SELBYVILLE, Del., Jan. 29, 2020 /PRNewswire/ — Global Market Insights, Inc. has recently added a new report on the knee replacement devices market which estimates the global market valuation for knee replacement devices will cross USD $12 billion by 2026. The increasing global geriatric population will be a major factor in boosting the total knee replacement market growth. The geriatric population shows increased incidences of bone disorders, such as arthritis and osteoporosis, prompting the need for joint replacement. This will, in turn, spur the demand for knee replacement devices. Due to the increasing sophistication of healthcare, the average lifespan is much longer than in the past, and there is an increased emphasis on quality of life for seniors.
According to this report, the primary knee replacement systems segment is predicted to exhibit a 4.3% CAGR over 2020 to 2026. The growth can be attributed to total pain relief provided by the surgery and sophisticated technologies. Furthermore, the majority of these surgeries are performed on women, which is attributed to increased incidences of osteoarthritis and osteoporosis in aged women. Increasing rates of osteoporosis will contribute to segment growth during the forecast years.
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Unicompartmental knee implants were valued at USD $710 million in 2019. These types of implants are used in partial knee replacement surgeries. A smaller incision during partial knee replacement surgery coupled with reduced recovery time will boost the demand for partial knee replacement surgery, spurring the segmental growth.
The femoral segment held a market share of 51% in 2019 and will witness lucrative growth over the forecast period. The advantages of femoral knee replacement, such as increased stability of kneecap movement owing to a reduced flexion gap, will boost the segment demand. Furthermore, a successful femoral replacement might eliminate the need for total knee replacement in patients. Hence, the above-mentioned factors will bolster the segment growth over the analysis timeframe.
The medial pivot implant segment exhibited a 7.8% CAGR across the analysis timeframe. The growth can be attributed to the advantages of medial pivot implants such as improved anteroposterior stability, low contact stress and improved survival rates. Furthermore, these types of implants offer faster recovery and a more natural motion of the knee joint. These advantages will boost the product demand, fostering the knee replacement devices market growth.
Browse key industry insights spread across 850 pages with 2,474 market data tables and 30 figures and charts from the report, “Total Knee Replacement Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The technology-assisted segment held an 11% market share during 2019 and will show lucrative growth over the forecast period. The technology-assisted surgery uses a robot or a computer to plan the surgery using CT scan images instead of X-ray photographs, allowing increased accuracy during surgery. The increased accuracy leads to improved outcomes in patients. These improved outcomes will boost the demand for technology-assisted surgery, fostering market expansion.
The cemented fixation material segment is forecast to exhibit a 4.3% CAGR during the forecast period. Cemented fixation uses bone cement to affix the implant. The quick-drying nature of the cement allows surgeons to check the strength of the bond immediately. Furthermore, cemented material is the recommended option for patients with osteoporosis. These factors will contribute to segment growth in the future.
Some major findings of the knee replacement market report include:
- Increasing geriatric population across the globe will positively impact the global knee replacement devices market.
- Technological advancement in implant material will boost product demand.
- Major players operating in the market share include Stryker, B. Braun, Zimmer Biomet, Smith & Nephew, ConforMIS, and Microport Scientific Corporation.
- Competitors focus on new product launches and strategic acquisitions in a bid to capture market share and strengthen revenue generation.
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Antioxidant polyethylene inserts accounted for 29% of the market share in 2019 and will witness substantial growth in the future. Antioxidant polyethylene inserts use an antioxidant to stabilize the insert material. Advantages of this type of insert include reduced oxidation, which results in increased stability of the implant. Furthermore, the lifespan of these inserts is similar to metal-on-metal implants due to the increased integrity offered. These factors will contribute to propelling the segment growth over the analysis timeframe.
China’s knee replacement devices market is predicted to showcase substantial growth over the forecast period at a 10% CAGR. The high growth rate can be attributed to obesity and osteoporosis in the population. A growing geriatric population that is prone to the depletion of bones is driving the market demand. Furthermore, the rising prevalence of osteoporosis in the population due to reduced calcium intake will further boost the demand for total knee replacement procedures in the future.
A few notable companies operating in knee replacement devices market include ConforMIS, Stryker, Zimmer Biomet, B. Braun, Smith & Nephew, Microport Scientific Corporation, Corin Group, Johnson and Johnson Medical Devices and C2F Implants.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Total Knee Replacement Market Size to Exceed $12 Billion by 2026
Total Knee Replacement Market size is set to exceed USD $12 billion by 2026, according to a new research report by Global Market Insights, Inc.
SOURCE Global Market Insights, Inc.