The global knee implant market was valued at USD 8.8 billion in 2015 and is expected to reach a value of USD 12.4 billion by 2024. This growth is majorly attributed to growing elderly population and surging prevalence of chronic rheumatic conditions such as osteoarthritis, rheumatoid arthritis, and post-traumatic arthritis. Primary factors that lead to the occurrence of arthritis are aging, physical injuries, genetic inheritance factors, abnormal metabolism, infections, and immune system abnormalities.
Introduction of advanced technologies and products for are anticipated to keep the industry rivalry and market growth at par over the forecast period. For example, X3 Advanced Bearing Technology and Mako Robotic-Arm Assisted Technology with capabilities of providing patient-specific 3-D model to plan partial knee replacement surgery. Also, in March 2016, Zimmer Biomet launched the Persona Medial Congruent Bearing, which is designed to provide a more natural motion of the knee by maximizing joint stability.
The increasing investment in healthcare sector, geriatric population coupled with demand for minimally invasive surgeries are major factors fueling the increasing adoption of joint replacement procedures. In addition, untapped opportunities in developing economies such as China, and India are further anticipated to propel the knee implant market growth.
On the contrary, the stringent regulatory guidelines involved in gaining approval of class III medical devices are slowing down the approval of implants devices.
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Further Key Findings from the Study Suggest:
- The total knee replacement was the largest grossing segment in 2015 with over 75.0% and is expected to maintain its position during the forecast period. Developed countries including the U.S. and Germany are major contributors of this vertical. Advances in the surgical technologies and its rising demand in the developing economies will be a vital factor contributing to the sector growth
- The mobile-bearing implants segment is expected to exhibit fastest growth during the forecast period. The growth is attributed to the associated benefits such as longer performance with less wear and additional few degrees’ rotation compared to a fixed-bearing device
- North America is estimated to reign the global knee implant market in the year 2016. The region is expected to maintain its dominance throughout the forecast period. High procedural cost and reimbursement coverage coupled with the availability of skilled professionals is anticipated to spur the demand for knee implants during the forecast period
- The Asia Pacific region is projected to be the fastest growing regional market over the projected period. Rapidly booming medical tourism industry in the emerging economies of India and China is primarily propelling the demand for knee replacement products in Asia Pacific region
- The industry involves several global as well as local players. Some of the major players in this sector include Zimmer Biomet, Stryker, DePuy Synthes, Smith and Nephew, Aesculap Implants Systems,LLC, Exactech, Inc., Medacta, MicroPort Scientific, CONMED, Kinamed, Inc., ConforMIS, and OMNIlife science, Inc.