Total Hip and Knee Replacements Market Forecast 2024-2033: Growth, Demand, Key Drivers

Global total hip and knee replacements market size is expected to reach $26.64 Bn by 2028 at a rate of 5.3%, segmented as by procedure type, total hip replacement, partial hip replacement, revision hip replacement, total knee replacement

Aug 16, 2024 - 11:32

Total Hip and Knee Replacements Market Forecast 2024-2033: Growth, Demand, Key Drivers

Overview and Scope

Total hip and knee replacements refer to surgical procedures that involve replacing a damaged or arthritic hip or knee joint with artificial implants, typically made of metal, plastic, or ceramic materials. Total hip and knee replacements treat and address various medical conditions, such as knee damage or arthritis.

Sizing and Forecast

The total hip and knee replacements market size has grown strongly in recent years. It will grow from $20.44 billion in 2023 to $21.68 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to osteoarthritis and joint degeneration, patient awareness and education, healthcare infrastructure development, reimbursement policies, globalization of medical tourism..

The total hip and knee replacements market size is expected to see strong growth in the next few years. It will grow to $26.64 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to regenerative medicine advances, biocompatible implant materials, value-based healthcare initiatives, personalized medicine approaches, growing demand for joint preservation strategies.. Major trends in the forecast period include technological advancements in implants, minimally invasive techniques, robot-assisted surgery, value-based care and bundled payment models, telehealth and remote patient monitoring..

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Segmentation & Regional Insights

The total hip and knee replacements market covered in this report is segmented –

1) By Procedure Type: Total Hip Replacement, Partial Hip Replacement, Revision Hip Replacement, Total Knee Replacement, Partial Knee Replacement, Revision Knee Replacement

2) By Implant Type: Mobile Bearing, Fixed Bearing, Other Implant Types

3) By End-User: Hospitals, Ambulatory Surgical Centers, Orthopedic Clinics, Other End-Users

North America was the largest region in the total hip and knee replacements market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the total hip and knee replacements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

An increase in the number of sports injuries is expected to propel the growth of the total hip and knee replacement market going forward. Sports injuries refer to a range of physical injuries that occur as a result of participating in various athletic activities or sports, and these injuries affect different parts of the body, including muscles, bones, tendons, ligaments, and joints. High-impact or repetitive sports injuries, including torn ligaments, cartilage damage, and fractures, necessitate joint replacement surgery as a long-term solution for significant damage to the hip and knee joints. For instance, in September 2022, according to the National Safety Council, a US-based public health and safety organization, the number of reported sports and recreational injuries in the US increased by 20% in 2021 and 12% in 2022. Moreover, in 2022, 3.6 million individuals received medical treatment for sports and recreational equipment injuries in emergency departments. Therefore, an increase in the number of sports injuries will drive the growth of the total hip and knee replacement market.

Key Industry Players

Major companies operating in the total hip and knee replacements market report are Johnson & Johnson, Stryker Corporation, B. Braun SE, DePuy Synthes Companies, Zimmer Biomet Holdings Inc, Smith & Nephew Plc, Shenzhen Mindray Bio-Medical Electronics Co Ltd, Medtronic Plc, NuVasive Inc, Globus Medical Inc, Wright Medical Group N.V., MicroPort Scientific Corp, Exactech Inc, Beijing Chunlizhengda Medical Instruments, AK Medical Holdings Ltd, Mathys AG Bettlach, Corin Group, Waldemar Link GmbH Co., DJO Global Inc, Groupe Lépine, FH Orthopedics S.A.S, Conformis Inc, Peter Brehm GmbH, Adler Ortho S.R.L, implantcast GmbH

The total hip and knee replacements market report table of contents includes: