Hip and knee replacement surgeries are two of the most common types of orthopedic procedures, with the aim of improving joint function and reducing pain in patients suffering from arthritis, injury, or other conditions that affect the hip or knee joint. Further, these replacements are common orthopedic procedures that can significantly improve the quality of life for patients suffering from joint damage. There are several different types of hip and knee replacements available, each designed to meet the specific needs of the patient. The choice of the type of replacement depends on factors such as the patient's age, the extent of damage to the joint, and the patient's lifestyle.
The Centers for Disease Control and Prevention (CDC) estimates that by 2040, the number of Americans who will have doctor-diagnosed arthritis will reach 78.4 million, up from 54.4 million in 2013. Several factors such as an aging population, increasing prevalence of osteoarthritis, and a rise in obesity rates have grown the need for these replacement surgeries. Knee and hip replacement surgeries are considered to be highly effective in improving the quality of life of patients suffering from joint damage, as healthcare infrastructure improves and awareness of the benefits of these procedures increases, and as a result, the demand for these surgeries has been steadily increasing over the past few decades and continue to grow in the future as expected in the forecast period.
The Global Knee and Hip Replacement Market has reached a value of $17.71 billion in 2022. This market is projected to grow from $18.77 billion in 2023 to $28.23 billion in 2030 with a CAGR of 6% in the forecast period of 2023-2030. This market is estimated based on different key pointers that attribute to the growth which are implant types including Metal on Plastic, Ceramic on Plastic, Ceramic on Ceramic, Ceramic on Metal & Metal on Metal, procedures such as Total replacement, Partial replacement & Resurfacing, and end-users including Hospitals, Ambulatory Surgical Centers, and Orthopedic Clinics. Leading companies such as Stryker, Zimmer Biomet, Smith & Nephew, Gruppo Bioimpainti, Conformis, and MicroPort Orthopedics are focused on developing competitive Knee and Hip implants products to sustain in the Knee and Hip Replacement Market globally.
In the segmentation, Metal on Plastic type of implants places the largest market position among others in the Knee and Hip Replacement Market. They are the most commonly used type of implants in hip and knee replacement surgery since it makes less expensive to manufacture, which makes them more accessible to a wider range of patients, these types of implants are covered by most insurance plans, which further increases their affordability, and over the years numerous improvements & modifications are made. All these have a great impact on the growth of the Knee and Hip Replacement Market in the upcoming years.
The North American region holds a significant market for Knee and Hip Replacement Market compared to other regions. Since this region has a larger number of companies focused on developing highly competitive knee and hip replacement implants, increasing the incidence of hip and knee replacement surgery among the population living in the North American region, and rising in approval of new implants from the FDA. Further, growing collaboration and partnerships among leading market players in the region aligned with the growth of the Knee and Hip Replacement market in the coming years.
For Instance, in 2021 the US-based company Zimmer Biomet got approval from the FDA for the marketization of the ROSA hip system for total hip replacement surgery. At the same time, this company made a product Persona IQ in collaboration with the Canada-based company Canary Medical for the total knee replacement procedure. This effective collaboration and new launch have improved the market in the US, of the North American region further propelling the growth of the Knee and Hip Replacement Market as predicted.
There were a larger number of implants existing in the market today. It is necessary for the company to stand unique among its competitors and also provide the best quality to its customers. The implants were customized based on the need in the case of hip arthroplasty implants, so customized implants based on each patient's specific anatomy could lead to better fit, function, and longevity of the implant. Hence, companies could invest in advanced imaging technology and software to create 3D models of the patient's joint, which can be used to manufacture custom implants.
Implementing more advanced and durable implant materials and carrying out research in areas such as nanotechnology, biocompatible materials, and additive manufacturing could lead to improved implant designs and better outcomes for patients. Emphasizing patient safety, meeting regulatory standards, and monitory their product through post-market utilization programs all promote the growth of these replacement-type implants which further drive the Knee and Hip Replacement Market in the coming years as predicted.