03-02-2017 – Press release from: TMR, Research Reports
The U.S. market for knee implants a matured market and projected to witness steady growth over the forthcoming years. The technological advancements in knee implants, such as the usage of 3D printing, biocompatible materials, robotic-assisted surgeries, and navigation technology are likely to drive this market in coming years. Apart from this, the increasing health care expenditure and the rising population of geriatric individuals are also anticipated to contribute to the growth of this market significantly.
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The U.S. knee implant market stood at US$4.3 bn in 2015 and is expected to protrude at a CAGR of 5.30% between 2016 and 2024 and reach US$7.0 bn by 2024.
Hospitals to Remain Key End Users of Knee Implants
Hospitals, ambulatory surgical centers, and specialized orthopedic clinics are the main end users of knee implants in the U.S. The demand for knee implants is much higher from hospitals than other end users. The hospitals segment held a share of more than 43% of the overall demand for knee implants in the country in 2015. With the presence of hospitals in a very large number, this segment is likely to remain the topmost end user of knee implants in the U.S.
Ambulatory surgery centers are also expected to emerge as a lucrative end-use segment for knee implant manufacturers in the U.S. over the next few years. As these centers offer modern health care facilities and emphasize on providing same-day surgical care, including diagnostics and preventive procedures, which has begun to reflect positively on the demand for knee implants from these centers. Apart from this, the shifting preference of patients from hospitals to ambulatory service centers, owing to the after care services, cost-effective care, and minimally invasive surgeries provided by the latter, is also projected to influence the demand for knee implants from these centers in the near future.