Total Hip Knee Replacements Market Summary
As per Market Research Future Analysis, the Total Hip and Knee Replacements Market was valued at USD 20.64 billion in 2022 and is projected to reach USD 30.03 billion by 2030, growing at a CAGR of 4.80% from 2023 to 2030. The market growth is driven by the increasing prevalence of osteoarthritis, rising orthopedic injuries, and a growing elderly population, which is expected to reach 1.5 billion by 2050. The total knee replacement segment held the majority share in 2022, while fixed-bearing implants are anticipated to grow faster during the forecast period. North America accounted for the largest market share in 2022, followed by Europe and Asia-Pacific, with the latter expected to grow at the fastest rate due to rising healthcare spending and medical tourism.
Key Market Trends & Highlights
Key trends influencing the Total Hip and Knee Replacements Market include demographic shifts and technological advancements.
- The elderly population (65+) is projected to increase from 727 million in 2020 to 1.5 billion by 2050.
- Total knee replacement segment dominated the market in 2022 due to high prevalence of knee disorders.
- North America held the largest market share in 2022, driven by 1.5 million recorded surgeries.
- Fixed-bearing implants are expected to be the fastest-growing segment due to their cost-effectiveness and durability.
Market Size & Forecast
2022 Market Size | USD 20.64 Billion |
2030 Market Size | USD 30.03 Billion |
CAGR | 4.80% |
Major Players
Key players include Zimmer Biomet (US), Johnson & Johnson Services, Inc. (US), Stryker (US), Smith & Nephew (UK), and Exactech, Inc. (US).