U.S. Knee Implant Market: Snapshot
The U.S. market for knee implants a matured market and projected to witness steady growth over the forthcoming years. The technological advancements in knee implants, such as the usage of 3D printing, biocompatible materials, robotic-assisted surgeries, and navigation technology are likely to drive this market in coming years. Apart from this, the increasing health care expenditure and the rising population of geriatric individuals are also anticipated to contribute to the growth of this market significantly.
The U.S. knee implant market stood at US$4.3 bn in 2015 and is expected to protrude at a CAGR of 5.30% between 2016 and 2024 and reach US$7.0 bn by 2024.
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Hospitals to Remain Key End Users of Knee Implants
Hospitals, ambulatory surgical centers, and specialized orthopedic clinics are the main end users of knee implants in the U.S. The demand for knee implants is much higher from hospitals than other end users. The hospitals segment held a share of more than 43% of the overall demand for knee implants in the country in 2015. With the presence of hospitals in a very large number, this segment is likely to remain the topmost end user of knee implants in the U.S.
Ambulatory surgery centers are also expected to emerge as a lucrative end-use segment for knee implant manufacturers in the U.S. over the next few years. As these centers offer modern health care facilities and emphasize on providing same-day surgical care, including diagnostics and preventive procedures, which has begun to reflect positively on the demand for knee implants from these centers. Apart from this, the shifting preference of patients from hospitals to ambulatory service centers, owing to the after care services, cost-effective care, and minimally invasive surgeries provided by the latter, is also projected to influence the demand for knee implants from these centers in the near future.
Midwest Region to Lead U.S. Knee Implant Market
The U.S. market for knee implants has its presence across the Pacific region, the Mountain region, the South Central region, the Midwest region, the South Atlantic region, and the North East region. The Midwest region has been leading this market, thanks to a number of ambulatory surgical centers present in this region. The increasing uptake of new technologies is also supporting the progress of the market for knee implants in Midwest region.
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The presence of a large pool of knee implant manufacturers and a widespread distribution channel are likely to maintain the growth pace of this regional market, ensuring its lead over the next few years. Indiana, followed closely by Virginia, has been generating higher revenues than other states in the U.S. The high number of hospitals and the mounting osteoarthritic burden due to the baby boomer population are the key factors propelling these domestic markets in the country.
Led by Johnson & Johnson, Zimmer Biomet Holdings Inc., Stryker Corp., and Smith & Nephew, the U.S. market for knee implants is highly consolidated in nature. The other significant players operating in this market are B. Braun Melsungen AG, Exactech Inc., DJO Global Inc., ConforMIS, OMNIlife science, Inc., MicroPort Scientific Corp., and Arthrex.
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