Knee Replacement Market 2023: Comprehensive Study Explores Huge Revenue Scope in Future | Leading Key Players
Knee Replacement Market Information: Product Type (Total Knee Reconstructive Implants, Partial Knee Reconstructive Implants) Material (Metal Alloy, Ceramic Material) and End-User (Hospitals & Clinics, Specialty Centers) – Global Forecast Till 2023
Pune, India – July 1, 2019 /MarketersMedia/ —
Market Research Future has published a half-cooked research report on the Global Knee Replacement Market
Global Knee Replacement Market – Segmentation:
The report has been segmented into four key dynamics for enhanced understanding.
By Type of Test: Revision Knee Reconstructive (RKR), Total Knee Replacement (TKR), and Partial (half) Knee Replacement (PKR) Implants among others.
BY Material: Metal Alloy, Ceramic Material, and Strong Plastic Parts among others.
By End-user: Hospital, Clinics, specialty centers, and Rehabilitation Centres among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
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Overview:
The global knee replacement market has been growing pervasively mainly due to the advancements in joint replacement surgeries. These advancements that have been changing the way these procedures are performed by providing each patient with a personalized surgical experience based on their specific diagnosis, pathology, and anatomy.
The market has witnessed a number of such advancements over the past few years. For instance; Smart knee implants that work on an energy harvesting mechanism getting powered from motion and have built-in sensors to monitor changes in the activity.
Another such advancement is robotic-arm assisted total knee application. This latest advancement in joint replacement surgery transforms the way total knee replacements are performed. These advancements are escalating the market on the global platform, making the knee replacement surgeries far easier for patients and surgeons.
Acknowledging the colossal growth, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global knee replacement market is poised to expand enormously by 2023 registering a steady CAGR throughout the assessment period (2017 and 2023).
Other major factors positively impacting market growth include the growing prevalence of knee-related pains and disorders. The increasing rate of geriatric population and the diseases associated with the growing age like osteoporosis, diabetes, obesity, and arthritis among others majorly drive the growth of the knee replacement market.
Moreover, knee injuries occurred during the sports and accidental injuries is another key growth driver of the market. Additionally, technological advancements transpired in the field of knee replacement surgeries and better implant materials are fostering the market growth of the market to an extent.
Leverage to the advent technologies even younger generation is not shying away for undergoing the knee replacement surgeries.
However, the knee replacement market is expected to confront some challenging factors such as unaffordable costs associated with the surgeries, skepticism towards the benefits, and after effects or side effects occurred due to the surgeries are restricting the market growth.
Also, factors such as the increasing number of OEM’s in the market and growing awareness for some non-surgical and alternative treatments & methods such as exercises, weight loss, walking aids, and pain killer medicines are hampering the market growth.
Despite the above-mentioned market growth impeding factors, knee replacement is still widely adopted and a proven cure for extremely debilitating diseases, such as osteoarthritis.
Global Knee Replacement Market – Geographical Analysis:
The North American region, heading with the availability of advanced knee replacement procedures dominates the global knee replacement market. Moreover, factors like the increasing number of aging populations affected by knee joint disorders and the well-spread awareness towards joint related treatments foster the growth of the regional market.
Additionally, growing government initiatives that have been funding several research and development activities in the knee implant industry to bring about technologically advanced products are pushing the growth of the market. The US backed by the increasing number of joint replacement procedures performed accounts for the leading market in the North American Region. The U.S. and Canada are the leading countries for revenue generation and market penetration across the globe.
The European region, led by the availability of innovative and advanced treatment facilities and rising skilled medical professionals accounts for the second-largest knee replacement market, globally. Furthermore, the increasing aged population is positively impacting the market growth, subsequently giving rise to the patient population.
North America and Europe will be in close competition from 2017 to 2023. However, the North American region will continue to lead the global knee replacement market throughout the forecast period.
The Asia Pacific knee replacement market, heading with the rising awareness about health and availability of new treatment methods, is rapidly emerging as a promising market, globally. China, backed by the large patient population and increasing geriatric populace holds the dominant share in the knee replacement market in the region.
Moreover, factors such as the increasing prevalence of joint disorders such as arthritis and osteoarthritis alongside the increasing per capita healthcare expenditures, and the overall growth of the healthcare diagnostic & treatment industry propel the growth of the regional market.
Global Knee Replacement Market – Competitive Landscape:
Characterized by the presence of well-established players; knee replacement market appears to be highly competitive. Well established players incorporate distribution partnerships and partnerships with universities and research institutes along with the prevailing trends such as mergers & acquisitions, collaboration, expansion, partnership, and product launch in order to gain a competitive advantage in this market and to maintain their market position. The competition in the market is expected to intensify further owing to the new product launches and technological advancements through various R&D activities.
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Major Players:
Key players leading the global knee replacement market include ConforMIS, Stryker, Smith & Nephew, Zimmer Inc., DePuy Synthes Companies, Biomet, Inc., Wright Medical Group N.V., Exactech, Inc., and B. Braun Melsungen AG among others.
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