The global knee replacement market will derive growth from recentadvancements in the material associated with the surgical procedures. Accordingto a report published by Fortune Business Insights, titled “Knee Replacement Market Size, Share &Industry Analysis, By Procedure (Total Knee Arthroplasty, Partial KneeArthroplasty, and Revision Arthroplasty) By Implant Type (Fixed Bearing, MobileBearing, and Others) End-user (Hospitals, Orthopedic Clinics, AmbulatorySurgical Centres, and Others) and Regional Forecast, 2019-2026,” the marketsize was USD 9.06 Bn in 2018 and is projected to reach USD 12.72 billion by 2026,exhibiting a CAGR of 4.3% during the forecast period.
An Overview of the Impact of COVID-19 on this Market:
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Recent material innovations in the equipment associated withknee replacement surgeries have opened up a huge potential for the growth ofthe market in the coming years. The growing adoption of robotic-assisted kneesurgeries will lead to an increase adoption across the world. The highprevalence of knee osteoarthritis will create several opportunities for growthfor the companies operating in the market. According to the OsteoarthritisResearch Society International (OARSI), the prevalence of osteoarthritis willreach 5% in the coming years. Furthermore, the increasing aging population,coupled with increasing incidence of obesity will contribute to the growth ofthe market in the coming years.
Increasing Number ofUsage Clearances to Aid Market Growth
The report provides a detailed analysis of several factorsthat have made a positive impact on the market in recent years. The high demandfor knee replacement procedures has encouraged regulatory authorities toapprove newer products. The increasing number of regulatory clearances will aidthe growth of the market in the coming years. In October 2019, Think Surgicalannounced that it received approval from the Food and Drug Administration forits latest knee replacement solution. The company announced the approval forTSolution One System, a knee replacement procedure. The report highlights majorFDA approvals of recent years and gauges the impact of these clearances on theglobal market.
North America to EmergeDominant in the Global Market
The reportsegments the market on the basis of regional demographics into North America,Latin America, Europe, Asia Pacific, and Middle East and Africa. Among theseregions, North America will exhibit the highest growth rate in the comingyears. Increasing penetration of computer-aided implant designs will createseveral growth opportunities for the companies operating in the market. Theimproving health reimbursement scenario will lead to an increased adoption forknee replacement surgeries across the world. Besides North America, the marketin Europe will exhibit considerable CAGR in the coming years, driven byadvances in material designs and innovations in surgical procedures.
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