Total knee arthroplasty is one of the most common surgery procedure performed for management of pain and restoring function of severely damaged knee joint in orthopedic conditions such as osteoarthritis. This surgery involves cutting away damaged portions of the knee bones and replacing them with metal alloy implants and polyethylene polymers. Orthopedic surgeons carry out a full medical evaluation to determine suitability and risks associated with the surgery. Imaging analysis of the knee such as radiography is carried out to assess the severity of joint damage and ensure proper alignment of the artificial joint before closing the surgical incision. Total knee arthroplasty is recommended in conditions such as severe knee pain, while carrying out normal day to day activities, knee deformity, chronic knee inflammation, and failure of other drug or surgery treatments for pain management.
Global Total Knee Arthroplasty Market - Impact of the Coronavirus (COVID-19) Pandemic
Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19, as pandemic on March 11, 2020.
For instance, according to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 177,866,160 cases and 3,857,974 deaths due to coronavirus disease (COVID-19) were reported till June 20, 2021, across the globe.
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Impact of COVID-19 on Demand and Supply of Total Knee Arthroplasty
The COVID-19 pandemic and lockdown in various countries across the globe have negatively impacted the financial status of businesses across all sectors. The medical devices sector is one such sector which has been majorly impacted by the pandemic.
During the COVID-19 pandemic, several patients with arthritis are struggling to receive treatment due to hospitals canceling or delaying surgeries and other procedures, including arthroplasty and other knee replacement surgeries. There is also a concern that patients who have mild arthritis that require timely implementation of surgery have unfortunately concluded that the risk of contracting COVID-19 may outweigh the benefits of arthroplasty. As non-essential surgery restrictions remain in parts of the U.S., the COVID-19 pandemic is having a profound impact on hip and knee arthroplasty surgery volume and could translate to major financial loss.
For instance, a study named ‘The Initial Impact of COVID-19 on Total Hip and Knee Arthroplasty,’ was published in the Elsevier Public Health Emergency Collection, in January 2021, which conducted a retrospective analysis of Medicare fee-for-service beneficiaries undergoing primary and revision total knee arthroplasty (TKA) and total hip arthroplasty (THA) in U.S. from January 1, 2020 to March 31, 2020, reported a steep decline of 94% in total knee arthroplasty (TKA) volumes during mid-March of 2020 and the total daily hospital medicare revenue for arthroplasty declined by 87% and surgeon revenue decreased by 85%.
Thus, impact of the coronavirus (COVID-19) pandemic is expected to limit the growth of the global total knee arthroplasty market during the forecast period, owing to halt and delay of total knee arthroplasty surgeries during the pandemic.
The global total knee arthroplasty market is estimated to be valued at US$ 8,739.2 Mn in 2021, and is expected to exhibit a CAGR of 4.0% over the forecast period (2021-2028).
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