The global knee replacement market is anticipated to expand substantially at 6.1% CAGR, by the year 2023. This report has been published by Market Research Future that researched with keeping the current scenario of the market. Knee replacement is a joint replacement surgery which is meant for patients who suffer knee damage. Knee damage is mainly caused by diseases such as osteoarthritis, post-traumatic arthritis, or rheumatoid arthritis or due to an accident.
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Knee replacement procedure entails dignified tools or system at the time of diagnosis and treatment of knee fracture and other knee diseases. The knee replacement market is expected to witness substantial growth owing to the increasing number of patients suffering from osteoarthritis, rising geriatric population, expanding the pool of knee fracture patients, favorable reimbursement, and technological advancements. They are boosting the demand for the market over the forecast period.
Global Knee Replacement Market: Drivers & Trends
The knee replacement market is primarily driven by the swelling rate in the older population, which is eventually giving rise to old age ailments such as arthritis, osteoporosis, and diabetes. With this, the availability of better implant materials, advancement in technologies such as minimally invasive surgery, and substantial research and development in the knee implant industry are likely to boost the global knee replacement market over the forecast period.
Knee replacement is identified as one of the most effective methods to relieve knee pain of patients. With the use of 3D printing technology has been able to propel the global knee replacement market significantly within the assessment period. Since the past couple of years, the expenditure on healthcare has been exclusively increased in all the countries across the globe, which was able to fuel the growth of the market in substantial ways. The latest era of highly functional implants has emerged significantly owing to technological advancements and rapid research developments.
Global knee replacement, as a mature market continually introduces numerous growth opportunities for treating knee replacements in smarter ways, has influenced the global knee replacement growth positively. However, steady development in reimbursement scenario and government initiatives have lowered the costs of knee replacement surgery, proving beneficial for industry growth.
The global knee replacement market has been segmented based on product type, material, and end-user.
In terms of product type, the market has been segmented into total knee reconstructive implants, partial knee reconstructive implants, and revision knee reconstructive implants. Wherein, total knee reconstructive implants are further sub-segmented into mobile bearing implants, fixed bearing implants, medial pivot implants, and others.
In terms of material, the market is segmented into the metal alloy, ceramic material, durable plastic parts, and others.
In terms of end-user, the market is segmented into hospitals and clinics, specialty centers, and rehabilitation centers.
Regionally, the North American knee replacement market is a mounting market in the Americas region. The increasing aging population affected by knee joint disorders and increase in awareness level for joint related treatments are likely to augment the growth of the knee replacement market in the North American region. Furthermore, with substantial research and development activities being done in the knee implant industry, the leading companies are providing technologically advanced products to the customers, which is helping them to get relief from a knee issue. Apart from this, growing government initiatives are also pushing the growth of the market. As per the reports, in American Joint Replacement Registry, around 161,040 joint replacement procedures were performed in the U.S. in 2015.
Europe is the second largest market and hence, holds an outstanding share in the global knee replacement market. The European market is thus, expected to inflate during the forecast period owing to the accessibility of state-of-the-art and advanced treatment facilities and rising substantial number of skilled medical professionals. Furthermore, more factors, such as the increasing aged population are also subsequently giving rise to the patient population, which, in turn, is likely to enhance the growth of the market. As per research, Eurostat estimated that over 19.2% of the population in Europe were aged 65 and above. This rising older population is likely to lead to the increasing patient population.
The Asia Pacific is now expected to be the fastest growing market owing to the cumulative occurrence of joint disorders such as arthritis and osteoarthritis. Here, China has been recorded to be the fastest growing region owing to its mounting older population and rising patient population. With this, the rising awareness about health and availability of new treatment methods is also driving the market in this region. On the other hand, the increasing healthcare expenditure and the overall growth of the healthcare diagnostic and treatment industry also drive the market.
In the last, the Middle East and Africa are expected to illustrate the least growth in the market owing to some significant factors such as lack of awareness and limited access and affordability of treatment facilities. However, with the current development of healthcare infrastructure and rising skilled medical professionals, the global knee replacement market is proliferating at a substantial CAGR.
Some of the prominent players in the knee replacement market are Zimmer Inc., DePuy Synthes, Stryker, Smith and Nephew, Kinamed, Inc., Allegra Orthopaedics Limited, and Exactech, Inc.
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