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2018-2024 Total Knee Replacement Market| Market Analysis, Global Manufacturers, Trends

Author : Rahul Sankrityayan | Published Date : 2019-04-15 

Global Total Knee Replacement Market is set to exceed USD 10 billion by 2024; according to a new research report by Global Market Insights. Technological upgradation of implant material with evolution of customized replacement implants is augmenting market growth. The increased benefits of knee replacement surgery in restoration of normal functioning of knee has led to growth of younger population undergoing knee replacement surgeries. Presently, 3D printed surgical implants along with customized inserts, jigs devices are used in surgery to deliver better results escalating the industry growth. With increasing use of 3D technology, the knee replacement market will witness rapid growth over the forecast timeframe.

Total knee replacement market will witness a CAGR of 3.7% during the forecast period owing to expanding ageing population pool worldwide coupled with increasing prevalence of degenerative diseases. Geriatric population is more prone to suffer from degenerative diseases such as osteoporosis resulting in demand for total knee replacement procedures. As per International Osteoporosis Foundation estimates, 200 million women worldwide suffer from osteoporosis; therefore, the demand should only increase during the projection years.

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The industry growth is most likely to be hampered in emerging economies having relatively low-income levels due to high costs associated with the total knee replacement procedures. Utilization of advanced technology within the devices have increased the cost of total knee replacement procedures, resulting in hindering the market growth.

Speaking in terms of the product landscape, the total knee replacement industry accrued an excellent revenue of close to USD 3.9 billion from the partial knee replacement surgeries in 2017, as per reliable estimates. This amounts to a humongous 49 percent of the total remuneration portfolio of the total knee replacement market during that year. Owing to its many advantages such as replacement of only the damaged portion of the knee along with a spurt in the development of customized implants that ensure minimal erosion of healthy tissues, partial knee replacement surgeries are being increasingly preferred by healthcare professionals and patients alike in the recent years.

In this regard, it would be prudent to cite the instance of the recently launched water-resistant X3® Advanced Bearing Technology by one of the foremost medical equipment manufacturers, Stryker Orthopaedics. Reportedly, the new premium bearing technology has achieved a significant 96 percent wear reduction than the current leading implants available on the total knee replacement market. 

U.S. total knee replacement market outlook:

Touted as one of the leading contributors to the industry and exhibiting the highest potential for growth, the U.S. total knee replacement market is estimated to accrue over USD 4 billion by 2024. The industry demand will be aided by the increasing number of individuals suffering from degenerative diseases and obesity, with records stating that the country saw an average of 227 TKR procedures being performed per 100,000 population in 2014, a figure that has since risen gradually.

The U.S., attributing to its unique healthcare market charges a lot higher for healthcare services and prescription drugs than in other nations. The nation witnessed $10,348 per capita healthcare expenditure in 2016, which is more than half as much when compared to other wealthy countries.

Europe total knee replacement market outlook:

The UK total knee replacement market is witnessing a substantial push with knee replacement procedures becoming an increasingly common phenomenon. Referring to National Joint Registry, approximately 160,000 total knee replacement procedures are carried out each year in Wales and England. A 2015 UK Mirror report mentioned that the previous year, NHS has spent a total of £585 million (USD 754.94 million) on knee replacement surgeries. Reportedly, in the same year, more than 90,000 knee surgeries were conducted in the NHS clinics and hospitals at an average charge of £6,500 each.

Germany is also slated to emerge as a top-notch regional avenue for Europe total knee replacement industry with the increasing healthcare spending and the growing disposable income. The region’s annual per capita healthcare spending was close to $5,551 in 2016. In 2014, the region witnessed 197 inpatient total knee replacements were performed per 100,000 population. As per Global Market Insights, Inc. Germany total knee replacement industry will record a CAGR of 4% over 2018-2024.

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Key industry players undertake certain strategic initiatives such as new product launch and collaborations to maintain their market position. For instance, Smith & Nephew launched GENESIS II total knee system that is the most preferred and comprehensive system improving surgical performance. Launching this product has rendered company with competitive advantage and improved the company’s market share.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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