ALBANY, New York, February 15, 2017 /PRNewswire/ --
Dominated by Johnson & Johnson, Zimmer Biomet Holdings Inc.,Smith & Nephew, and Stryker Corp., the U.S. Knee Implant Market demonstrates a highly consolidated and competitive landscape, states a new research report by Transparency Market Research (TMR). With a share of nearly 85%, these players
The leading implant manufacturers enjoy a broad presence across the U.S. Their comprehensive product portfolios and cross-selling strategies have ensured their dominance over this market in the last few years. However, over the forthcoming years, these players are expected to focus on new product launches in order to strengthen their presence in the U.S. market for knee implants.
According to the research study, the U.S. market for knee implant offered an opportunity worth US$4.3 bn in 2015. Expanding at a CAGR of 5.30% during the period from 2016 to 2024, the market is projected to reach US$7.0 bn by the end of the forecast period. Hospitals demand a higher number of knee implants than other end users in the U.S. and are expected to remain doing so over the forthcoming years.
Midwest Region to Maintain Lead through 2024
In this research study, the U.S. market for knee implants has also been studied on the basis of its geographical presence. The Pacific region, the Mountain region, the South Central region, the Midwest region, the South Atlantic region, and the North East region have been considered as the prime geographical subdivisions of the U.S. knee implant market. The Midwest region has acquired the leading position in this market. The availability of numerous ambulatory surgical centers present in this region is the key factor behind this rise. The augmenting adoption of new technologies is also supporting this geographical segment in maintaining its lead.
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The market for knee implants in the Midwest region is likely to remain dominant throughout the forecast period. The presence of a large pool of knee implant manufacturers and a massive and effective distribution channel are expected to aid this regional market to remain leading over the next few years.
Increasing Geriatric Population to Boost Demand for Knee Implants in U.S.
"The ever-increasing geriatric population is the key factor behind the rise of the U.S. knee implant market," states an analyst at TMR. With the increasing age, cartilages become prone to strain, owing to less water content, leading to arthritis and cushioning at the joints, which requires knee replacement procedure. Moreover, other connective tissues, such as ligaments attached to the bones, begin becoming less flexible and more constrained, which also add to the need for these procedures. Thus, the increase in the geriatric population in the U.S. is reflecting positively on the U.S. market for knee implants.
Apart from this, the rising incidence of accidental injuries, surging prevalence of chronic rheumatic conditions, growing obese population, and the increasing adoption of advanced knee products and procedures are also propelling the demand for knee implants in this country.
On the other hand, strict regulations implemented by the FDA on knee implant products, knee implant product recall by the FDA, and the rising awareness of non-surgical alternative treatment among consumers may hamper the growth of this market to some extent in the near future, states the report.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "Knee Implant Market - U.S. Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
The U.S. Knee Implant market has been segmented as follows:
By End User
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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SOURCE Transparency Market Research
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