The U.S. knee implant market is projected to reach a valuation of US$7.0 bn by the end of 2024 from US$4.3 bn in 2015. The market promises to progress at a CAGR of 5.30% during the forecast period of 2016 and 2024 as the number of knee-related injuries continue to be on the rise. The demand for knee implants has been soaring due to the increasing participation in sporting activities, which has led to injuries to the knees. This U.S. market is also projected to benefit from increasing cases of rheumatoid arthritis and growing pool of obese population.
Q. Which region will estimated to emerge as the leading region in the U.S. knee implant market?
A. Regionally, the global knee implant market is segmented into Midwest, Pacific, Mountain, Northeast, South Atlantic, and South Central. Of these, the Midwest region is projected to lead the U.S. knee implant market during the forecast period. The strong presence of ambulatory surgical centers in the Midwest are projected to drive its growth in the overall market. The region is also at the forefront as it has shown high adoption of new technologies for treating knee-related problems.
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Q. How will the geriatric population be responsible for soaring revenue of the U.S. knee implant market?
A. The rising pool of geriatrics across the U.S. is assessed to be a key factor driving the growth of the overall market. Old age brings with it a range of issues such as strained cartilages due to less water content, which eventually leads to arthritis and cushioning at joints. This leads to an impaired function of the knee thus driving the patients to opt for knee implants. Furthermore, aging also leads to deterioration of connective tissues making limbs constrained, which requires corrective surgeries to restore function. Thus, the rising geriatric population is expected to have a positive impact on the U.S. knee implant market.
Q. What are the restraints in the U.S. knee implant market?
A. Despite the strong market drivers, the U.S. knee implant market is restrained by several factors. Currently, a key issue in the overall market is the stringent rules and regulations imposed by the FDA on the quality of knee implant products. This has considerably slowed down the approvals. Furthermore, the product recalls due to faulty medical devices has also challenged the growth of the overall market. The growing awareness about non-surgical alternatives for impaired knees amongst patients is also expected to restrain the growth of the U.S. knee implant market.
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Rapid innovations in development of knee implants is expected to give the overall market a massive boost. With customizations of knee implants through 3D technology is expected to offer the market a new lease of life. ConforMIS, a Massachusetts-based company is using a software to scan and develop 3D models to print an exact knee for the patient. These implants will be designed to perfections with every millimeter measured to fit the patient’s knee like an actual body part. Such kind of terrific innovations and advancements in knee implant market are expected to provide the market with a much-needed impetus.
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