Market Research Reports, Inc. has announced the addition of “MediPoint: Knee Replacement - Global Analysis and Market Forecasts” research report to their offering.
Lewes, DE -- (SBWIRE) -- 12/17/2013 -- The knee replacement market value across 10 major countries will undergo a slight increase over the next few years, from $6,544m in 2012 to $7,459m in 2019, at a Compound Annual Growth Rate (CAGR) of 1.9%.
The latest report states that out of the 10 major markets (10MM) – the US, France, Germany, Italy, Spain, the UK, Japan, Brazil, China and India – the US possessed the largest market share of 63% in 2012. This is expected to drop slightly to just below 61% in 2019.
According to analyst of this report “The knee replacement market represents the largest joint reconstruction market in the world. Although it has continued to grow at a steady rate in procedure volume, profit margins have been negatively affected by health executives scrutinizing purchases and using multiple channels to procure orthopedic devices at highly competitive prices.”
Nevertheless, the rising prevalence of symptomatic arthritis will drive the expected growth over the forecast period. Emerging markets, such as India and China, will see a higher growth level in knee replacement and will provide the key for players to gain additional market share.
Furthermore, technological advancements in joint reconstruction surgeries, such as computer-assisted systems, will also provide a boost to the market.
Analyst added: “As the knee replacement procedure volume rises over the next decade, it will become increasingly important to improve surgical accuracy and reduce revision rates to a specific level. Future competition among vendors will thus be more likely to center on the instrumentation and ancillary equipment, such as patient-specific instruments (PSIs), navigation systems, and robotic systems.”
However, a number of significant barriers will prevent a more impressive level of growth in the knee replacement market, including the deferral of procedures.
The analyst continues: “Current economic conditions are forcing patients to reconsider hip and knee replacements due to the costs involved and potential missed work days. Knee replacement is more likely to be deferred by patients in comparison with hip replacement, because medical treatments such as viscosupplementation can ease the pain.
“Additionally, cost-containment pressures are persisting in the US and EU healthcare systems, with a particular focus on limiting the spending on high-volume surgeries, such as knee replacement.”
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