Knee replacement is a routine operation which involves replacing the damaged or diseased knee with the help of an artificial joint. Most of the knee replacements are done for the people age between 70 to 80. However, the procedure can performed for any adult irrespective of the age. Knee replacement is suggested when knee joint is worn to the extent that mobility is hindered. Increasing prevalence of osteoarthritis and growing geriatric population are the major drivers for the market growth. Degenerative joint disease or osteoarthritis is the most common chronic condition of the joints and is estimated to affect over 30 million Americans. Moreover, according to the World Health Organization, the geriatric population is estimated to grow from 524 million in 2010 to approximately 1.5 billion by 2050, with a major increase in developing countries. However, low per capita healthcare expenditure and high cost of the surgery may restrain the market growth during the forecast period.
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The Global Knee replacement Market is growing with the sound pace. According to a recent study report published by the Market Research Future, the Global Knee replacement Market is booming and expected to gain prominence over the forecast period growing. The market is forecasted to demonstrate a sound growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2022).
Global Knee replacement Market- Competitive Analysis
ConforMIS, Stryker, Zimmer Inc., Smith & Nephew, DePuy Synthes Companies, Wright Medical Group N.V., Biomet, Inc., Exactech, Inc., B. Braun Melsungen AG and others are some of the prominent players at the forefront of competition in the Global Knee replacement Market and are profiled in MRFR Analysis.
Characterized by the presence of several well-established and small players, the Global Knee replacement Market appears to be highly competitive and fragmented. International players who are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
In April, 2016 Zimmer Biomet Holdings, Inc., global leader in musculoskeletal healthcare, announced that it entered into a definitive agreement to acquire Scottsdale, Arizona-based Cayenne Medical, Inc. The transaction, was close during the second quarter of 2016.
In December, 2017- Smith & Nephew, announced that they completed the acquisition of Rotation Medical Inc., the developer of a novel tissue regeneration technology for shoulder rotator cuff repair, supporting the Company’s strategy to invest in innovative technologies that meet unmet clinical needs.
In May, 2016- DePuy Synthes Companies of Johnson & Johnson, announced today that it has acquired privately-held BioMedical Enterprises, Inc., a leading manufacturer of Nitinol orthopaedic implants for small bone fixation. The implants are used to treat bunions, hammertoes and other foot and ankle deformities, as well as hand and wrist deformities. The BME acquisition reinforced Johnson & Johnson Services, Inc.’s Medical Devices to accelerate meaningful innovation and strengthening DePuy Synthes’ portfolio for elective extremity procedures – providing a more complete solution for foot and ankle and hand and wrist specialists.
In June, 2016- B. Braun Medical, the South African subsidiary of the German B. Braun Group, completed its acquisition of Dismed Pharmaceutical (Pty) Ltd and Dismed Criticare (Pty) Ltd, both out of business rescue.
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Global Knee Replacement Market- Regional Analysis
North America holds the largest market share owing to increasing prevalence of arthritis, growing geriatric population, and rising demand healthcare expenditure. Europe is estimated to be the second largest market for knee replacement followed by the similar trends of the North American market. Increasing awareness, growing technological advancements and rising investment in healthcare domain by government facilitates the market growth within the region. On regional basis Europe is divided into Western Europe and Eastern Europe. Western Europe leads the market due to the presebnce of the developed economies like Germany, Italy, France, and others. Asia Pacific, is the fastest growing region in the market. On the other hand, the Middle East & Africa holds the least market share, mainly due to the presence of low income countries within the African region.
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