Market Trends of Global Knee Replacement Industry
This section covers the major market trends shaping the Knee Replacement Market according to our research experts:
Hospitals Segment is Expected to Hold the Largest Share of the Market Over The Forecast Period
The hospitals segment has the largest share in the market, as the majority of knee replacement surgeries are conducted in hospitals, due to the availability of advanced technologies and trained professionals in these healthcare settings. In addition, increasing preference for hospitals among patients as if offers notable intensive care during post-surgical procedures is expected to fuel the growth of this segment over the forecast period.
For instance, as per the report published by the Canadian Institute of Health Information in June 2021, knee replacements in Canada are among the top 3 inpatient surgeries which are performed each year. Similarly, as per the study titled, 'India Joining the World of Hip and Knee Registries' published by the National Library of Medicine in September 2020, the number of joint replacements in India is expected to grow at the highest rate in the world from 2020 to 2026.
Therefore, knee replacement surgeries in hospitals across the globe are expected to propel the segment growth over the forecast period.
North America Holds the Largest Share of the Knee Replacement Market
North America is expected to dominate the overall knee replacement market, throughout the forecast period. The growth is due to factors such as the rising cases of accidents and an increase in the prevalence of people suffering from degenerative diseases. For instance, as per the report published by the Canadian Institute for Health Information in June 2021, in Canada, around 75,073 knee replacements were performed in 2020. It also reported that the healthcare expenditure on knee replacement surgery counts up to more than USD 1.4 billion annually in Canada. However, the lockdown has made life especially tough for the disabled population in the region. Thus, in countries such as the United States, in 2020, the Disability Inclusion Fund (DIF) announced the launch of a USD 200,000 rapid response fund to support the needs of people with disabilities related to the impact of COVID-19. Therefore, such an instance indicates moderate market growth in this region.
Key product launches, high concentration of market players or manufacturer's presence, and acquisition & partnerships among major players in the United States are some of the factors driving the growth of the knee replacement market in the country. For instance, in November 2021, OrthAlign, a privately held company in the United States launched, Lantern, the latest handheld smart tool for knee replacement surgery. The tool enables accurate, individualized alignment to any patient with a single use, a handheld smart tool that can be used across implant platforms and surgical philosophies. Such continuous product launches are anticipated to drive the growth of the market in the country.
Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.
