Total Knee Replacement Market Size to cross $10 bn by 2024

According to reports, in 2016, partial knee replacement segment led total knee replacement market and is estimated to register notable CAGR of more than 3.4%

Surging geriatric population coupled with rising prevalence of degenerative diseases will positively influence total knee replacement market forecast. Aging population is highly prone to suffer from degenerative diseases such as osteoporosis, leading to demand for total knee replacement procedures. According to Census Bureau, ageing population in the US is estimated to be around 46 million and will double by 2060.

Innovations in the healthcare sector aimed at providing reliable, simplified and advanced treatment has led to technological enhancement of implant material with the introduction of customized replacement implants, positively influencing the global total knee replacement industry share. Notable benefits provided by knee replacement surgery such as the restoration of regular functioning of knee has encouraged the younger populations to go through the replacement surgeries when needed.

According to reports, in 2016, partial knee replacement segment led total knee replacement market and is estimated to register notable CAGR of more than 3.4% between 2018-2024. Favorable regulatory scenario is propelling the industry expansion. These include the Hip and Knee Replacement Association in the U.S. which has enforced regulations on the manufacturers that facilitate modifications in partial knee replacements, increasing the adoption of the system over conventional techniques.

Currently, 3D printed surgical implants coupled with jigs devices and customized inserts are being widely adopted in surgeries to provide improved results, amplifying global total knee replacement market outlook. High costs associated with surgical procedures may hamper the market growth in the coming years. However, the presence of several insurance options and initiatives undertaken by the government has resulted in lower cost of knee replacement surgeries.

Benefits offered by the procedures like replacement of only damaged components of the knee coupled with limited erosion of healthy tissues will boost the market trends. Increasing number of femur shaft fractures is steering femoral knee replacement industry share. Reportedly, femoral knee replacement market size is estimated to grow with a CAGR of 3.7% over the forecasted timeframe.

Provision of reimbursement policies by Medicare and Medicaid will help in the reduction of prices of knee replacement surgeries. More on-time procedures without any delay is fueling the demand for ambulatory surgical centers worldwide. Personalized care offered to the patients by the available healthcare facilities is propelling the segment growth. According to reports, total knee replacement market size from ambulatory surgical centers segment is projected to register more than 5% CAGR.

Robust healthcare sector in the U.S. along with high disposable income among people has steered innovations in the industry. Moreover, increasing geriatric population base across the region suffering from degenerative diseases such as osteoarthritis and the presence of high-quality medical equipment and components will bolster total knee replacement market trends in the coming years.

The availability of several medical financing mechanisms such as insurance and medical cover ensures the reduced cost of surgeries, encouraging patients to undergo required surgeries. In 2017, U.S. total knee replacement market was valued at USD 3,294 million and is slated to amass significant gains of more than 3.8% over 2018-2024. 

Initiatives undertaken by the government and other regulatory authorities in Europe to increase health awareness among the citizens will encourage technological innovations in the sector. High disposable income among the people will also support the industry outlook over the years. Germany total knee replacement market is anticipated to grow at over 4% CAGR over the projected period.

Source: https://www.gminsights.com/industry-analysis/total-knee-replacement-market

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