Knee Replacement Market Outlook
The global knee replacement market is expected to grow at CAGR of 3.7 % during forecast period. It has been estimated that bone-related diseases like osteoarthritis, a common form of arthritis, have been increasing among the older generation during the past few years. Many people with osteoarthritis seek knee replacement surgery to escape chronic pain.
Other factors for knee surgery among the ill population has experienced diabetes and obesity. There are over 14 million osteoarthritis patients in the U.S. alone; with an increase in the income bracket and modern health care techniques, the knee replacement market has seen a significant surge. Total knee replacement is a surgical intervention that replaces the knee caps with artificially stronger knee implants.
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Knee Replacement Market Segmental Analysis
The global knee replacement market has been segmented into partial knee reconstructive implants, total knee reconstructive implants, and revision knee reconstructive implants based on the product type.
On the basis of material, the knee replacement market is segmented into ceramic material, metal alloy, strong plastic parts, and others.
Based on the end-users, the knee replacement market is segmented into hospitals & clinics, specialty centers, and rehabilitation centers.
Knee Replacement Market Dynamics
A surge in knee replacement procedures has been noticed due to the gradual integration of robot-based knee surgeries. This made dependence on orthotics surgeons, thus increasing the patient base to conduct A.I. surgeries for knee implants. Robotic surgeries were found to have the highest precision inpatient recovery rates. These robotic surgeries have also introduced novel knee implant designs and techniques with materials long after the operation. It has been reported that scientifically advanced companies like Smith & Nephew have introduced handheld devices to perform partial knee surgeries from the comfort of home. With CT-free navigation system and robotic bone shaping machines, personalized knee replacement procedures have been demand. Thereby increasing the marketplace for this health promotion.
Technology-based devices are being invented by scientific research companies that will greatly aid in eliminating bone-related diseases in the future. The integration of Artificial Intelligence systems in the hospital arenas has given rise to the detection of knee motion and accurate prediction of arthritis and obesity-related bone illnesses. Thus fueling the knee replacement market.
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Knee Replacement Market Competitive Outlook
Zimmer Inc. (US), DePuy Synthes (US), Stryker (US), Smith and Nephew (UK), Exactech, Inc. (US), Corin Group (UK), Aesculap Implants Systems LLC (US), Medacta International. (Switzerland), Allegra Orthopaedics Limited (Australia), and Kinamed, Inc. (US), are some of the key players operating in the global knee replacement market.
Knee Replacement Market Regional Overview
North America alone boasts a major market segment related to knee replacement surgeries with over $ 5.05 billion investments. The United States comes next to an increase in the knee replacement market since it has been estimated that the older generation suffering from bone-related diseases is on the rise. The United States healthcare systems have implemented A.I. Integrated operational methods, modern implants and seamless reimbursement programs for knee replacement, thus boosting this health-related sector.
The E.U. market has also seen a significant increase in illnesses such as diabetes and arthritis. Thus making it an affordable market for these surgeries, the Asian countries have developed the best healthcare facilities for bone disorder patients, which have automatically put knee replacement surgeries on a high list for medical tourism. Thanks to the advanced design and equipment used for the implants, these surgeries have become available to the disposable income groups.
The Middle East and the Latin American nations have yet to overtake the healthcare system regarding successful knee surgeries since the population is considerably below-average income, and there is a lack of orthopaedic surgeons in these areas. But the market is set to create a boom with a daily surge of arthritis and orthopaedic injuries.
The major industries investing in this market factor are Zimmer Biomet based in the US, Smith and Nephew based in the UK, Medacta International based in Switzerland and MicroPort Scientific Corporation based in China.
Medical advancement and early detection of bone diseases have resulted in patients getting this healthcare remedy faster. Knee arthroplasties are not limited to obesity and chronic pain; even sports personalities and people in high functioning positions suffer from knee-related diseases. Therefore, a sedentary lifestyle and stress due to ongoing work problems will cause more bone problems in future generations. Robotic-assisted knee replacements will be the norm for future medical treatments.
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