Understanding Impact of COVID-19 on Knee Implants Market
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With advancement of technology in the knee implant market, companies are offering diverse product portfolio to patients and surgeons with novel techniques, thus providing better outcomes for patients. Due to heavy research and development in knee implant industry, companies are offering technologically advanced products to the customers. The high cost of knee replacement surgery is acting as a major restraint in the countries facing economic downturn for the last couple of years. Many patients either avoid or postpone the surgery due to high cost of the procedure. This has compelled the hospitals and surgeons to strive for decreasing the cost of procedure to accommodate more patients while providing better care. Moreover, high industry competition is resulting into price negotiation and thus helping the growth of overall market size.
Companies’ manufacture knee implants with variety of designs and made up from a variety of materials. Most of these devices are made up of multiple material components constituting medical grade material. Based on the type of procedure, the global knee implants market can be categorized into total knee replacement, partial knee replacement and revision knee replacement. In the total knee replacement procedure, all parts of knee joints are replaced with knee implants. This procedure is further sub-segmented into cemented knee replacement and cement-less knee replacement. In the partial knee replacement procedures single part of the knee is replaced with an implant while the revision knee replacement procedures refers to replacement of an existing implant with new one. On the basis of composition, knee implants are also categorized as fixed bearing prosthesis and mobile bearing prosthesis.
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Geographically, the global knee implants market has been segmented into five major regions, viz., North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The U.S. and Europe are the two big markets comprising of comparatively significant market share of the total knee implant market. Europe and North America are anticipated to dominate on the global knee replacement market. These two regions are followed by Asia market owing to increasing number of knee replacement surgeries in China and India. The factors leading to an increase in the demand for knee implants in Asia Pacific region include aging population affected with knee joint disorders and increase in awareness level for related treatments. India and China have large population base, and hence foreseen to be a highly potential market for knee replacement surgeries. The increasing disposable income in these countries will further propel growth in the Asia Pacific knee implant market.
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Globally, the knee implants market is dominated by players such as B.Braun, Smith and Nephew, Stryker, Zimmer Biomet, Medacta and Depuy. The medical device manufacturing companies are attempting to increase their market share through several product awareness and marketing campaigns. Technology and patient centric approach has been a key factor in driving the overall knee implants market.
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