Knee Replacement Market Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

 

Knee Replacement

In severely damaged knee joints, knee replacement surgery can help reduce discomfort and restore function. Cutting damaged bone and cartilage from your thighbone, shinbone, and kneecap and replacing it with an artificial joint (prosthesis) consisting of metal alloys, high-grade resins, and polymers is the operation. Because of the rising prevalence of kinds of arthritis such as osteoarthritis, psoriatic arthritis, and rheumatoid arthritis, as well as the growing senior population, demand for this procedure is predicted to rise throughout the projection period.

According to Coherent Market Insights, The global Knee Replacement Market is estimated to be valued at US$ 9.4 billion in 2020 and is expected to exhibit a CAGR of 4.1% during the forecast period (2020-2027).

More than 7% of adults in their 70s and 10% of those in their 80s had undergone a knee replacement, according to a research published in the Journal of Bone and Joint Surgery American (JBJSA) in 2015. Furthermore, increasing technical breakthroughs such as less invasive operations and the availability of improved implant materials are expected to propel the knee replacement market forward.

The growing senior population is driving the knee replacement market, which is fueling old-age illnesses including arthritis, osteoporosis, and diabetes. Furthermore, increased technical breakthroughs such as less invasive operations and the availability of improved implant materials are expected to propel the knee replacement market forward.

The most frequent kind of arthritis, osteoarthritis (OA), is found in older persons. In elderly people, it is a primary source of chronic pain and physical impairment. OA is the sixth most common disability worldwide in terms of prevalence.

According to the Arthritis Foundation, an estimated 30.8 million adults in the United States were diagnosed with OA in 2017, and 14 million people in the United States were diagnosed with symptomatic knee osteoarthritis. OA becomes more common as people become older. In high-income nations, OA has been reported in up to 80% of adults over the age of 65. Degenerative joint disease diseases, such as OA, are expected to affect at least 130 million people worldwide by 2050 as the global population continues to age.

Impact of covid-19 on Knee Replacement Market-

Many people with arthritis are unable to obtain treatment owing to hospitals postponing or delaying surgeries and other treatments, such as arthroplasty and other knee replacement  surgeries, because to the COVID-19 epidemic. There is also worry that individuals with moderate arthritis who require surgery soon may have come to the conclusion that the danger of getting COVID-19 outweighs the advantages of arthroplasty.

According to a research conducted by the University of Iowa in the United States, the COVID-19 pandemic is having a significant influence on hip and knee arthroplasty surgery volume, which might result in significant financial loss. According to the same study, 30,000 primary and 3,000 revision total hip arthroplasty and total knee arthroplasty treatments will be cancelled each week if the limitations are not lifted.

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