Knee Implants Market Competitive Landscape Analysis with Forecast by 2024

Knee implants plays significant role in resurfacing a knee damaged either by traumas or by rheumatoid arthritis. Surgical procedure involving implantation of an artificial knee is termed as arthroplasty. Depending upon the severity and need, these knee implants are developed in different forms viz., metal alloys, strong plastic parts and ceramic material. The rising proportion of aging population across the world has increased the number of people suffering from osteoporosis and arthritis. Moreover, the sedentary lifestyle among people has led to increasing prevalence of obesity and diabetes. Owing to these factors, the demand for knee implant surgeries has been growing worldwide. Also leveraging technological advancement in procedures such as minimal invasive surgery, better implant materials has increased the success rates. Rising awareness about the knee implant surgeries will act as another driving factor to the market.

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With advancement of technology in the knee implant market, companies are offering diverse product portfolio to patients and surgeons with novel techniques, thus providing better outcomes for patients. Due to heavy research and development in knee implant industry, companies are offering technologically advanced products to the customers. The high cost of knee replacement surgery is acting as a major restraint in the countries facing economic downturn for the last couple of years. Many patients either avoid or postpone the surgery due to high cost of the procedure. This has compelled the hospitals and surgeons to strive for decreasing the cost of procedure to accommodate more patients while providing better care. Moreover, high industry competition is resulting into price negotiation and thus helping the growth of overall market size.

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Companies’ manufacture knee implants with variety of designs and made up from a variety of materials. Most of these devices are made up of multiple material components constituting medical grade material. Based on the type of procedure, the global knee implants market can be categorized into total knee replacement, partial knee replacement and revision knee replacement. In the total knee replacement procedure, all parts of knee joints are replaced with knee implants. This procedure is further sub-segmented into cemented knee replacement and cement-less knee replacement. In the partial knee replacement procedures single part of the knee is replaced with an implant while the revision knee replacement procedures refers to replacement of an existing implant with new one. On the basis of composition, knee implants are also categorized as fixed bearing prosthesis and mobile bearing prosthesis.

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