In the last few years, there has been potential development in the medical sector, thanks to which, the U.S. Knee Implant Market is anticipated to gain traction in the next few years. The rising initiatives being taken the key players for creating an understanding among the players regarding the advantages of knee implants are anticipated to support the growth of the market in the near future. In addition, the rise in the use of 3D technology is predicted to ensure the growth of the market in the next few years.
As per the study by TMR, in 2015, the U.S. market for knee implant was worth US$4.3 bn and is predicted to reach a value of US$7.0 bn by the end of 2024. The market is predicted to exhibit a 5.30% CAGR between 2016 and 2024.
The rising developments and research activities in the medical industry are predicted to attract a large number of players, thus supporting the growth of the U.S. knee implant market in the coming years. The high rise in the geriatric population and the growing prevalence of several degenerative disease are further predicted to ensure the development of the overall market in the next few years. In addition to this, the presence of advanced healthcare infrastructure in this region and the rise in the awareness among people related to the availability of knee implants are the important factors that are projected to enhance the growth of the market over the next few years.
On the other hand, the U.S. market for knee implants is predicted to face several challenges in the market, which might curtail the growth of the market in the near future. The high cost of surgery and implants and the lack of awareness among people regarding knee implants are predicted to restrict the market growth in the near future. Nonetheless, the advent of new products and the growing demand for minimally invasive surgeries are estimated to encourage the development of the knee implants market in the near future.
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The U.S. market for knee implants has been classified on the basis of geography into the South Atlantic, the Mountain, the Pacific, the South Central, the Midwest, and the North East region. Among these, the Midwest region is expected to witness high growth in the coming few years, owing to the presence and rise in the number of ambulatory surgical centers. In addition to this, the increasing focus on new and advanced technologies is likely to enhance the growth of the market in the next few years. Also, the increasing pool of patients and the rising number of manufacturers and the enhancement of distribution network is projected to support the development of the U.S. knee implant market in the next few years.
The U.S. market for knee implant is extremely consolidated in nature with a few players holding a large share of the market. This market is expected to witness a high level of competition among the key players and is likely to rise substantially in the coming few years. Also, the rise in the number of players is expected to rise substantially over the next few years, thus enhancing the competitive environment of the market in the coming few years.
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