Global Knee Replacement Devices Market: Snapshot
The significant rise in the incidence of knee related issues among people across the world is boosting the global market for knee replacement devices, substantially. Knee-related disorders are considered as one of the prominent health issues. It generally affects people under the age bracket of more than 40 years. Arthritis, osteoporosis, back pain, knee injury, and trauma have surfaced as the most common joint problems. Apart from this, osteoarthritis, which affects the joints and stresses hips, knees, and lower spine, has also become a common problem now among the geriatric people. Technically advanced treatment options and enhanced standards of medical and healthcare services have improved the life expectancy of people across the world, leading to a considerable increase in the geriatric population, which is expected to boost the number of cases related to knee disorders. This, in turn, is projected to propel the global market for knee replacement devices in the years to come.
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Geographically, North America has been dominating the global market and is anticipated to continue doing so over the next few years. The significant rise in the geriatric population, together with rising prevalence of bone-related disorders, obesity, accident cases, and lifestyle-related conditions, is the main factor behind the growth of the North America market for knee replacement devices. The escalating efforts and number of initiatives by the American Orthopedic Society to augmenting awareness regarding the importance of the early diagnosis of knee-related disorders and the ample availability of advanced treatment options are likely to support the growth of this market in the years to come. In this region, the U.S. has surfaced as the key revenue contributor.
Global Knee Replacement Devices Market: Overview
The primary objective of any knee replacement is to alleviate pain and improve flexibility. Knee replacements are sometimes tailor-made to fulfill the individual needs of patients, as these devices are not one-style-fits-all or one-size-fits-all. Fixed-bearing implants are perhaps the most common knee replacement implants. All knee replacement devices consist of four common components, namely, plastic spacer, tibial component, femoral component, and patellar component.
Based on type of material used in the knee replacement device, metal, ceramic, superior quality plastic such as polyethylene, cobalt-chromium alloys, titanium, and titanium cobalt are a few of the key segments of the global knee replacement devices market.
Global Knee Replacement Devices Market: Key Trends
The incidence of knee-related issues is escalating at a high pace. This has encouraged the adoption of total knee arthroplasty (TKA) or total knee replacement (TKR). Long lifespans of these devices, development of superior quality devices and materials used in knee replacements, and the designing of customized treatments and knee transplants are some of the chief drivers of the global knee replacement devices market.
According to the findings of the American Academy of Orthopedic Surgeons, nearly 90% of the patients who underwent knee replacement surgeries experience much lesser pain. In several cases, patients can resume their routine activities such as walking and playing golf. As a result, the global demand for knee replacement devices is expected to soar.
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Global Knee Replacement Devices Market: Market Potential
Increased levels of accuracy and automation are expected to enable further expansion of the market. In addition, the market is expected to gain from the recent robotics advances in the healthcare sector. For instance, in March 2017, a total knee replacement surgery was performed at St. Elizabeth Healthcare in Edgewood, Kentucky (U.S.) with the help of Mako robotic-arm system. The novel robotic surgery solution by Stryker offers more surgical accuracy, improving natural movement and reducing post-surgery pain. The procedure, being lesser invasive than traditional surgery, is expected to witness increasing demand. Moreover, the surgeon can sketch a pre-surgical plan for each individual knee replacement implant. Although the robotic arm received FDA approval in 2015, it is expected to enter the commercial market only by 2018.
A number of research studies for developing more effective knee replacement devices are conducted around the world. For instance, ConforMIS has recently announced positive results from its iTotal PS total knee replacement research study. Knee kinematics of 13 participants implanted with iTotal PS customized knee replacement device were compared with that of 18 participants implanted with Zimmer Biomet’s NexGen PS total knee replacement device. The findings reveal the greater efficiency displayed by iTotal PS knee replacement device.
Global Knee Replacement Devices Market: Regional Outlook
The presence of the leading global players including Zimmer Biomet Holdings, Stryker Corp, and Johnson & Johnson in the U.S. has been contributing toward the expansion of the knee replacement devices market in North America. Higher incidence of chronic diseases that create increased joint tension and wear in Europe and North America is propelling the demand for knee replacement devices across several countries.
Vast patient base, growing healthcare expenditure, and greater adoption of technology in healthcare have been encouraging the expansion of the knee replacement devices market in Asia Pacific. The prevalence of knee-related conditions and growing disposable incomes of people also promise favorable growth prospects in countries such as Japan, Singapore, China, India, and Malaysia.
Global Knee Replacement Devices Market: Competitive Analysis
Smith & Nephew, DePuy Synthes, Zimmer Biomet, ConforMis, Stryker, Exactech, ORTOSINTESE, Elite Surgical, Arthrex, Ortho Development, Baumer, PETER BREHM, Medacta, MicroPort Scientific Corporation, Aesculap Implant Systems, and Corentec are some of the major companies operating in the global knee replacement devices market.
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