Hips and Knees Reconstructive Market to Progress at CAGR of 6.4% through 2027; COVID-19 Hinders Market Growth, Opines Future Market Insights Study
The hips and knees reconstructive market is forecasted to progress at an impressive CAGR of 6.4% in terms of value through the period of forecasting between 2017 and 2027. The growth of the market is majorly attributed to the growing adoption of advanced minimally invasive surgical procedures, the development of computer-navigated and robot-assisted surgical procedures, and the emergence of 3D printing technology and smart implants. However, the outbreak of COVID-19 is likely to adversely impact the steady growth of the market owing to changed medical priorities among patients and medical institutions.
“Factors such as rising awareness regarding the availability of effective treatment in both developed and developing countries, increased government spending, and foreign direct investments in emerging economies will continue to fuel the growth of the market through the forecast period,” says the FMI report
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- The global hips and knees market is projected to surge past valuation of US$ 28 Bn by the end of 2027.
- By product type, knee reconstruction segment is forecasted to be valued at US$ 16 Bn by the end of the forecast period.
- Based on the fixation type, cementless fixation is anticipated to account for nearly 30% of the market value by 2027.
- By end-user, hospitals will continue to channel the majority of market share and will rise in value at a CAGR of 6.1%
- North America, Western Europe, and Asia Pacific excluding Japan regions are expected to cumulatively hold over 80% of market value.
- Asia Pacific is projected to register a higher growth rate, expanding at 6.8% CAGR owing to the presence of a large patient-pool.
Hips and Knees Reconstructive Market – Driving Factors
- Technological advancements have enabled the development of advanced computer-navigated and robot-assisted surgical procedures, whose improved efficiency has proven highly fruitful to the growth of the market.
- Increased government investments on healthcare in emerging economies such as India, Malaysia, Indonesia, and Mexico are expected to give a boost to the hips and knees reconstruction market.
Hips and Knees Reconstructive Market – Constraints
- High risk of side effects such as blood clots, change in leg length, dislocation, fractures, infection, and loosening of the implant, are likely to restrain the adoption to an extent.
- The high cost of the procedure coupled with long recovery time is also challenging the market growth.
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Anticipated Market Impact by Coronavirus Outbreak
On the back of the COVID-19 outbreak, which swiftly metamorphosed into a pandemic of unprecedented proportions, healthcare institutions are redirecting their efforts to treat people affected by COVID-19 infection. As a result, several elective procedures, including hip and knee reconstruction, have been postponed to reduce the risk of the novel coronavirus. On this premise, the demand for these procedures has witnessed a steep decline and the downtrend is likely to prevail through 2020.
The key players operating in the hips and knees reconstructive market include, but not limited to, Zimmer Biomet, Stryker, DePuy Companies (Sub. Johnson & Johnson Services, Inc.), Smith & Nephew Plc, Exactech, Inc., B. Braun Melsungen AG, MicroPort Scientific Corporation, Limacorporate S.p.A., CeramTec, and ConforMIS. Market players are focusing on improving the efficiency of their products while also keeping them cost-effective, and are working on R&D initiatives to achieve the same.
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More on the Report
The FMI’s market research report provides in-depth insights into the hips and knees reconstructive market. The market is scrutinized on the basis of product type (hip reconstruction (total hip reconstruction implants: metal-on-polyethylene, metal-on-metal, ceramic-on-polyethylene, ceramic-on-ceramic, others), partial hip reconstruction implants: revision implants, knee reconstruction, total knee reconstruction implants, partial knee reconstruction implants, revision implants)), fixation type (cement, cementless, and hybrid), end-user (hospitals, orthopaedic clinics, and ambulatory surgical centres)across seven major regions (North America, Eastern Europe, Western Europe, Latin America, Asia Pacific Excluding Japan, Japan, and Middle East and Africa).
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