The global knee replacement market is expected to grow at a staggering CAGR of 6.1% over the forecast period (2017-2023), Market Research Future (MRFR) asserts. Rise in geriatric population and a surge in diseases such as osteoarthritis, post-traumatic arthritis or rheumatoid arthritis have made the knee replacement market a booming one.
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Drivers and Restraints:
Sedentary lifestyle, along with increasing geriatric population is playing a distinct role in shaping the global knee replacement market. Among other issues, obesity and sports-related injuries are of pressing concern. With the advent of newer technologies, minimally invasive surgeries are also a possibility now and have spurred the need for knee replacement.
However, the global slowdown of economies and stringent stipulations implemented by various governments could deter the predicted growth rate during the forecast period.
Global Knee Replacement Market – Segmentation
The report has been segmented into four key dynamics for enhanced understanding.
- By Type of Test: Revision Knee Reconstructive (RKR), Total Knee Replacement (TKR), and Partial (half) Knee Replacement (PKR) Implants among others.
- BY Material: Metal Alloy, Ceramic Material, and Strong Plastic Parts among others.
- By End-user: Hospital, Clinics, specialty centers, and Rehabilitation Centres among others.
- By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Geographically, this segment includes North America, Latin America, Europe, Asia Pacific and the Middle East & Africa.
North America is leading the population as various factors, such as rising geriatric population and technological advancement are making knee replacement a preferred alternative. Government initiatives are also pushing the market ahead. High procedural cost and reimbursement coverage can spur the demand for knee replacement procedure during the forecast period.
Europe is the second largest market. Increasing geriatric population, rising number of skilled professionals and advanced medical facilities are expected to play as a catalyst for the growth of this market.
Asia Pacific is the fastest growing region due to the prevalence of various joint-related diseases, such as arthritis and osteoarthritis. The increasing healthcare expenditure and the overall growth of the healthcare diagnostic and treatment industry are expected to drive the market forward. In addition, the booming medical tourism industry in the emerging economies of India and China is bolstering the knee replacement market in Asia Pacific region.
The Middle East and Africa are expected to show the least market growth owing to lack of awareness and limited access and affordability of treatment facilities. The United Arab Emirates is predicted to record a healthy growth due to the development of healthcare infrastructure.
Table Of Content
2.2 Scope Of The Study
2.2.1 Research Objective
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
5.Market Factor Analysis
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Researchers are coming up with various new methods to enhance the experience of the patients. Robotically assisted operations are continually evolving bettering the prospect of knee replacement component’s positioning. For instance, DePuy Synthes, part of the Johnson & Johnson Medical Devices Companies, has recently launched ATTUNE Revision Knee System to provide stability during movement. In addition, it helps in precise balancing of muscle and ligament. Minimally invasive surgeries have now reduced the tissue trauma and the pain associated with it.
However, there are also researches going on that could impede the recent advancements of the technology. For instance, according to a study presented recently at Society of Interventional Radiology’s annual meeting, in Los Angeles, tiny pellets inserted into blood vessels around the knee could slow down the effects of diseases, such as arthritis.
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