Market Outline: Global Knee Implants Market
Knee implants are used in the knee replacement surgery or arthroplasty to replace the damaged cartilage and bone to recreate the joint surface. Knee implants are made up of metal alloys, strong plastic parts, or ceramic materials. Knee implants are used in the kneecap replacement, complex knee replacement, partial knee replacement, and total knee replacement surgeries. Knee implantation is commonly performed for patients with rheumatoid arthritis, osteoarthritis, and psoriatic arthritis.
Global knee implants market was valued at US $ XX Mn and expected to grow at 7.9% Compound Annual Growth Rate (CAGR) from 2018 to 2024.
Increase in the prevalence of osteoporosis and rheumatoid arthritis is a key factor drives the global knee implants market over the forecast years. Moreover, technological advancements of knee replacement surgeries, rise in R&D for the development of innovative implants, rise in prevalence of obesity and diabetes due to change in lifestyle, and increase in healthcare expenditure are surge the global knee implants market. However, high cost of products, stringent regulations for product approval, and dearth of skilled professionals are restrain the global knee replacement market over the forecast timeframe.
Global knee implants market is segmented based on product type, material type, and end user
Based on product type, market is segmented into the following:
- Kneecap Replacement
- Partial Knee Replacement
- Total Knee replacement
Based on the material type, market is segmented into the following:
- Cobalt-Chromium Alloys
- Titanium Alloys
- Stainless Steel
Based on the end users, the market is segmented into the following:
- Ambulatory Surgical Centers (ASCs)
Knee Implants is one of the most effective and widely used ways to relieve the knee arthritis pain. Technological advancements in the knee implants market such as minimal invasive surgery, improved implant materials and their success rates are allowing even the younger population to undergo knee implants surgery ultimately driving the knee implants market significantly. The global knee implants market is also promoted by the technologies such as 3D printed knee implants which is being manufactured by the U.S. based medical company ConforMIS. Introduction of advanced technologies and products for are anticipated to keep the industry rivalry and market growth at par over the forecast period. For example, X3 Advanced Bearing Technology and Mako Robotic-Arm Assisted Technology with capabilities of providing patient-specific 3-D model to plan partial knee replacement surgery. As per the U.S. Department of Health & Human Services, it is estimated that around 294,000 children below the age of 18 suffer from arthritis or rheumatic condition in the U.S. The rising penetration of bone-muscle distortion therapies in cases of accidents, hereditary diseases, and obesity amongst the youth is estimated to propel the sector growth of the mobile-bearing implants in near future.
Geographically, global knee implants market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America knee implants market is poised to grow due to rise in prevalence of osteoarthritis and rheumatoid arthritis, increase in R&D for the development of newer products by market players, and sophisticated healthcare infrastructure are bolster the market. Europe knee implants market is driving by rise in adoption of newer knee implants and procedures, presence of skilled professionals in developed countries, and increase in prevalence of lifestyle disorders such as obesity and diabetes couple with rise in number of sports injuries are surge the market. Asia Pacific knee implants market has prominent share attributed to increase in the medical tourism in Asia Pacific countries, rise in disposable income, and large patient pool in Asia Pacific region are fuel the market.
- Stryker Corporation (U.S.)
- Zimmer Biomet Holdings (U.S.)
- DePuy Synthes (U.S.)
- Aesculap Implants Systems, LLC (U.S.)
- Medacta (Switzerland)
- Exactech, Inc. (U.S.)
- CONMED (U.S.)
- MicroPort Orthopedics, Inc (U.S.A)
- Kinamed, Inc.(U.S.)
- OMNIlife science Inc. (U.S.)
Notable Market Developments:
- In September 2017, Zimmer Biomet launched Persona partial knee system used in the partial knee replacement surgery