A Global Data report predicts the European revision knee replacement market will grow from $259 million in 2016 to more than $304 million by 2023.
Here's what you should know.
1. Analysts believe the market will grow at a compound annual growth rate of 2.3 percent.
2. The fully mature market has not experienced any innovation over the last decade, according to the report.
3. Revenue growth is dwindling in the market as device prices continue to drop.
4. Market analyst Tobe Madu said the market has multiple possible paths it could grow in over the next six years. He said robotic technology investments would lower the revision surgery caseload, but increase initial cost. However if the market explores generic implants, director cost of surgery would decrease, but revision rates could possibly increase.
5. Analysts expect knee replacements rates to continuing growing because of an aging patient base.