Knee surgery moving into ASCs is one driver of growth in the U.S. knee implant market, according to a new Transparency Market Research report.
Here are five things to know:
1. ASCs are expected to emerge as a lucrative end-use segment in the knee implant market for U.S. manufacturers, according to the report. Patients and physicians are beginning to prefer cases in the ASC if possible due to higher quality and lower costs, and minimally invasive techniques are expected to influence demand for knee surgery in ASCs.
2. The hospital segment currently holds more than 43 percent of the demand for knee implants and is expected to remain a top end user over the next few years.
3. The knee implant market in the United States was valued at $4.3 billion in 2015 and expected to reach $7 billion by 2024, growing at a 5.3 percent compound annual growth rate.
4. The knee implant market has a presence across the United States, but the Midwest leads the market due to a high number of ASCs in the region. Important knee manufacturers based in the Midwest also drive the region's prominence, and surgeons in the region are implementing new technologies. Indiana has generated higher revenue than any other state in the U.S. from knee implants.
5. Key players in the market include Johnson & Johnson, Zimmer Biomet, Stryker Corp., and Smith & Nephew.