World Knee replacement Market report titled “Knee replacement Market Research Report – Forecast to 2023” is an expert analysis report explores the market by Research Methodology, Segmentation, Key Players, Major Region in-depth.
Market Scenario :
Knee replacement is a joint replacement surgery meant for patients with knee damage. Knee damage can be caused by diseases such as osteoarthritis, post-traumatic arthritis, or rheumatoid arthritis or due to an accident.
The knee replacement market is majorly driven by the increasing rate in older population giving rise to old age ailments such as arthritis, osteoporosis, and diabetes. Additionally, the presence of better implant materials, advancement in technologies such as minimally invasive surgery, and heavy research and development in the knee implant industry are likely to enhance the global knee replacement market.
Factors that are likely to hamper the growth of the market are the high cost and growing awareness for some non-surgical treatment methods such as exercises and shoe aids.
Global knee replacement market is expected to grow at a CAGR of 6.1% during the forecast period.
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Market Segments:
The global knee replacement market is segmented on the basis of product type, material, and end-user.
On the basis of product type, the market is segmented into total knee reconstructive implants, partial knee reconstructive implants, and revision knee reconstructive implants. Total knee reconstructive implants are further sub-segmented into mobile bearing implants, fixed bearing implants, medial pivot implants, and others.
On the basis of material, the market is segmented into metal alloy, ceramic material, strong plastic parts, and others. On the basis of end-user, the market is segmented into hospitals and clinics, specialty centers, and rehabilitation centers.
Regional Analysis:
The North American knee replacement market is a growing market in the Americas region. On a regional basis, the Americas region is segmented into North America and South America. North America is segmented into the U.S. and Canada. Increasing aging population affected by knee joint disorders and increase in awareness level for joint related treatments are likely to enhance the growth of the knee replacement market in the North American region. Additionally, with heavy research and development in the knee implant industry, the companies are offering technologically advanced products to the customers and growing government initiatives are also pushing the growth of the market. According to the American Joint Replacement Registry, around 161,040 joint replacement procedures were performed in the U.S. in 2015. Additionally, according to the United States Census Bureau, around 49.2 million adults aged 65 and above were present in the U.S. as of 2016. Similarly, according to the Center for Disease Control and Prevention, in 2015, around USD 3.2 trillion was spent on healthcare expenditure in the U.S.
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Europe is the second largest market and holds a noticeable share in the global knee replacement market. The European market is expected to grow during the forecast period owing to the availability of innovative and advanced treatment facilities and rising skilled medical professionals. Furthermore, the increasing aged population subsequently giving rise to the patient population is likely to enhance the growth of the market. For instance, 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 rising patient population.
Asia Pacific is expected to be the fastest growing market due to the increasing prevalence of joint disorders such as arthritis and osteoarthritis. China is the fastest growing region owing to its large older population and rising patient population. Rising awareness about health and availability of new treatment methods drives the market in this region. The increasing healthcare expenditure and the overall growth of the healthcare diagnostic and treatment industry also drive the market.
The Middle East and Africa is expected to show the least growth in the market due to some major factors such as lack of awareness and limited access and affordability of treatment facilities. In the Middle East, the United Arab Emirates is the largest market owing to the development of healthcare infrastructure and rising skilled medical professionals.
Market Key Players:
Some of the 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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