"Increasing geriatric population to drive market growth over the forecast period"
The global knee implants market accounted for USD 8.8 billion in 2015 and is expected to grow at a CAGR of 4.0% during the forecast period. Major growth driving factors, such as the adoption of minimally invasive surgeries, rising prevalence of arthritis, and increasing geriatric population, are anticipated to increase the adoption of replacement devices there by, expected to propel the market growth during the forecast period.
Furthermore, the increasing penetration of pain treatments in cases of age-related joint disorders and other complications due to co-occurring diseases, such as obesity and diabetes, are estimated to boost the sector growth. However, stringent government rules and regulations for medical devices approval and rising cases of product defects are expected to hinder the sector growth over the forecast period.
The presence of untapped growth opportunities in the swiftly growing Asian and Latin American economies and growing awareness of knee implants in these regions will fuel the growth of this vertical. Therefore, the manufacturers are now focusing on harnessing opportunities present in the developing economies to capture maximum share in this sector.
U.S. knee implants market revenue, by procedure type, 2014 - 2024 (USD Million)
"Total knee replacement was the largest revenue generating segment in 2015"
Total knee replacement (TKR) segment held the largest share in 2015, due to the growing need for implants and personalized replacement systems offered by the companies. The segment’s large share is also attributed to the presence of a huge patient base suffering from arthritis disorders and a surge in the patient count undergoing aforementioned procedure.
Moreover, the companies are in process to continuously provide innovative and personalized TKR system that focuses on the unique needs of patient. For instance, Zimmer Biomet and Stryker offer a broad range of advanced technology and products for TKR. Also, the minimally invasive total knee implants surgery is gaining popularity owing to small incision during procedure and fast recovery of patient. All the aforementioned, factors are expected to drive the segment growth in near future.
"Mobile-bearing implants was the fastest growing segment in 2015"
The mobile bearing implants segment is expected to grow at the fastest rate at a CAGR of over 4.0%, owing to its features including advanced wear characteristics and stability. For example, the Zimmer Biomet offers LPS-Mobile Bearing Knees and NexGen LPS-Flex Mobile, allowing 25 degrees of unhindered internal or external rotation post replacement procedures. The mobile-bearing design allows as lightly greater range of rotation in the knee than the fixed-bearing design.
The growing demand in the young and active population is the main factor driving the growth of this segment. As per the U.S. Department of Health & Human Services, it is estimated that around 294,000 children below the age of 18 suffer from arthritis or rheumatic condition in the U.S. The rising penetration of bone-muscle distortion therapies in cases of accidents, hereditary diseases, and obesity amongst the youth is estimated to propel the sector growth of the mobile-bearing implants in near future.
"North America was the largest regional market"
North America is estimated to be the predominant regional segment in this sector. As of 2015, the U.S. represented the largest market in North America. The growing geriatric population base and the rising prevalence of arthritis and other joint deformities are expected to propel the sector growth in the U.S. Also, presence of well-established healthcare infrastructure and access to technologically advanced implants surgeries is anticipated to boost the knee implants market growth.
Asia Pacific is expected to show the highest growth rate owing to untapped opportunities, rising incorporation of implants in orthopedic procedures coupled with rising prevalence of arthritis and rapidly improving healthcare infrastructure. In addition, increasing healthcare awareness amongst individuals and technological advancements in the emerging economies is anticipated to contribute toward the market growth.
"The market is highly competitive and mergers and acquisitions are the key strategies adopted by major companies"
The major players of this industry are Zimmer Biomet, Stryker, DePuy Synthes, Smith and Nephew, Aesculap Implants Systems,LLC, Exactech, Inc., Medacta, MicroPort Scientific, CONMED, Kinamed, Inc., ConforMIS, and OMNIlife science, Inc. There are various small and large manufacturers offering products for implants, as a result, there is intense competition.
The companies have begun to focus on growth initiatives, such as mergers and acquisitions, and strategic collaborations. This aids the companies in strengthening their product portfolio and expanding their global presence for long-term growth in this industry. For instance, in May 2016, ZimmerBiomet completed the acquisition of Cayenne Medical, Inc., a manufacturer and provider of soft tissue repair and reconstruction solutions for the joints. Also, in June 2015, Smith & Nephew announced an agreement to acquire the Zimmer Unicompartmental High Flex Knee system in the U.S. market to increase their access to the joint reconstruction market.
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