Knee replacement is a lucrative business, with US revenues alone totalling $4 billion, according to Bloomberg. Rising population of baby boomers, combined with increasing awareness on the benefits of knee replacement are fuelling the global market.
Findings of research studies and business strategies of leading companies have a bearing on the prospects of the knee replacement market. Let’s take a look at some of the most important events that had, and can have, an impact on the knee replacement market in the future.
Smith & Nephew’s Acquisition of Blue Belt
In a bid to gain a foothold in the highly lucrative knee replacement market, medical devices firm Smith & Nephew acquired Blue Belt Technologies for nearly US$ 275 million earlier this year. Blue Belt is a reputed player in the orthopaedic surgery robotics, and Smith & Nephew will be hoping that robotic surgery gains appeal in the healthcare sector.
Medicare Payment Restructure for Hip and Knee Surgeries
A new model, titled, the Comprehensive Care for Joint Replacement (CJR) will commence from April 1, 2016, changing the manner in which healthcare institutions bill patients seeking hip and knee surgeries. After years of complaints over the wide disparity in the quality of hip and knee replacement surgeries across the US, the new model seeks to ensure that healthcare institutions are offering high level of care at reasonable cost.
Research Found Knee Replacement Better Surgery More Effective than Therapy
Research conducted by Orthopaedic and Arthritis Center for Outcome Research at Brigham concluded that knee replacement surgery offered more benefits to patients than nonsurgical therapies. The study did point out that nonsurgical methods were effective at pain management and could be used by patients who are not keen to go for a surgery.
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Knee Replacement Surgery for Osteoarthritis Increases Heart Attack Risk
In August this year, a study was published in ‘Arthritis & Rheumatology’, which claimed that undergoing knee and hip replacement surgery increased the risk of heart attack and venous thromboembolism. The research went on to say that the risk of heart attack was highest in the first month after the surgery.
Use of Patient Specific Instrumentation (PSI) for Total Knee Replacement
Patient Specific Instrumentation (PSI), an effective treatment method for knee replacement is gaining traction in the healthcare sector. In November, 2015, doctors at Apollo Speciality Hospital in India successfully carried out a total knee replacement with the help of PSI. The key benefits of PSI technique for knee replacement are minimal loss of blood, no damage to bone marrow, and reduction in surgical time.
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Knee Replacement: Key Companies
Some of the leading companies in the knee replacement market at the moment are Zimmer Holdings, Smith & Nephew Plc, DePuy Companies, Inc, Biomet, Inc., Stryker Corporation, Wright Medical Group, Inc, Exactech. and B. Braun Melsungen AG.