North American TKR Market To Surpass $4 Billion by 2023
The increased incidence of osteoarthritis, along with technological improvements in joint reconstruction procedures, healthcare reform and more economical treatment methods is expected to give the North American market for total knee replacements a modest boost over the next few years. With an anticipated 2.2% CAGR, the market is anticipated to grow from $3.63 billion to about $4.2 billion by 2023, according to a new report from GlobalData.
Areas of potential development include investment in robotic technology, as it has been shown to provide consistent implant placement, it results in less soft tissue damage, and provides a faster recover period for patients. “Additionally, there is a case to be made for custom implants leading to fewer complications and potentially reducing post-acute care costs,” stated Tobe Madu, healthcare analyst for GlobalData in a press release. “Further research will have to be carried out on the economics of each scenario and its ability to scale, and each specific geographical region will require a different approach.”
North America makes up about 50% of the global knee reconstruction market. Much of the slow growth in this market is due to the fact that it is a fully mature space that has not seen significant technological innovation within the past 10 years. In addition, more competition and less reimbursement globally are affecting the declining average selling price for implants. Despite these market challenges, GlobalData expects that the increase in the number of procedures will offset the above-mentioned hurdles.
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