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.
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.
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- 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.
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
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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