By 2022, the market for knee reconstruction devices is projected to be worth US$ 8.28 billion, growing at a moderate CAGR of 4.3% between 2022 and 2032. By the end of 2032, the market for knee repair equipment is projected to be worth around US$12.62 billion.
The global market for knee reconstruction devices has been growing quickly, per FMI’s analysis, due to advancements in product functionality and design. Participants in the knee reconstruction device market have benefited from the prevalence of conditions including arthritis and knee pain. Furthermore, in order to improve market access, important regulatory bodies around the world have loosened up on authorizations.
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.
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.
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Knee Reconstruction Devices Market
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 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.
“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.
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Knee Reconstruction Devices Market – Key Segments
Product
- Cemented Implants
- Cementless Implants
- Partial Implants
- Revision Implants
End User
- Hospitals
- Orthopedic Clinics
- ASCs
Indication
- Osteoarthritis
- Rheumatoid Arthritis
- Trauma
- Others
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