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Jun 7, 2024

The Global Knee Market: Insights and Projections for 2024 and Beyond


Knee replacement surgeries have become one of the most common global surgical procedures and a major focus for medical device innovation. With advancements in intraoperative medical technology and perioperative health technology in knee surgery, clinicians are better equipped than ever to cater to a diverse and expanding patient population. Leveraging data from LSI's Market Intelligence platform, our analysts explored the procedure volumes and substantial growth of the thriving and evolving knee market. 

Knee Replacement: Unpacking a Thriving Market

In 2023, approximately 3.6 million knee replacements were performed worldwide, according to LSI’s Global Procedure Volumes Database. The United States accounts for nearly 40% of these procedures. This high volume underscores the significant demand for knee replacement surgeries, driven by an aging population, rising obesity rates, increased prevalence of conditions like knee osteoarthritis, and heightened awareness of the benefits of joint replacement surgery.

Analysis from LSI’s Global Market Analysis & Projections (MAP) values the global knee replacement market at $7.8 billion in 2023, with robust year-over-year growth and investment in the sector. Market leaders such as Zimmer Biomet, Stryker, and DePuy Synthes dominate this space, holding approximately 80% of the total market share. These top medical device companies continue to invest in expanding their product offerings to meet the evolving needs of patients and healthcare providers.

Outlook Across the Joint Replacement Market

Interestingly, knee replacements have surpassed hip implants in prevalence, making the knee market the largest segment within the joint replacement space. 

One of the significant insights from LSI’s data is the increasing volume of knee implant procedures performed on adults under the age of 55. Beyond market drivers from an aging population, this younger demographic is driving demand for implants that can last longer than the average 10 to 20 years, reflecting their active lifestyles and the need for durable solutions. Medical technology companies are responding to this demand by developing innovative implants designed to withstand higher levels of physical activity and provide long-term reliability.

Innovations in Knee Implants and Surgical Approaches

Advancements in medical device development have paved the way for new and improved knee implants. These novel implants focus on improving longevity and performance, ensuring they can endure the rigorous demands of younger, more active patients. From materials that mimic natural joint movements to minimally invasive surgical techniques, the knee replacement market is witnessing a revolution in patient care.

Outside of the major market leaders, innovative companies like THINK Surgical are developing  new medical technology to enhance surgical precision, improve patient outcomes, and streamline the overall knee replacement process. 

The company’s TMINI™ Miniature Robotic System leverages advanced robotics to assist surgeons in precisely planning and executing knee replacement surgeries. Improving the alignment and placement of knee implants is critical for the longevity and success of the procedure. THINK Surgical’s robotic systems are open platforms, compatible with implants from a breadth of manufacturers which confers freedom of choice of the implant to the surgeon. The TMINI™ Miniature Robotic System is also notably smaller and more compact than existing surgical robots, making it easier to integrate into operating rooms.

Stuart Simpson, CEO of THINK Surgical, recently presented the company’s miniature robotic system for knee replacement at LSI USA '24. The recording is available here.

Trusted Global Medtech Market Analysis and Procedure Volumes Data

As health technology continues to advance, the future of knee replacements looks promising, with new solutions on the horizon that will enhance patient outcomes and provide durable, long-lasting relief from joint pain and mobility issues. 

LSI’s Global Medtech Market Analysis & Projections (MAP) provides global coverage of 22 major markets like Orthopedics and Knee Replacement, including total worldwide sales by segment, share-by-supplier data, and more. LSI’s Global Procedure Volumes Database also provides coverage of 200+ diagnostic and therapeutic procedures, like knee and joint replacement surgeries, across 37 countries. 

Both products are available in one configurable platform, so you can say goodbye to purchasing overpriced and inconsistent market reports from disparate providers, forever. Stay tuned for more medical device news and insights and get in touch with our team for samples of Global Medtech MAP and Procedure Volumes data.