Knee Implant Market | Evolving Technology, Trends and industry Analysis – 2024
According to Transparency Market Research (TMR), the US knee implants market is expected to rise to a valuation of US$7 bn by 2024. The market was valued at US$4.3 bn in 2015 and is expected to exhibit a steady CAGR of 5.3% during the 2016-2024 forecast period.
Ambulatory Surgery Centers to Exhibit Rising Demand, Hospitals to Remain Dominant
By end use, the US knee implants market is segmented into hospitals, ambulatory surgical centers, and specialized orthopedic clinics. Of these, hospitals dominate the demand from the US knee implants market and are likely to remain the leading end user due to their growing consumer base. Hospitals accounted for close to 45% of the US knee implants market and are likely to retain a similar level of dominance in the coming years. However, the rising sophistication of ambulatory surgical centers in the U.S. is likely to lead to increased demand in the coming years, making ambulatory surgical centers a key end user in the U.S. knee implants market. The rising use of minimally invasive procedures in ambulatory surgical centers is likely to aid their prominence in the U.S. knee implants market.
Regionally, the Midwest is likely to remain the leading consumer in the U.S. knee implants market in the coming years. The growing concentration of ambulatory surgical centers in the Midwest region is likely to remain the key driver for the U.S. knee implant market in the coming years. Other leading regional segments of the U.S. knee implants market include the Pacific region, the Mountain region, the North East, the South Atlantic, and South Central.
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Increasing Geriatric Population Likely to Drive U.S. Knee Implants Market
The prime driver for the U.S. knee implants market is the rising volume of the geriatric demographic in the country. The improving healthcare standards in the highly developed region has led to a constant extension in average lifetimes, which has now led to a situation where the geriatric demographic has kept on increasing to unprecedented levels. This has benefited the healthcare sector immensely, as geriatrics are more prone to suffer from a wide variety of health concerns, including joint and bone problems that necessitate the use of implants. The steady development of the healthcare sector is thus likely to have a twofold benefit on the U.S. knee implants market, as rapid technological advancement will lead to the availability of advanced knee implant products, while the improvement in the overall healthcare standards will lead to growth of a vital consumer demographic.
The growing prevalence of obesity in urban centers, due to the rising adoption of unhealthy diets and lifestyles, is also likely to benefit the U.S. knee implants market in the coming years. The urban demographic in the U.S. is thus likely to become a key consumer for the U.S. knee implants market.
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