Wilmington, Delaware, United States: The global knee implants market is expected to witness strong growth during the forecast period between 2021 and 2031.
Wilmington, Delaware, United States: The global knee implants market is expected to witness strong growth during the forecast period between 2021 and 2031. Knee implants help in the restructuring of the knee, which has been damaged either due to rheumatoid arthritis or other disorders.
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In a knee implant, an artificial knee is implanted into the human body via a surgical procedure called arthroplasty. Based upon the severity of the disorder, the artificial knee used could be made of plastic, ceramic material, or metal alloys.
The COVID-19 pandemic adversely affected the global knee implants market. During the peak months of the pandemic, different parts of the world witnessed a significant decrease in the number of knee implant procedures.
Government in few countries also imposed bans on electrical surgical procedures, which impacted the knee implants market. It is hoped that with the decline in cases, the demand for knee implants will increase and, in turn, positively impact on the knee implants market.
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Knee Implants Market - Trends and Opportunities
There has been an increase in the incidence of osteoporosis and arthritis among the elderly population globally in the last few years, which has emerged as the key growth driver for the knee implants market.
In addition to this, the rising awareness about knee implant surgeries among large population sections has also driven the growth in the knee implants market.
Also, technological advancements to knee replacement procedures such as the deployment of improved implant materials and minimal invasive surgeries have propelled the knee implants market, worldwide, in the last few years.
Robot-assisted technology has led to a decrease in the reliance on surgeons as well as helped achieve a higher accuracy in knee replacement procedures which has fueled the growth in the knee implants market.
Robot-assisted knee replacement surgeries is expected to contribute the most, in terms of revenue, to the overall knee implants market, in future.
The hospital end-use segment is expected to make the largest contribution to the overall knee implants market, in the coming years.
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Knee Implants Market - Competitive Landscape
The global knee implants market comprises very few players, many of whom could look to engage in different growth strategies to remain competitive in the overall market.
The smaller players in the knee implants market will look to seek investments from government and private investors, which could help them in their long-term growth.
R&D undertakings could also prove to be a key growth strategy for the knee implants market players, in the coming years.
Some of the key players in the knee implants market include Zimmer Biomet, Stryker, Smith and Nephew, Medacta, Depuy, and Micropont Scientific Corporation.
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Knee Implants Market - Regional Assessment
The global knee implants market is divided into five regions, namely, North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
North America and Europe are expected to account for a large share in the global knee implants market, in the coming years. The presence of several leading players in countries such as the U.S and UK as well as technological advancements in knee replacement procedures are expected to be the key growth drivers for the knee implants market, in this region.
Asia Pacific is expected to witness substantial growth in the overall knee implants market in the coming years. Countries such as India and China have emerged as a highly potential market for knee replacement surgeries. Leading players in the knee implants market are expected to explore these regions, in the years ahead.
Also, rising disposable income among families residing in these countries is expected to drive the knee implants market, in Asia Pacific.
Middle East and Africa and Latin America are expected to witness moderate growth in the knee implants market, in future.
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