Constant product innovations are livening up the U.S. knee implants market, encouraging patients to opt for knee implant procedures. Furthermore, patients and surgeons are attracted to the reduced costs and higher reimbursements rates for advanced implants. To thrive in this fiercely competitive market, manufacturers must demonstrate quick time-to-market or differentiate their products through personalization.
New analysis from Frost & Sullivan’s (medicaldevices.frost.com) Analysis of the Knee Implants Market research finds that the market earned revenues of $4.42 billion in 2011 and estimates this to reach $5.49 billion in 2016.
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Surgeons primarily seek implants that offer accurate fit, wear resistance, and rapid post-surgery recovery. Implant manufacturers are striving to develop products that meet these criteria, as their successful implantations reassure patients that are apprehensive about undergoing surgery, expanding the patient pool.
"As orthopedic surgeons become familiar with the latest technologies, they are more likely to adopt new knee implant procedures," said Frost & Sullivan Senior Research Analyst Aarti Shetty. "This is leading to better patient outcomes as well as improved surgery times."
While developing cutting-edge products, orthopedic manufactures also need to be mindful of the price of their implants in a sluggish economy. Patients are increasingly traveling to emerging countries for low-cost surgeries, expert care, the latest technology, and comfortable accommodation.
Most patients consider knee replacement surgeries elective and live with the discomfort until a cheaper alternative is available. While partial knee surgeries are a cost-effective substitute, manufacturers should look to develop technologies and products that prompt patients to opt for surgeries in the United States rather than travel abroad.
"Hospitals and surgeons prefer to conduct business with vendors for all their implant needs, so it is becoming important for orthopedic companies to become a one-stop shop," said Shetty. "Companies will also do well to develop surgical kits and orthobiologics so they can provide all the tools required for a knee implant surgery."
These proactive product development and differentiation efforts will go a long way in raising the overall revenues of the market.
Analysis of the Knee Implants Market is part of the Advanced Medical Technologies Growth Partnership Services program, which also includes research in the following markets:
• Analysis of the Hip Implants Market;
• South Korean Orthopedic Implant Market;
• Overview of Orthopedic Joint Replacement Market in India;
• Analysis of the Orthopedics Implant Market – Future of Joint Replacements.
All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the Knee Implants Market / NACC-54