The total knee replacement industry is currently valued at $6.5 billion and is expected to reach $8 billion by 2026, Ireland-based industry analysis company Research and Markets said Sept. 21.
Factors driving market growth include more orthopedic disorders, aging population, approval of advanced technology and more investments in knee replacement implants.
The company said increasing orthopedic disorders are related to the growing incidence of diabetes and obesity.
In the U.S. specifically, orthopedic disorders affect 1 in 2 adults and 3 in 4 people over the age of 65, with arthritis, trauma and back pain being the most basic orthopedic conditions in the U.S. The number of people in the U.S. 65 years old and over is expected to double by 2030, with people 85 years old and older representing the fastest-growing segment. Comparable statistics are anticipated in Europe, the company said.