As per Future Market Insights, the below-the-knee implants market is anticipated to attain a value pool of US$ 9 billion by 2023-end. Global demand for below-the-knee implants is expected to rise at a CAGR of 5.2% to US$ 15 billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 9 billion |
| Projected Market Value in 2033 | US$ 15 billion |
| Growth Rate (2023 to 2033) | 5.2% CAGR |
Among the primary drivers of the below-the-knee implants market is the increasing prevalence of diabetes, which often leads to peripheral arterial disease (PAD). According to the International Diabetes Federation, around 425 million people worldwide were living with diabetes in 2017, and this number is expected to rise to 629 million by 2045. PAD is a common complication of diabetes and can lead to poor circulation, ulceration, and amputation. The use of below-the-knee implants can help restore mobility and prevent further complications in patients with PAD.
The below-the-knee implants market is also being driven by the increasing prevalence of peripheral vascular disease (PVD). PVD is a condition in which the blood vessels in the legs and feet become narrowed or blocked, leading to decreased blood flow and oxygen supply to the tissues. PVD can cause pain, ulceration, and gangrene, and in severe cases, amputation may be necessary. The use of below-the-knee implants can help improve blood flow and prevent the need for amputation in patients with PVD.
Traumatic injuries are also propelling the growth of the below-the-knee implants market. Injuries to the lower extremities, such as fractures and dislocations, can lead to severe damage to the bones, muscles, and ligaments. In some cases, amputation may be necessary to prevent further complications. Below-the-knee implants can help restore mobility and function in patients who have undergone amputation due to traumatic injuries.
Below-the-knee implants are used to replace or resurface the damaged knee to treat pain and disability. It is mostly used for treating osteoarthritis, and also for other diseases such as psoriatic arthritis and rheumatoid arthritis. An artificial component is used to replace the damaged knee, known as an implant. It performs the same function as that of the knee. The surgical procedure of knee replacement is called arthroplasty.
There are various materials used in the used to make below-the-knee implants such as plastics, metal alloys and polymers. Implants vary depending on the severity of the damage. The demand for below-the-knee implants is increasing due to the rising proportion of the ageing population which has increased arthritis and osteoporosis patients across the world.
Below-the-knee implants market is growing with the increasing prevalence of osteoarthritis patients which leads to rising demand for knee implant surgeries across the world.
Rising awareness about knee implant surgeries is expected to drive the growth of the below-the-knee implants market. Additionally, favorable reimbursement for surgical procedures is expected to drive the growth of below-the-knee implants market.
Advancement in the technology is further likely to add novel opportunities in below-the-knee implants market. Due to high industry competition, the overall market size is increasing. The high cost of knee replacement surgery could restrict the growth of below-the-knee implants market. This has forced the hospitals to cut the cost of the procedure to accommodate more patients while providing treatment.
Based on the procedure, the total knee replacement procedure is expected to be the most preferred procedure in the below-the-knee implant market. Based on the implant type, fixed bearing implant segment is growing and is expected to be the most popular implant in the global below-the-knee implants market.
Based on the material, stainless still is expected to dominate the below-the-knee implant market. Based on the end-user, hospitals are expected to be the most profitable segment in the global below-the-knee implants market.
Over the last several decades, management of osteoarthritis and rheumatoid arthritis have improved. The market for below-the-knee implant is getting more crowded as technologies advance and gain wider acceptance.
Advancement in technologies has eased the task of replacement surgeries by providing minimally invasive and computer-assisted robotic techniques. Additionally, emerging various biotechnology companies are giving rise to the development of the new surgical devices, promoting the growth of the below-the-implant market.
North America is expected to dominate the global below-the-knee implants market, owing to the prominent technological advancements and innovations in orthopaedic implants, such as the use of bio-compatible materials in making the implants.
North America is expected to be followed by Europe. Increase in healthcare expenditure, increasing population and also due to the increasing medical tourism in developing region like Asia-Pacific is expected to further push the Asia Pacific below-the-knee implants market growth for over the forecast period. The increasing disposable income is further likely to drive the growth of below-the-knee implants market in the region.
Some of the market participants in the global below-the-knee implants market identified across the value chain include:
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Below-the-knee Implants Market
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