August 23, 2010 10:08 ET
Hip & Knee Implants Market to Reach $21 Billion by 2016
ROCKVILLE, MD--(Marketwire - August 23, 2010) - MarketResearch.com has announced the addition of GlobalData's new report "Hip and Knee Implants - Global Pipeline Analysis, Opportunity Assessment and Market Forecasts to 2016" to their collection of Medical Devices market reports. For more information, visit http://www.marketresearch.com/product/display.asp?ProductID=2750335
The global hip and knee implants market is forecast to grow at an 8% Compound Annual Growth Rate (CAGR) to reach $21,742m by 2016. The knee implants market is estimated to grow at 10% CAGR during 2009-2016 to 13,083m in 2016. The hip implants market is forecast to grow at 6% over the next seven years to reach $8,659m in 2016.
The market is expected to be driven by the aging population and the consequent growing incidence of age related diseases such as osteoarthritis. Moreover, more young patients between the age groups of 45-65 years are also opting for surgery to maintain their active lifestyles.
According to GlobalData, new procedures such as minimally invasive surgery and hip resurfacing are increasing the attractiveness of surgery for younger adults. Similarly, advancements in implant technology have led to enhanced durability and function, with new implants claiming to last up to 20-25 years compared to 15 years currently.
Procedures such as hip resurfacing and partial knee replacement, which conserve the undamaged portion of the bone and use minimally invasive surgery, are gaining popularity. These procedures use smaller incisions, with the patient benefiting from reduced blood loss and tissue injury, resulting in potentially faster recovery times. Presently, due to the limited lifespan of the artificial joint, young people who are under the age of 40 are generally not recommended surgery, since they will outlive the implant. With superior implant materials increasing the durability, an increasing number of young patients are now going in for the surgery option. Advanced designs have led to the development of high joint stability and functionality, which provide a much better degree of movement. These technological improvements, aimed at returning the maximum degree of function to joints, have made surgery a more viable option for young, active patients.
"Hip and Knee Implants - Global Pipeline Analysis, Opportunity Assessment and Market Forecasts to 2016" reports that orthopedic companies are increasingly basing their marketing and awareness campaigns around highlighting the active lifestyles one can enjoy after joint replacement surgery. In an aging society, where the need is to remain active much later in life than before, these campaigns are thus striking a chord. The companies are employing several strategies to increase social acceptance. Leading companies have employed celebrities to promote the procedures. These endorsements generally involve sports celebrities who claim to return to their active lifestyle after successful surgery. This has created a positive impact on patients, who have started believing that surgery can restore close to normal joint function.
For more information, visit http://www.marketresearch.com/product/display.asp?ProductID=2750335