Emerging economies are expected to drive the growth of global hip and knee reconstruction market, according to a new report by GlobalData.
Titled “Global Hip and Knee Reconstruction Market Will Crawl towards $16.5 Billion by 2022”, the report reveals that hip and knee implants are being commoditised at a rapid rate in economies such as Brazil, India and China, thereby driving growth in the global market.
Middle-class families in the emerging economies of Brazil, India and China are now able to afford quality healthcare and gain access to increased reimbursement. Change in the mind-set of the elderly has also increased the number of patients willing to undergo joint replacement surgeries, says Linda Tian, MSC, Managing Analyst at GlobalData.
Increase in public awareness is expected to further drive market growth and lead to the adoption of different types of implants. Surgeons in emerging countries like China devote more time towards training sessions, which is expected to help with the adoption of future techniques and products.
The hip and knee replacement market in emerging economies was earlier dominated by multi-national corporations, but now domestic manufacturers hold more than 30% of the market, Linda Tian adds. Companies from these countries are now entering the US with FDA-approved implants. Taiwan-based United Orthopedics, for example, is selling implants at prices lower than those of the products available in the market.
Further, multi-national companies are now forced to reassess their strategy and evaluate the value for the price of their products. Acquisitions and partnerships with local firms can create significant opportunities for multi-national corporations. They can take advantage of the strong sales infrastructures of local firms through partnerships, the report adds.