The total joint replacement market in the Asia Pacific is expected to grow significantly over the next five years, according to a new report from Ace Business and Market Research Group.
Here are eight things to know about the Asia Pacific total joint replacement market:
1. The market is expected to reach $6.4 billion by 2020.
2. Chronic medical conditions are driving market growth. Conditions include:
• Osteoarthritis
• Rheumatoid arthritis
• Osteoporosis
3. Technology development with implant design, new joint biomaterials and robotic minimally invasive surgeries promote procedure growth and adoption as well.
4. Favorable macroeconomic factors are also pushing growth. This is especially true in China and India.
5. In addition to the factors already mentioned, these trends will drive future growth:
• Patients undergoing joint replacements at a younger age
• More patients needing revision surgeries because their primary procedures were performed at a younger age
• Better healthcare infrastructure and diagnostic facilities
• Increasing disposable income
• Rising healthcare expenditure
6. Declining sales and pricing pressure in the United States and other developed markets forces companies to increase their focus on the Asia Pacific region, with China and India offering huge potential for market growth with their large population.
7. The key attributes that will govern the Asia Pacific market include innovation, technology, reduced cost and redefined existing products.
8. Key players in the market include Johnson & Johnson, Smith & Nephew, Stryker and Zimmer.