Knee Implant Market To Reach $12.3 Billion By 2024: Grand View Research, Inc.
The
global knee implant market was valued at USD 8.8 billion
in 2015 and is expected to reach a value of USD 12.4 billion by 2024. This
growth is majorly attributed to growing elderly population and surging
prevalence of chronic rheumatic conditions such as osteoarthritis, rheumatoid
arthritis, and post-traumatic arthritis. Primary factors that lead to the
occurrence of arthritis are aging, physical injuries, genetic inheritance
factors, abnormal metabolism, infections, and immune system abnormalities.
U.S. knee implants market revenue, by procedure type, 2014 - 2024 (USD Million) |
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. Also, in March 2016, Zimmer Biomet launched the Persona
Medial Congruent Bearing, which is designed to provide a more natural motion of
the knee by maximizing joint stability.
The
increasing investment in healthcare sector, geriatric population coupled with
demand for minimally invasive surgeries are major factors fueling the increasing
adoption of joint replacement procedures. In addition, untapped opportunities
in developing economies such as China, and India are further anticipated to
propel the knee implant market growth.
On
the contrary, the stringent regulatory guidelines involved in gaining approval
of class III medical devices are slowing down the approval of implants devices.
Browse full
research report on Knee Implant Market: www.grandviewresearch.com/industry-analysis/knee-implants-market
Further
Key findings from the study suggest:
- The total knee replacement was the largest
grossing segment in 2015 with over 75.0% and is expected to maintain its
position during the forecast period. Developed countries including the
U.S. and Germany are major contributors of this vertical. Advances in the
surgical technologies and its rising demand in the developing economies
will be a vital factor contributing to the sector growth
- The mobile-bearing implants segment is expected
to exhibit fastest growth during the forecast period. The growth is attributed
to the associated benefits such as longer performance with less wear and
additional few degrees’ rotation compared to a fixed-bearing device
- North America is estimated to reign the global
knee implant market in the year 2016. The region is expected to maintain
its dominance throughout the forecast period. High procedural cost and
reimbursement coverage coupled with the availability of skilled
professionals is anticipated to spur the demand for knee implants during
the forecast period
- The Asia Pacific region is projected to be the
fastest growing regional market over the projected period. Rapidly booming
medical tourism industry in the emerging economies of India and China is
primarily propelling the demand for knee replacement products in Asia
Pacific region
- The industry involves several global as well as
local players. Some of the major players in this sector include Zimmer
Biomet, Stryker, DePuy Synthes, Smith and Nephew, Aesculap Implants
Systems,LLC, Exactech, Inc., Medacta, MicroPort Scientific, CONMED,
Kinamed, Inc., ConforMIS, and OMNIlife science, Inc.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/medical-devices
Grand View Research has segmented the knee implant market by procedure
type, component and region:
Procedure
Type Outlook (Revenue, USD Million, 2013 - 2024)
- Total
knee replacement
- Partial
knee replacement
- Revision
knee replacement
Component
Type Outlook (Revenue, USD Million, 2013 - 2024)
- Fixed-bearing
Implants
- Mobile-bearing
Implants
Regional
Outlook (Revenue, USD Million, 2013 - 2024)
- North
America
- U.S.
- Canada
- Europe
- UK
- Germany
- Asia
Pacific
- Japan
- China
- India
- Latin
America
- Brazil
- Mexico
- Middle
East and Africa
- South
Africa
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-knee-implant-market
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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