A rapidly growing demographic of geriatrics, advances in joint reconstruction technologies and procedures and higher incidence of osteoarthritis are key factors that support the developments in the global knee reconstruction devices market. With these trends unlikely to change in the near future, Future Market Insights (FMI), in a new report has estimated the market to expand at a healthy CAGR of approximately 6% between 2021 and 2031.
According to the Center of Orthopedic & Neurosurgical Care & Research, approximately a million hip and knee replacement surgeries are performed in the United States every year, with nearly half the population affected by osteoarthritis during their lives.
The covid-19 pandemic is expected to negatively impact the knee reconstruction devices market. Restrictions on elective medical procedures and the resultant decline in demand, coupled with disruptions to supply chains is anticipated to hinder market growth. Efforts to improve vaccination rates will contribute to a faster recovery through 2021 and beyond.
On the other hand, high costs of purchase, strict regulations for manufacturers and bio-compatibility issues are anticipated to remain a matter of concern for market players in the coming decade.
Key Takeaways from Knee Reconstruction Devices Market Study
- Knee reconstruction devices market will expand steadily with a CAGR of approximately 6% through the end of 2031.
- The U.S. holds the lead in the North American market, accounted for by around a million reconstruction procedures being conducted in the country annually.
- Rising cases of ACL injuries and chronic knee pain will drive sales in the U.K., helping the country to hold a prominent position in the Europe Market.
- Faster approvals and FTAs will generate key opportunities in Mexico and Brazil.
- Expanding investments into the healthcare sector will emerge as chief growth driver in China. Efforts towards medical tourism will contribute to growth.
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“Players in the knee reconstruction devices market are increasingly looking to invest in the R&D efforts to improve the existing offerings. Manufacturers are investing in newer technologies including 3D printing, surgical robotics and artificial intelligence. The newer technologies make production cost-effective to use mobile apps allowing surgeons to remotely check changes, offering better healthcare treatments to their patients from mobile devices, creating long term lucrative opportunities,” says the FMI analyst
Developed countries such as the United States are witnessing gradual market growth owing to the introduction and easy access to new products in varying countries. With a rising number of patients availing joint reconstruction procedures the demand in the knee reconstruction devices market will be influenced in the long term. Strict regulations hindering approvals and failed cases of implantation resulting in recalls has become a major challenge for manufacturers, which is likely to remain a matter of concern in the industry for the foreseeable future.
Who is Winning?
Major players in the moderately consolidated knee reconstruction devices market are increasingly focused on the development of new products for portfolio expansion, in line with regulatory standards to improve functionality and efficacy in relevant medical procedures, consolidating regional presence.
- In December 2020, the FDA granted market authorization for an anterior cruciate ligament implant to treat ACL tears with the new Bridge-enhanced ACL Repair Implant by Miach Orthopedics Inc.
- In August 2020, DJO LLC announced the release of 2 new EMPOWR systems including the EMPOWR Partial Knee and EMPOWR Acetabular systems that are designed to restore kinematics through single tray implantation.
Some of the leading players in the global knee reconstruction devices market include but are not limited to Zimmer, Inc., Stryker Corporation, DePuy Synthes, Smith & Nephew, Corin, United Orthopedic Corporation, Arthrex Inc., Exactech Inc., DJO Global, Japan Medical Dynamic Marketing and Tornier Inc.
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Key questions answered in the report
- How will the knee reconstruction devices market expand through 2031?
According to Future Market Insights (FMI), the global knee reconstruction devices market is expected to gain impetus from expanding geriatric populations and incidence of bone and joint ailments, expanding at a healthy CAGR of close to 6% through 2031.
- Which is the dominant knee reconstruction devices market?
North America is currently the leading regional market for knee reconstruction devices, driven by the U.S. healthcare sector accounting for major market share through the end of the assessment period. Growth in this region is largely attributed to a mature healthcare industry and favorable reimbursement policies.
- How is COVID-19 impacting the knee reconstruction devices growth projections?
The COVID-19 pandemic has had a notable impact on the prospects of knee reconstruction devices application in the short term. Reduced sales and production owing to lockdown restrictions imposed by governments have hindered the demand for knee reconstruction devices. Moreover, the disruptions in component supply chains during the crisis will remain a matter of concern. However, demand is expected to recover steadily through 2021.