(MENAFN- GlobeNewsWire - Nasdaq) New York, June 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Knee Implants Global Market Report 2023" -
, Corin Group, Medacta International, B. Braun SE, ARTIQO GmbH, Arthrex Inc. and Enovis Corp.
The global knee implants market is expected to grow from $10.87 billion in 2022 to $11.39 billion in 2023 at a compound annual growth rate (CAGR) of 4.72%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The knee implants market is expected to reach $13.91 billion in 2027 at a CAGR of 5.14%.
The knee implants market includes revenues earned by entities by knee replacement, double knee replacement, knee resurfacing, osteotomy knee surgery, and other related treatments or services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Knee implants refer to a type of knee replacement surgery that involves replacing specific damaged or worn-out knee joint elements.The procedure may improve the knee's functionality and reduce pain.
A knee implant is a type of prosthetic created by humans, which is used to mimic the movements and functioning of a healthy human knee.
North America was the largest region in the knee implant market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of knee implant products are total knee replacement, partial knee replacement, and revision knee replacement, in which several types of components are used, such as fixed-bearing implants and mobile-bearing implants.Total knee replacement (TKR) refers to a typical orthopedic procedure in which smooth metal and highly cross-linked polyethylene plastic are used to replace the articular surfaces (femoral condyles and tibial plateau) of the knee joint.
Various types of materials are used, including stainless steel, cobalt-chromium alloys, titanium alloys, polyethylene, ceramics, and others. Several fixation types are included, such as cemented, cementless, and hybrid, which are used by various end users, such as hospitals and orthopedic clinics, ambulatory surgical centers, and others.
The increasing prevalence of orthopedic disorders is expected to boost the growth of the knee implants market going forward.Orthopedic disorder refers to illness or injury to the musculoskeletal system, which includes the bones, joints, muscles, tendons, and ligaments.
People with orthopedic conditions can decrease pain and incapacity by replacing the damaged knee joint surfaces with knee implants; hence, the increasing prevalence of orthopedic disorders is expected to boost the knee implant market. For instance, according to a report published by the Centers for Disease Control and Prevention, a US-based national public health institute, in 2023, 25.9% of the projected total adult population, or 78.4 million individuals aged 18 and older, are anticipated to have arthritis by 2040. A further 34.6 million individuals (43.2% of arthritis-affected adults or 11.4% of all US adults) are predicted to experience activity limits related to arthritis by the year 2040. Therefore, the increasing prevalence of orthopedic disorders is driving the growth of the knee implants market.
Technological advancements are a key trend gaining popularity in the knee implants market.Major companies operating in the knee implants market are focusing on developing new technologies to sustain their position in the market.
For instance, in August 2021, Zimmer Biomet, a US-based medical technology company, and Canary Medical Inc., a US-based medical data company, launched the Persona IQ® knee implant, the world's first and only smart knee implant for total knee replacement surgery. Persona IQ's unique feature is that it combines Zimmer Biomet's proven and trusted knee implant, Persona® The Personalized Knee®, with Canary Medical's proprietary implantable canturioTMte tibial extension sensor technology that measures and determines range of motion, step count, walking speed, and other gait metrics.
In January 2022, Smith+Nephew, a UK-based medical technology company, acquired Engage Surgical for $135 million.Through the acquisition, Smith+Nephew is expected to expand its robotics and real-time intelligence capabilities, which help partial knee operations by providing accurate alignment.
The acquisition is anticipated to help Smith+Nephew expand its market share in the US and other markets. Engage Surgical is a US-based knee implant maker, and the company has designed the only available cementless partial knee system in the US.
The countries covered in the knee implant market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The knee implants market research report is one of a series of new reports that provides knee implants market statistics, including knee implants industry global market size, regional shares, competitors with a knee implants market share, detailed knee implants market segments, market trends and opportunities, and any further data you may need to thrive in the knee implants industry. This knee implants market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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