Knee Replacement Prosthesis Market Size, Emerging Trends
The global knee replacement prosthesis market, valued at US$ 12.1 billion in 2023, is projected to grow to US$ 22.73 billion by 2034, with a CAGR of 5.9% from 2024 to 2034. This growth is primarily fueled by the increasing elderly population, which is more prone to knee-related issues requiring replacement surgery.
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Market Overview
Knee replacement prostheses are artificial implants designed to replace a part or the entirety of the knee joint through surgical intervention. This procedure aims to alleviate knee pain and improve mobility in patients suffering from arthritis or those who have experienced knee injuries due to accidents or sports. The growth of the knee replacement prosthesis market is driven by an increase in knee injuries related to accidents and sports activities. Additionally, individuals with calcium deficiencies due to poor diets are more susceptible to reduced bone density, which can lead to arthritis and joint pain, potentially necessitating knee replacement surgery in the future.
Knee Replacement Prosthesis Market Trends
In August 2024, Alkem Laboratories announced that its subsidiary had partnered with Exactech Inc., a U.S.-based company, to manufacture and market large joint implants in India. Earlier, in June 2022, ATRO Medical received a €2.5 million grant from the EU to develop a meniscus prosthesis. This funding will support global clinical trials, health economic evaluations, and expedite pre-clinical testing of the prosthesis.
Funding Received in 2024 by Various Companies
- Osteal Therapeutics: US$ 50 million
- restor3D: US$ 70 million
- SLAM Orthopedic: US$ 2.15 million
- Miach Orthopedics: US$ 20 million
- Nanochon: US$ 40 million
This funding supports the development of innovative knee replacement prostheses and surgeries, further stimulating market growth.
Technological Advancements Driving the Market
Continuous technological advancements are shaping the knee replacement prosthesis market. Innovations such as sensor technology, artificial intelligence, minimally invasive techniques, robotic surgeries, and remote monitoring are becoming prevalent. Applications like ‘mymobility’ are being developed to track recovery progress, enhancing patient satisfaction. Artificial intelligence is utilized to assess knee conditions and create personalized prosthetics. These advancements lead to improved patient outcomes, shorter recovery times, and higher satisfaction rates. As technology progresses, more individuals are likely to consider knee replacement surgeries, contributing to market expansion.
Recent Developments
In June 2024, Meril, a medical equipment company based in Gujarat, launched MISSO, a surgical robotic system designed for real-time knee replacement procedures. Additionally, in June 2024, the FDA granted 510(k) approval to DePuy Synthes, the orthopaedics division of Johnson & Johnson, for the clinical use of the VELYSTM Robotic-Assisted Solution in Unicompartmental Knee Arthroplasty (UKA), as reported by Johnson & Johnson MedTech.
Top Companies in the Knee Replacement Prosthesis Market
- ConforMIS, Inc.
- JRI Orthopaedics Ltd.
- Medacta International SA
- United Orthopedic Corporation
- MicroPort Scientific Corporation
- Zimmerer GmbH
- DJO Global Inc.
- Stryker Corporation
- Arthrex, Inc.
- Johnson & Johnson (DePuy Synthes)
- B. Braun Melsungen AG
- Corin Group PLC
- Waldemar Link GmbH & Co. KG
- Exactech Inc.
- Smith & Nephew plc
- LimaCorporate S.p.A.
- Japan MDM, Inc.
- Zimmer Biomet Holdings, Inc.
- Mathys AG Bettlach
- Ortosintese
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