The Knee Replacement Market is being driven by Increasing government support for healthcare enabling better access to orthopedic procedures
The Knee Replacement Market is expected to grow at a CAGR of 6.91% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4.13 billion. The knee replacement market is witnessing significant advancements and innovations, with companies investing heavily in research and development to enhance patient outcomes and surgical techniques. Notable developments include DePuy Synthes' introduction of the VELYS Robotic-Assisted Solution in October 2023, offering advanced analysis, adaptability, and validated performance for optimal patient outcomes and operational efficiency. Additionally, The Medacta Group S.A. launched the GMK SpheriKA Knee Implant in the same month, designed to minimize post-operative knee discomfort and boost patient satisfaction following total knee replacement (TKA) procedures by ensuring superior functional stability. These innovations underscore the market's commitment to improving patient care and experience.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Product (TKR, RKR, PKR) End-user (Hospitals and specialty clinics, Ambulatory surgical clinics) Geography (North America, Europe, Asia, Rest of World (ROW)).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Knee Replacement Market Research Report
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The Knee Replacement Market encompasses the production and sale of artificial knee implants used in knee arthroplasty surgery for individuals suffering from various knee diseases, including osteoarthritis, psoriatic arthritis, and rheumatoid arthritis. The market includes 3D technology and smart implants for enhanced functionality. The prevalence of symptomatic knee osteoarthritis drives market growth. Knee implants are available in various forms, such as modular and below-the-knee, and are used in orthopedic surgeries. Tissues, including cartilages, are utilized in the production of these implants. The Arthritis Foundation supports research and advocacy efforts for those with knee diseases.
The global knee replacement market is a significant segment of the expansive healthcare supplies industry, according to Technavio's market research. This sector focuses on manufacturers of medical devices, encompassing a range of supplies, including artificial knee implants and related consumables. Osteoarthritis, psoriatic arthritis, and rheumatoid arthritis are primary indications driving demand for knee arthroplasty procedures. The parent healthcare supplies market, as defined by Technavio, comprises entities involved in research and development (R&D) for various medical product categories, including knee implants and consumables utilized in the diagnosis and treatment of diverse diseases. The market size for healthcare supplies is determined by the consolidated revenue generated by suppliers of medical equipment, such as syringes, drapes, gloves, and gowns.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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