MEA Hip And Knee Reconstruction Devices Market Size, Share & Trends Analysis Report By Joint Type (Hip, Knee), By Technique (Arthrodesis, Joint Replacement, Arthroscopy, Osteotomy, Resurfacing), By Country, And Segment Forecasts, 2021 - 2028
New York, June 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "MEA Hip And Knee Reconstruction Devices Market Size, Share & Trends Analysis Report By Joint Type, By Technique, By Country And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06096565/?utm_source=GNW
MEA Hip And Knee Reconstruction Devices Market Growth & Trends
The MEA hip and knee reconstruction devices market size is expected to reach USD 2.3 billion by 2028. The market is expected to expand at a CAGR of 4.1% from 2021 to 2028. Physical inactivity due to sedentary lifestyle fueling obesity and lifestyle disorder prevalence are key drivers for the market. According to the NCBI, as of October 2018, in Saudi Arabia, the prevalence of obesity was 24.1% in women and 33.5% in men. It also stated that none to low-level physical activity was observed in 46% of men and 75.1% of women. Excess weight stresses the weight-bearing joints, like the hips and knees, which leads to pain in these joints and other ailments. People who are obese are more likely to develop osteoarthritis than those who are not.
The market participants are also affected by COVID-19. For instance, Medtronic reported a 44.0% drop in its quarterly income as compared to the previous year. The major reason behind this was the postponement of many surgical procedures. However, with easing lockdown restrictions, vaccination, and resumption of elective surgeries the market is expected to pick up the pace in the next two years.
The market is highly competitive in nature and a limited number of players have a high level of dominance over the overall revenue share. The most notable market participants are DJO, LLC, Smith + Nephew, Zimmer Biomet, B.Braun Melsungen AG, Conmed Corporation, DePuy Synthes, Meril Life Sciences Pvt. Ltd., and Arthrex, Inc. and account for a considerable share owing to their product offerings to the market. Market leaders are involved in the establishment of extensive distribution systems as well as increasingly involving in mergers and acquisitions to capture a larger share of the market. For instance, in January 2021, DJO, LLC, a part of Colfax, acquired Trilliant Surgical. This furthered the company’s expansion into the growing foot and ankle surgery market.
MEA Hip And Knee Reconstruction Devices Market Report Highlights
• Knee dominated the joint type segment of the market in 2020, owing to rising demand for knee surgeries due to the increasing incidence rate of knee osteoarthritis
• The joint replacement segment dominated the market and accounted for the largest revenue share of 70.3% in 2020. This can be attributed to the rising number of joint replacement surgeries
• Implant-related procedures are increasingly being preferred over arthroscopy and other conventional procedures due to higher success rate and biocompatibility of implants, which fuels market growth
• In Israel, the market is anticipated to register a CAGR of 5.3% in the coming years. Technological advancements and increasing awareness about health are primarily driving the market in the country
• The COVID-19 pandemic led to the adoption of pain management medications instead of hip and knee reconstruction devices, which negatively impacted its growth. This can be attributed to the rise in adoption of telehealth platforms to consult physicians for various health issues, including pain arising from hip and knee disorders
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