Rising Ratio of Aging Population to Drive the Demand for Knee Replacement Implants during the Forecast Period 2013-2023
Knee implant is the procedure of either totally or partially resurfacing a part of the damaged knee, either by traumas or by rheumatoid arthritis, so as to improve it’s functioning to a normal, efficient, undamaged knee. The surgical procedure that includes an implantation of a damaged knee with the artificial knee is termed as arthroplasty. Depending upon the severity and need, the damaged knee is replaced by implants that are developed in different forms such as metal alloys, ceramic material, or strong plastic parts. The knee replacement implants market has been witnessing a considerable growth over the recent years and is experiencing a phase of technological advancements and new innovations owing to increased demand. In order to grow awareness among people and increase their market share, the manufacturing companies are indulging in competitive marketing activities.
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The increasing proportion of the elderly population over the world has increased the number of people suffering from osteoporosis and arthritis. Moreover, the luxurious lifestyle among people has led to the growing occurrences of diabetes and obesity. Hence, the demand for knee replacement implants has been growing. Additionally, investments in procedures such as minimal invasive (MI) surgery, better implant materials, and other technological advancements have increased the success rates. Growing awareness regarding knee implant surgeries is another major factor responsible for driving the growth of the market.
Hospitals to Remain Key End-Users of the Market
Hospitals, specialized orthopedic clinics, and ambulatory surgical centers are some of the key end-users of knee implants in the U.S. The demand for knee implants has been growing since the past few years from hospitals than any other end-user segment. Hospitals accounted for more than 43% share of the overall demand for knee replacement implants in the U.S. in 2015. This growth can be attributed to the presence of a large number of hospitals in the region, which likely remains the topmost end user of knee implants.
Ambulatory surgery centers are also expected to emerge as a key end-user segment for knee implant manufacturers in the U.S. during the forecast period. As these centers offer modern healthcare amenities and focus on providing same-day surgical care, including diagnostics and preventive procedures, which has started to reflect emphatically on the demand for knee implants from these centers. Aside from this, the moving inclination of patients from hospitals to ambulatory service centers, attributable to the aftercare administrations, cost-effective care, and minimally invasive surgical procedures, is also anticipated to impact the demand for knee implants from these centers in the near future.
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High Demand from Emerging Economies
In 2016, North America accounted for the largest revenue generating market for knee replacement implants. The U.S. held the largest share of the market, owing to the technological advancements in orthopedic implants, including the use of bio-compatible materials, navigation technology, and the application of 3D printing technology in obtaining precise implants, robotic-assisted and minimally invasive surgeries. These are some of the factors responsible for driving the demand for knee replacement implants in this region. On the other hand, Asia Pacific is projected to emerge as the fastest growing region over the coming years, owing to the flourishing medical tourism in the region, especially in countries such as India, China, and Thailand, which is boosting the demand for knee replacement implant market in the Asia Pacific market.
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