Knee Replacement Market: Current Analysis and Forecast (2022-2030)

A smart knee implant is an artificial knee joint that is equipped with advanced technology to provide better pain relief, improved mobility, and faster recovery for patients. It is designed to work seamlessly with the natural knee joint, providing real-time feedback to patients and healthcare providers about the patient's movements and activity levels. Reduced overhead and the ability to avoid costly hospital fees contribute to cost savings. The growth of the smart knee implant is driven by factors such as a rising aging population and increasing awareness about the benefits of advanced implant technologies. For instance, as per the WHO, By 2030, one in six people in the world will be over the age of 60. At that point, the proportion of the population aged 60 and over will increase from 1 billion in 2020 to 1.4 billion.

The smart Knee implant market Market is expected to grow at a strong CAGR of 5% during the forecast period (2023-2030) owing to the rising prevalence of knee disorders. For instance, according to Classic Rehabilitation, 1 Between 15 and 20% of all men are afflicted with knee pain.

Based on procedure type, the market is segmented into total knee replacement, partial knee replacement, and revision knee replacement. As per our analysis, the total knee replacement segment acquired a major share in 2022. The increasing number of knee replacements is the major reason for the growth of the segment. For instance, as per the American Society of Orthopedics surgeons, 452781 procedures are performed each year worldwide. With the increasing incidence of knee-related disorders such as osteoarthritis, the demand for total knee replacement is expected to continue to grow.

Based on the end-use, the market is segmented into hospitals, clinics, and ambulatory service centers. The ambulatory service centers segment is expected to grow with a higher CAGR in the Smart Knee implant market during the forecast period. ASCs are becoming increasingly popular as a more cost-effective alternative to traditional hospital settings for outpatient surgery. They offer many benefits, including lower costs, shorter wait times, and a more comfortable and convenient experience for patients. Due to the advantages offered by ASCs, the ambulatory service centers segment is expected to witness fast growth.

For a better understanding of the market adoption of the industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), Rest of World. North America is expected to be a significant market for smart knee implants. The region is home to a large number of companies that manufacture and distribute medical devices, including smart knee implants. The increasing incidence of knee-related disorders, advancements in technology, and rising awareness about the benefits of advanced implant technologies are some of the key drivers of the smart knee implant market in North America.

Some of the major players operating in the market include: Medical Device Business Services, Inc.; Zimmer Biomet; Smith+Nephew; Aesculap, Inc.; Exactech, Inc..; Medacta International; MicroPort Scientific Corporation; CONMED Corporation; Kinamed Incorporated.; and Conformis.