High prevalence of Osteoporosis due to rise in geriatric population and unhealthy living habits, new product launches, increasing strategic developments such as mergers and acquisitions, marketing techniques, favourable research funding scenario, adequate insurance coverage and reimbursements are key factors contributing to high CAGR of Knee Replacement Implant Market during forecast period.
Market Size –9,87 USD Billion in 2018, Market Growth – 5.3% CAGR of Market Trends – Product launches and research for Knee Replacement Implant
NEW YORK, May 22, 2019 (GLOBE NEWSWIRE) — According to the recent analysis of Reports and Data, the knee replacement implant market has acquired a market value of USD 9.87 billion in 2018 and is expected to attain a value of USD 14.79 billion dollars by the end of the forecast frame in 2026 growing at a CAGR of 5.3%. The knee replacement implant surgery is a surgical procedure which involves the replacement of the weight bearing part of the knee with an artificial substance known as an implant. These surgeries are commonly carried upon people with arthritis and other degenerative diseases. It is identified as one of the most effective mechanisms to relieve pain of patients. The use of 3D printing technology has been able to propel the market significantly within the forecasted period. The expenditure on health care in all the countries across the globe is another feature which was able to fuel the growth of the market. An era of highly functional implants has emerged owing technological advancements and aggressive research developments. Strategic mergers and acquisitions along with revolutionary product launches with aggressive marketing techniques are the primary strategies undertaken by the competitors.
The market is dominated by top brands who are able to sustain their market share by using innovative world class technology and aggressive promotional activities to spread medical awareness about their product.
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Further key findings from the report suggest
- The use 3D printing technology and robot assisted surgeries which are minimally invasive in nature have aided the growth of the market for these products.
- Asia pacific is the fast-growing region for knee replacement implants due to factors like increasing disposable income, large amounts of people coming in for medical tourism especially in India, China and Thailand
- Technology and patient focused implants are identified to be key growth factors. Companies are starting to provide custom made implants to their patients.
- Competitive edge over the companies in the market is gained by innovative product launches and strategic merger and acquisition projects.
- The US market is valued at about 3,300 million USD in 2018 due degenerative diseases like arthritis being common among elderly, especially women. Physical accidents have also acted as a contributing factor
- Partial knee replacement surgery is becoming more common and is growing at a CAGR of 3.8%. This can be attributed to the discretion to only replace the damaged tissue.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/knee-replacement-implants-market
Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2016 to 2026. For the purpose of this study, Reports and Data have segmented the Knee Replacement Implant market as follows:
Procedure Type (Revenue, USD Million; 2016–2026)
- Total Knee Replacement
- Partial Knee Replacement
- Revision Knee Replacement
Material (Revenue, USD Million; 2016–2026)
- Stainless Steel
- Cobalt Chromium Alloys
- Titanium Alloys
Component (Revenue, USD Million; 2016–2026)
- Fixed Bearing Implants
- Mobile Bearing Implants
End Use (Revenue, USD Million; 2016–2026)
- Ambulatory Service Centres
Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- Asia Pacific
- Latin America
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