Knee Replacement Market Overview
The global knee replacement market is presumed to experience 3.7 % CAGR during the forecast period (2019-2025) owing to the increasing geriatric population, asserts Market Research Future (MRFR). Knee replacement is also referred to joint replacement surgery which is meant for patients suffering from knee damage. Diseases such as post-traumatic arthritis, osteoarthritis, and rheumatoid arthritis generally cause knee damage. Knee arthroplasty or knee replacement is performed to replace damaged knee with artificial knee implants.
The global knee replacement market has been growing pervasively mainly due to the advancements in joint replacement surgeries. These advancements that have been changing the way these procedures are performed by providing each patient with a personalized surgical experience based on their specific diagnosis, pathology, and anatomy.
The market has witnessed a number of such advancements over the past few years. For instance; Smart knee implants that work on an energy harvesting mechanism getting powered from motion and have built-in sensors to monitor changes in the activity.
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Knee Replacement Market Segmental Analysis
The global knee replacement market has been segmented on the basis of material, product type, end-user, and region.
By mode of product type, the global knee replacement market has been segmented into total knee reconstructive implants, partial knee reconstructive implants, and revision knee reconstructive implants. Among these, the total knee reconstructive implants are further sub-segmented into fixed bearing implants, mobile bearing implants, medial pivot implants, and others.
By mode of material, the global knee replacement market has been segmented into ceramic material, metal alloy, strong plastic parts, and others.
By mode of end-users, the global knee replacement market has been segmented into specialty centers, hospitals and clinics, and rehabilitation centers.
Knee Replacement Market Regional Analysis
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.
Knee Replacement Market Players
· Allegra Orthopaedics Limited (Australia)
· Zimmer Inc. (US)
· Aesculap Implants Systems LLC (US)
· Corin Group (UK)
· Medacta International (Switzerland)
· Stryker (US)
· Kinamed Inc. (US)
· Smith and Nephew (UK)
· Exatech Inc. (US)
· DePuy Synthes (US)
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