5 key factors expected to bring the total knee replacement market value to $14.9B by 2030

Written by Paige Haeffele | June 16, 2022 |

The total knee replacement market value is expected to reach $14.9 billion by 2030, with an accelerating compound annual growth rate of 6.2 percent as a result of multiple industry developments, a Verified Market Research report published June 16 predicts.

The market was valued at $8.33 billion in 2021, and the anticipated market growth was attributed to five trends and developments in the knee replacement surgery realm.

Those factors are:

  1. A growing geriatric population. Older populations are more likely to have illnesses such as joint inflammation, osteoporosis and diabetes, raising the demand for procedures.
  2. The advancement of the medical industry. Developing more precise and accurate diagnosis methods leads to more diagnoses, making patients more aware of these problems, increasing the demand for surgery.
  3. The increase in development and public awareness of technologically advanced methods of surgery, such as robot-assisted surgery. These new methods are highly efficient and accurate, increasing patients' likelihood to opt for procedures.
  4. The reduced likelihood of surgical failures. Surgical technology advancements decrease the risk associated with surgery, making it a more reliable choice to undergo operations.
  5. Better embed materials. More patients regaining former abilities through surgery will increase the number of operations performed.

Though most of the changes to the industry will push the market value higher, the higher price of more advanced technology is likely to slightly hamper market growth.

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