Introduction to 3D Hip and Knee Implants Market
3D printing is a layer by layer process to create physical objects out of digital 3D blueprints. 3D implant involves knee realignment using additives manufacturing technology and improves the effectiveness of surgery along with reducing the time taken to recover. This technology uses CT scans to create 3D blueprints of the damaged hip or knee parts to be replaced, and helps the surgeons to decide where to make incisions or how to realign the bone. The 3D hip and knee implant helps to reduce cost as these parts are made according to the patient’s anatomy.
The geriatric population is more prone to degenerative diseases such as osteoporosis resulting in increased demand for hip and knee implants. This treatment is usually preferred when all other treatments fail to offer adequate pain relief. The growing cases of obesity is the primary cause of increasing pressure on knees and their degeneration over time amongst the geriatric population and this factor is contributing to growth of the 3D hip and knee implant market.
Market Size & Forecast
The 3D hip and knee implant market is anticipated to record a modest CAGR over the forecast period i.e. 2019-2027 on account of rise in geriatric population, growing need of treatment for osteoarthritis, increased incidence of road traffic accidents, irritable hip syndrome and fractures leading to increased demand for 3D hip and knee implants. Presently, 3D printed surgical implants along with customized inserts and advanced devices are used in the surgery to deliver better results. With increasing use of 3D technology, the hip and knee replacement market is estimated to witness rapid growth over the forecast period. The market is expected to witness significant growth attributed to the intervention of government for improving healthcare infrastructure and increasing investments in R&D sector. Moreover, healthcare professionals are increasingly explore 3D implants owing to ongoing improvements in healthcare. CLICK TO DOWNLOAD SAMPLE REPORT
Rise in the Geriatric Population
Increase in geriatric population in developed countries is expected to be the biggest driver behind the growth of 3D hip and knee implant market. Millions of people within an age group of 45-55 years undergo hip or knee replacement surgeries every year owing to improved implant quality and awareness of improvement in flexibility and quality of life by this technology. Rise in the orthopedic disorders is another factor driving the growth of the market.
Advancement in the 3D Technology
Total hip and knee replacement surgery has evolved dramatically over the years on the back of advancements in technology that have made it possible to improve surgical techniques. With the growth of implant modernization, patients can get healthier treatment. By enhancing the surgeon and patient experience, the entire orthopedics implant market is expected to grow more rapidly. By 3D printing technology, surgeons are able to rehearse the operation with the help of 3D models beforehand which allows them to make smaller incisions, reduce blood loss and assure an easier recovery. All these factors are expected to augment the growth of 3D hip and knee implant market.
High Implant Cost
Low affordability due to high implant cost in various developing countries and growing adoption of alternative treatments are the major challenges in 3D hip and knee implant market.
Our-in depth analysis of the global 3D hip and knee implant market includes the following segments:
On the basis of regional analysis, the 3D hip and knee implant market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in U.S. and Canada are projected to hold leading shares on the back of highest number of hip and knee replacement procedures performed in these countries combined with rising prevalence of joint deformities and presence of large number of hip and knee implant manufacturers. Riding on the back of these factors, the market in North America is estimated to hold highest share in the market. The market in Europe is expected to witness significant growth over the forecast period. The U.K., Germany, and France are among the top three leading countries in Europe in terms of revenue owing to advancements in technology. Asia Pacific has the fastest growing market as India and China are the most attractive countries for the growth of 3D hip and knee implant market on the back of rising geriatric population in the region.
The global 3D hip and knee implant market is further classified on the basis of region as follows:
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