Knee Prosthetics Market Set to Garner Staggering Revenues by 2024

Posted by Aman Jaiswar on August 8th, 2019

Prosthetics are artificially designed devices and equipment used for replacing a missing body organ or part caused due to factors such as congenital conditions, accidents, or any other disease. Knee prosthetics are devices used to replace the knee and associated parts, and are one of the most important contributors of the prosthetic products industry. Knee prosthetics are specialized products and equipment (knee implants, knee orthosis and others) used for the replacement of knee structures and in maintenance of injured knees, and act as a supportive tool for the knee.

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The market for knee prosthetics is segmented on the basis of products, such as knee implants and knee orthosis braces. Knee implant segment includes a wide range of sub-segments, such as partial knee implants (fixed bearing and mobile bearing), total knee replacement implants (non-constrained retraining implants), semi-constrained substituting implants, hinged/retained implants, mobile bearing total knee replacement implants (non-constrained retraining implants, semi-constrained substituting implants, and hinged/retained implants) and others (artificial cruciate ligaments and cartilage repair).

The knee implant segment can be further segmented on the basis of implant fixation technology into cemented, hybrid and cementless. Knee orthosis braces segment can be divided according to availability of various braces that are used for supportive activities, such as knee orthosis, knee-ankle-foot orthosis, ankle-foot orthosis, foot orthosis and others. In addition, the knee prosthetics market can be segmented on the basis of geography into North America, Europe, Asia-Pacific and Rest of the World (RoW). The North America market is the dominating market across the gobe, owing to the high incidence of knee disorders. On the other hand, Asia-Pacific and RoW regions are the most promising markets in the upcoming period, owing to the rise in awareness and growth of medical infrastructure.

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The major drivers of the knee prosthetics market include extensive R&D, increasing incidence of orthopedic diseases, rapid growth of medical infrastructure, rising awareness of the global population towards knee disorders and therapies available, and technological advancements. Increased prevalence of joint diseases, particularly knee diseases, is one of the major drivers of the market. According to the Center for Disease Control and Prevention (CDC), around 27 million people in the U.S. were suffering from osteoarthritis (OA) in 2005, an approximate increase of around 6 million people since 1990. In addition, rapid developments in the medical infrastructure globally is another major contributor to the market’s growth.

Due to the rise in medical infrastructure, the number of knee prosthetic surgeries conducted across the globe is increasing. However, high cost of R&D and therapy, long term care period post treatment, risks associated with the replacement, lack of awareness in certain region of the world, and limited availability of technically equipped surgeons are some of the major factors expected to hinder the growth of this market. High cost of therapy is considered as the biggest hurdle in the market growth. According to the CDC, in 1997, the total cost of knee and hip replacement therapy was around USD 8 billion and since then there has not been significant change in the pricing. The major opportunities in the knee prosthetics market include the development of economic and technologically advanced knee prosthetics and manufacturing of easy-to-maintain knee prosthetic devices.