Global Knee Replacement Market, by Procedure (Total Knee Replacement, Partial Knee Replacement, Kneecap Replacement, and Revision Knee Replacement), by Implant Type (Fixed-bearing Implants, Mobile-bearing Implants, Medial Pivot Implants, and Others), by Material (Metal-on-Plastic, Ceramic-on-Plastic, Ceramic-on-Ceramic, and Metal-on-Metal), by End User (Hospital, Orthopedic Clinics, Ambulatory Surgery Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 9.4 billion in 2020 and is expected to exhibit a CAGR of 4.1% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Global Knee Replacement Market - Impact of Coronavirus (COVID-19) Pandemic
During this pandemic situation, the demand for treatment of arthritis patients has not reduced but the inadequate supplies of personal protective equipment (PPE) for healthcare providers, limited hospital capacity, including intensive care units (ICUs), and lack of point-of-care testing have negatively impacted the treatment of cancer patients to some extent. Lockdown in various countries due to the pandemic has caused an economic burden for the private healthcare sector. Healthcare providers are facing challenges with regards to declining outpatient visits, manpower, equipment, consumables, and other resources to ensure safety in treatment of patients with other diseases. Thus, the COVID-19 pandemic has affected the economy in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets.
The increasing number of product launches, and collaboration and partnership strategies adopted by key players are the major factors, which are expected to drive growth of the knee replacement market during the forecast period.
The increasing product launches of knee replacement implants is expected to contribute significantly to the global knee replacement market growth. For instance, in September 2017, Zimmer Biomet Holdings, Inc., a global company in musculoskeletal healthcare, announced the launch of the Persona Partial Knee System, the latest addition to its portfolio of personalized and anatomically designed knee implant systems. The launch of the Persona Partial Knee System is the first significant jointly developed new product for the company since the Zimmer Biomet combination, and reinforces the company's leadership position in partial knee replacement. The Persona Partial Knee System represents the next era in personalization, equipping surgeons with a comprehensive system of implants and instruments that are designed to offer an uncompromising fit and efficiency in the operating room.
Key players in the global knee replacement market are focused on adopting inorganic growth strategies such as collaborations and partnerships, which is expected to drive growth of the market during the forecast period. For instance, in September 2020, Total Joint Orthopedics (TJO) announced a new collaboration with THINK Surgical, Inc., an advanced orthopedic robot technology company based in California, U.S. Under the terms of the agreement, THINK Surgical will develop software allowing TJO's Klassic Knee System to be implanted using THINK's TSolution One Total Knee Application and both companies will co-market the solution upon 510(k) clearance to use the Klassic Knee System with the TSolution One Total Knee Application. Total Joint Orthopedics' Klassic Knee System incorporates an innate efficiency and intuitive instrumentation to save sterilization cost and turnover time.
Browse 44 Market Data Tables and 40 Figures spread through 194 Pages and in-depth TOC on Global Knee Replacement Market, by Procedure (Total Knee Replacement, Partial Knee Replacement, Kneecap Replacement, and Revision Knee Replacement), by Implant Type (Fixed-bearing Implants, Mobile-bearing Implants, Medial Pivot Implants, and Others), by Material (Metal-on-Plastic, Ceramic-on-Plastic, Ceramic-on-Ceramic, and Metal-on-Metal), by End User (Hospital, Orthopedic Clinics, Ambulatory Surgery Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Forecast to 2027"
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The rising adoption of inorganic growth strategies such as mergers and acquisitions by major companies is expected to drive growth of the global knee replacement market. For instance, in March 2019, a U.K.-based international orthopedic company Corin Group, backed by the Permira funds, signed an agreement for the acquisition of the U.S.-based OMNI Orthopedics Inc., a pioneer in robotic-assisted total knee replacement. Through this acquisition, Corin Group gained the leading product of OMNI Orthopedics Inc. called OMNIBotics. It is a unique imageless total knee replacement solution, which combines a robotic cutting guide with the world’s first robotic tool to measure ligament function. The system allows tailoring of the implant positioning to each individual patient, resulting in less patient pain and faster rehabilitation.
Key Takeaways of the Global Knee Replacement Market:
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