Solid Growth Predicted for Global Knee Replacement Market

The worldwide knee replacement sector is expected exhibit solid growth over the next six years, as an increasing number of new products enter the market.

Coherent Market Insights estimates the market to be valued at $9.4 billion in 2020 and expand 4.1 percent annually through 2027.

Manufacturers are focused on developing new products, owing to increasing adoption and accessibility of these new knee replacement devices for better outcomes in surgeries. For instance, in March 2019, Medacta International, the international orthopedics company specializing in the design and production of innovative orthopedic products, and Geisinger, one of the most innovative health systems, announced a first-of-its-kind pilot program for a knee replacement lifetime guarantee, in which the cost of product will cover the full cost of care associated with knee replacement surgeries over a patient’s lifetime.
 
Also, in September 2019, Zimmer Biomet Holdings Inc. received U.S. Food and Drug Administration 510(k) clearance for the Persona Revision Knee System for revision knee replacement procedures in the United States. This revision system offers anatomic components designed to match a patient’s anatomy for a personalized fit. Available with a modern, intuitive instrumentation platform, the Persona Revision Knee System enables surgeons to take a personalized approach to addressing simple to complex revision procedures by offering the flexibility to utilize their preferred surgical approach.
 
Various companies are entering the market through strategic agreements to distribute, market or to sell the products in different regions. In July 2020, IMPLANET, a medical technology company specializing in vertebral and knee-surgery implants, began the marketing agreement of its MADISON total knee replacement implants in the United States. 
 
The global knee replacement market also is expected to grow due to the rising prevalence of different type of arthritis is expected to accelerate the knee replacement market. A 2019 report by the Arthritis Foundation estimates that around 30.8 million U.S. adults suffered from osteoarthritis in 2015.
 
Furthermore, key players in the North America knee replacement market are focused on adopting collaboration and partnership strategies to enhance their market share in North America, which is expected to drive growth of the market during the forecast period. In March 2019, Exactech, a developer and producer of bone and joint restoration products and biologic solutions for extremities, knee, and hip, acquired XpandOrtho, a designer of soft tissue balancing instruments for knee replacement surgery. Exactech plans to incorporate XpandOrtho’s technology to enhance its ExactechGPS computer-assisted surgery system, the only navigation system that supports both shoulder and knee replacement.
 
Key players operating in the global knee replacement market include Zimmer Biomet, Stryker Corporation, Smith+Nephew Plc, Johnson & Johnson, B. Braun Melsungen AG, Medacta International, MicroPort Scientific Corporation, ConforMIS Inc., Corin Group, Exactech Inc., DJO Global Inc., Baumer Holding AG, SurgTech Inc., Wright Medical Group N.V., and X.NOV.