(PharmaNewsWire.Com, June 30, 2021 ) Knee replacement is a surgical procedure that minimizes pain and enhances the quality of life in patients with severe arthritis. Worldwide more and more patients are adopting minimally invasive surgeries. As they are being introduced to advanced technologies products like X3 Advanced Bearing Technology and Mako Robotic-Arm Assisted Technology with capabilities of providing the patient-specific 3-D model and better implant materials are likely to stimulate the growth of the knee replacement market.
Furthermore, increasing penetration of pain treatments in cases of age-related joint disorders and other complications due to co-occurring diseases, such as diabetes and obesity, will drive the knee replacement industry. The growing penetration of bone-muscle distortion therapies in cases of accidents, hereditary diseases, and obesity amongst the youth is going to propel the growth of the knee replacement market. According to Renub Research Analysis, Global Knee Replacement Market is expected to value more than US$ 12.87 Billion by the end of the year 2027.
As per our report, the Total knee replacement (TKR) segment holds the most significant market shares. Worldwide most of these surgeries are performed on women. Gender wise women account for a major share as patients since increased incidences of osteoarthritis and osteoporosis are more common in aged women. Rising rates of osteoporosis have advanced in knee replacement surgery-related instruments have opened up a tremendous opportunity for business development. Developed countries, such as the United States and Germany, have a significant market share in the knee replacement business worldwide. Advances in surgical technologies and its rising demand in the developing economies will be a vital factor contributing to the sector growth. Knee Replacement Industry will grow with a staggering CAGR of 6.99 % from 2020-2027.
According to the Center for Disease Control and prevention, by 2040, an estimated 78 million United States adults aged 18 years and above are projected to have doctor-diagnosed arthritis. In North America, the increasing demand for the young and active population is the main factor propelling the growth of the knee replacement industry. Germany is the most popular country for medical tourists to have knee joint replacement surgery. Germany invests more in its health care device than any other European Union country. Under the Hospital Future Act (KHZG), in September 2020, public hospitals will also receive shares for digital health innovation. Germany has the third-largest medical equipment market in the world after the United States and Japan. Worldwide, the rapidly expanding medical tourism industry in the emerging economies of India and Thailand is primarily driving the demand for knee replacement products in the Asia Pacific region. For the year 2020, Knee Replacement Market Size was US$ 8.02 Billion.
Some of the leading companies working in the knee replacement market include Smith & Nephew, Stryker, Johnson & Johnson, and Zimmer Biomet, B. Braun Melsungen AG, MicroPort Scientific Corporation, Integra life sciences Corporation, Conformis Inc. In 2021, Zimmer Biomet Holdings, Inc., announced the ROSA® Partial Knee System for robotically-assisted partial knee replacement surgeries.
Renub Research report titled “Knee Replacement Market, Forecast, By Products (Primary Knee Replacement, Partial Knee Replacement and Revision Knee Replacement), Regions (North America, Europe, Asia-Pacific and Rest of World) and Companies (Zimmer Biomet Holding Inc., Stryker Corporation, Smith & Nephew, and Johnson & Johnson, B. Braun Melsungen AG, MicroPort Scientific Corporation, Integra life sciences Corporation, Conformis Inc)” provides a complete analysis of Global Knee Replacement Market.
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