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The global knee replacement market size is expected to reach USD 12.48 billion by 2027. The growing efficiency in surgical procedures and technological advancements in surgical products will contribute positively to the growth of the market, mentioned in a report titled “Knee Replacement Market Size, Share & COVID-19 Impact Analysis, By Procedure (Total Knee Arthroplasty, Partial Knee Arthroplasty, and Revision Arthroplasty) By Implant Type (Fixed Bearing, Mobile Bearing, and Others) End-user (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, and Others) and Regional Forecast, 2020-2027” the market size stood at USD 9.45 billion in 2019 and is expected to exhibit a CAGR of 4.3% between 2020 to 2027.
Expansion of DePuy’s ATTUNE Knee Platform to Propel Market
Johnson & Johnson Medical Devices Companies, an American multinational corporation dealing in medical devices, pharmaceutical, and consumer packaged goods announced the launch of ATTUNE Cementless Knee thorough DePuy Synthes, a franchise of orthopedic and neurosurgery companies acquired by Johnson & Johnson. The rotating platform option will be available in select markets around the world. The new device combines the proprietary technologies of ATTUNE Knee to offer stability while the knee is in motion with DePuy Synthes’ extensive heritage in rotating platform knees and cementless technology. The heavy demand for cementless knee replacement, especially in young patients will simultaneously enable speedy expansion of the market owing to the advantage of biological fixation and in-growth of the implant to the bone, thus meeting the needs of today’s active lifestyles. The rising production innovation by major players along with the number of approvals will bolster the healthy growth of the market. For instance, in October 2019, Think Surgical Inc, a medical device company also a leader in active robotic surgical systems announced that it has received approval from the U.S. Food and Drug Administration for its TSolution One system as total knee replacement in the U.S.
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Inclination towards Robot-assisted Surgeries to Enable Growth
The growing awareness about robot-assisted technologies for higher accuracy in surgical procedures and reduced errors will spur its demand among patients. The introduction of innovative knee implants through robotic surgery will create lucrative opportunities for the market. For instance, in 2016, Smith & Nephew acquired Blue Belt Holdings, Inc. to access the Navio Surgical System that offers robotic assistance in partial knee surgeries through CT- free navigation system and a handheld robotic bone shaping device. The growing demand for personalized knee implants will impel manufacturers to integrate cutting-edge technologies in their knee replacement procedures, which, in turn, will bode well for the market in the forthcoming years.
Dominance of Major Players to Reinforce Industry Proceedings
The market players such as Zimmer Biomet, Stryker, DePuy Synthes Companies (Johnson & Johnson Services, Inc.), and Smith & Nephew are leading in the market with a strong brand presence combined with a wide range of product offerings. The key players are focused on constant dominance in the knee arthroplasty area to generate significant revenue. The eminent players are also maintaining their position in the market by persistent investments in research and development for the launch of cost-effective and innovative knee implants. Similarly, a strong focus on strategic partnerships and acquisitions will support their position in the market during the forecast period. Besides, robust distribution and manufacturing of orthopedic implants by Aesculap, Inc.– a B. Braun company, Medacta International, Conformis, and others will aid the speedy expansion of the market.
The Report Lists the Main Companies in the Knee Replacement Market:
Further Report Findings:
The Knee Replacement Market is Segmented into:
Value (USD billion)
By Implant Type