Knee implants plays significant role in resurfacing a knee damaged either by traumas or by rheumatoid arthritis. Surgical procedure involving implantation of an artificial knee is termed as arthroplasty. Depending upon the severity and need, these knee implants are developed in different forms viz., metal alloys, strong plastic parts and ceramic material. The rising proportion of aging population across the world has increased the number of people suffering from osteoporosis and arthritis. Moreover, the sedentary lifestyle among people has led to increasing prevalence of obesity and diabetes. Owing to these factors, the demand for knee implant surgeries has been growing worldwide. Also leveraging technological advancement in procedures such as minimal invasive surgery, better implant materials has increased the success rates. Rising awareness about the knee implant surgeries will act as another driving factor to the market.
With advancement of technology in the knee implant market, companies are offering diverse product portfolio to patients and surgeons with novel techniques, thus providing better outcomes for patients. Due to heavy research and development in knee implant industry, companies are offering technologically advanced products to the customers. The high cost of knee replacement surgery is acting as a major restraint in the countries facing economic downturn for the last couple of years. Many patients either avoid or postpone the surgery due to high cost of the procedure. This has compelled the hospitals and surgeons to strive for decreasing the cost of procedure to accommodate more patients while providing better care. Moreover, high industry competition is resulting into price negotiation and thus helping the growth of overall market size.
Companies’ manufacture knee implants with variety of designs and made up from a variety of materials. Most of these devices are made up of multiple material components constituting medical grade material. Based on the type of procedure, the global knee implants market can be categorized into total knee replacement, partial knee replacement and revision knee replacement. In the total knee replacement procedure, all parts of knee joints are replaced with knee implants. This procedure is further sub-segmented into cemented knee replacement and cement-less knee replacement. In the partial knee replacement procedures single part of the knee is replaced with an implant while the revision knee replacement procedures refers to replacement of an existing implant with new one. On the basis of composition, knee implants are also categorized as fixed bearing prosthesis and mobile bearing prosthesis.
Geographically, the global knee implants market has been segmented into five major regions, viz., North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The U.S. and Europe are the two big markets comprising of comparatively significant market share of the total knee implant market. Europe and North America are anticipated to dominate on the global knee replacement market. These two regions are followed by Asia market owing to increasing number of knee replacement surgeries in China and India. The factors leading to an increase in the demand for knee implants in Asia Pacific region include aging population affected with knee joint disorders and increase in awareness level for related treatments. India and China have large population base, and hence foreseen to be a highly potential market for knee replacement surgeries. The increasing disposable income in these countries will further propel growth in the Asia Pacific knee implant market.
Globally, the knee implants market is dominated by players such as B.Braun, Smith and Nephew, Stryker, Zimmer Biomet, Medacta and Depuy. The medical device manufacturing companies are attempting to increase their market share through several product awareness and marketing campaigns. Technology and patient centric approach has been a key factor in driving the overall knee implants market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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