Stryker, Smith & Nephew, Profiled in Total Knee Replacement Market Forecast 2018-2024 | Top Key Player Medacta, MicroPort Scientific, B. Barun, ConforMIS, DePuy Synthes, Corin, DJO Global, Zimmer Biomet
The report is a comprehensive exploration of Global Total Knee Replacement Market offering growth rates, size of the industry, competitive landscape information, factors to the contributing growth of the global Total Knee Replacement Market and more.
Total Knee Replacement Market, Global Total Knee Replacement Market Size, Total Knee Replacement Industry
U.S. total knee replacement market valued at USD 3.2 billion in 2017 and is expected to grow exponentially over the forecast timeframe. Market growth across the nation can be attributed to the increasing prevalence of arthritis and other knee related problems. According to Centers for Disease Control and Prevention (CDC), about 54 million patients were diagnosed with arthritis in U.S. in 2016. With increasing number of knee problems and introduction of novel products, the market growth should augment over the forecast timeframe.
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The knee replacement market will experience high growth due to presence of enormous opportunities arising rapidly increasing demand. One of the major market growth driving factors is growing geriatric population susceptible to chronic knee injuries and bone disorders such as arthritis. As per the Census Bureau, the ageing population in the U.S. is around 46 million that is projected to double by 2060. Majority of the geriatric population suffers from at least one bone disorder and require medical attention, giving rise to demand for various knee replacements procedures. Total Knee Replacement Market will exceed USD 10 billion by 2024; as per a new research report.
Advancements in the technology further stimulate industry growth as many companies are manufacturing superior quality products. Production of superior quality offerings has impacted the demand for knee components and implants positively, thereby boosting the knee replacement industry growth.
Partial knee replacement market segment held largest share in 2017, accounting for USD 3.9 billion and is expected to grow significantly over the forecast timeline. Factors such as favorable regulatory scenario are in favor of industry expansion. For instance, Hip and Knee Replacement Association in U.S. has enforced certain regulations on the manufacturers that enables modifications in the partial knee replacement systems increasing its preference over the conventional systems; thus, proving beneficial for the industry growth.
Femoral knee replacement market segment will grow with a CAGR of 3.7% over the projection years, owing to escalating number of femur shaft fractures. Moreover, development of reimbursement policies by Medicaid and Medicare will lower the prices of the knee replacement surgical procedures; therefore, boosting the demand for the same.
Hospitals market segment held the largest share of around 85.6% and should expand significantly in the coming years due to the increasing number of total knee replacement surgical procedures. In Japan, there were more than 100,000 procedures performed in 2015 and the number of surgical procedures is expected to grow by 7% every year.
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Germany total knee replacement market is estimated to grow with a CAGR of 4.0% from 2018 to 2024. Knee problems arising from lifestyle disorders such as obesity should contribute to increasing demand for innovative products. According to WHO recent report in 2013, around 60.5% of the adult population in Germany is overweight increasing the cases of disorders such as osteoarthritis and rheumatoid arthritis thereby augmenting the industry growth.
Some of the prominent industry players operating in knee replacement market include Stryker, Smith & Nephew, Medacta, MicroPort Scientific, B. Barun, ConforMIS, DePuy Synthes, Corin, DJO Global and Zimmer Biomet. Strategic merger, acquisitions and new product launches are some of the key strategies undertaken by the key industry players to maintain or improve their market position. For instance, in 2017, MicroPort launches two new products namely Evolution Revision Tibial System and the Evolution BioFoam Tibia. Development of product portfolio will aid revenue generation for the company.
Table of Content:
Chapter 1. Total Knee Replacement Market Methodology and Scope
Chapter 2. Total Knee Replacement Market Executive Summary
Chapter 3. Total knee replacement Industry Insights
Chapter 4. Total Knee Replacement Market, By Product
Chapter 5. Total Knee Replacement Market, By Component
Chapter 6. Total Knee Replacement Market, By Distribution channel
Chapter 7. Total Knee Replacement Market, By Region
Chapter 8. Total Knee Replacement Market Company Profiles
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Global Total Knee Replacement Market 2018 by Manufacturers, Regions, Type and Application, Forecast to 2023
Technological advancements in implant materials used for knee replacement surgery will result in increasing demand for the same. Companies such as ConforMIS provides customized 3D printed implants to exactly match the patient?s anatomy. Materials such as kneecap, inserts and jigs are also customized to lessen surgery time and deliver better outcomes. Technological shift from traditional invasive surgery towards minimal invasive surgeries will favour market growth over the projection years.
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