Technological advancements allow for knee implant innovations, changing the market.
Here are 10 trends to note:
1. The knee implant market has expanded due to an increase in age-related diseases such as osteoporosis, arthritis, diabetes, obesity, aging population and sports-related injuries.
2. Knee implant technological innovations such as minimal invasive surgery, better implant materials and better success rate allow for younger patients to sustain knee replacement surgery.
3. Minimally invasive surgery lets surgeons conduct procedures with small incisions, low blood loss, minimal tissue injuries and a quick recovery time.
4. The knee implant market has suffered a setback in part due to the slow economy, resulting in hospitals reducing their costs to increase market shares and patients forgoing knee implantation procedures.
5. The knee implant market is also burdened by fierce competition among manufacturers on prices for implantation procedures.
6. Newly available technology provides an array of options for surgeons and patients which additionally presents implant manufacturers companies the opportunity to provide new product solutions.
7. In 2011, the global knee implant market reached $8.4 billion and is predicted to increase to $15 billion by 2018 with a compound annual growth rate of 8.64 percent during 2011 to 2014.
8. The key players in the knee implant market include B. Braun, Smith & Nephew, Stryker, Zimmer and DePuy who account for approximately 80 percent of the total market.
9. Among its competitors, Zimmer is the market leader constituting 30 percent of the market share.
10. Medical device manufacturing companies are therefore increasing their market share with marketing campaigns and awareness.
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