scientific Corporation', 'DJO Global Inc.', 'Exactech Inc.', 'ConforMIS, Inc.', 'Arthrex, Inc.', 'Corin Group PLC', 'Waldemar Link GmbH & Co. KG', 'B. Braun Melsungen AG', 'LimaCorporate S.p.A.', 'JRI Orthopaedics Ltd.', 'Zimmerer GmbH', 'Mathys AG Bettlach', 'Japan MDM, Inc.', 'United Orthopedic Corporation', 'Ortosintese', 'In September 2022, Palm Beach Gardens Medical Center expanded its orthopedic program with the acquisition of two Mako SmartRoboticsTM, the only and first in Palm Beach County. Dr. Robert Avino, an orthopedic surgeon, completed the first case at the hospital using Mako SmartRoboticsTM. ', 'In August 2021, Zimmer Biomet Holdings, Inc. and Canary Medical announced U.S. Food and Drug Administration (FDA) De Novo type supply and authorization to market.  ', 'In June 2021, Think Surgical Inc. and Ortho Development Corporation introduced the FDA clearance of Ortho Development's Balanced Knee System and TriMax implants with Think Surgical's TSolution. '

The increasing prevalence of osteoarthritis, especially in the elderly population, is a major driver of the knee replacement market. Osteoporosis affects millions of people worldwide, and its severity increases as the population ages. This condition often causes knee pain and loss of mobility, leading many people to seek knee replacement surgery. Moreover, advancements in healthcare and surgical procedures are making these procedures accessible to elderly patients, leading to market growth. 

Increased Hospitalization of Knee Replacements: Outpatient or same-day knee replacement surgery is on the rise due to its convenience and cost-effectiveness. With advanced surgical techniques and improved pain management, these procedures allow patients to return home the same day. This knee replacement market trend is particularly evident in developed areas, where healthcare systems aim to reduce inpatient costs while providing high quality care. 

As per knee replacement market forecast, the North America region is dominating. The major factors likely to boost the market growth in North America are rise in the number of individuals diagnosed with rheumatoid arthritis and increase in geriatric population count. Furthermore, the rising penetration of computer-aided implant designs, robot-assisted surgeries in the United States, and favorable reimbursement scenarios are expected to propel the knee replacement market in the United States during the forecast period.  Rising factors such as prevalence of osteoporosis, aging population, a number of trauma and accident cases is projected to drive demand for knee replacements in North America.    The Asia Pacific region in the market is expected to grow rapidly during the forecast period, owing to the rising prevalence of knee disorders, flourishing medical tourism, rising disposable incomes, and progressively improving healthcare infrastructure. However, a rising number of orthopedic injuries and diseases, as well as an increase in the adoption of replacement procedures, are expected to drive the growth of the market. As per The Asian Federation of Osteoporosis Societies (AFOS), a total of 1.2 million hip fractures occurred in 2019, which is expected to reach 2.6 million by 2050.