The Global Hip Replacement Implant Market is expected to Grow at a CAGR of 3.0% during the Forecast Period 2017–2023 to Aggregate $7,150.0 million by 2023
Factors, such as rise in aging population, increase incidence of road traffic accidents (leading to hip fractures and chronic injuries), and rise in need of treatment for osteoarthritis, rheumatoid arthritism, irritable hip syndrome, and fractures, has increased the demand of hip repalcement implants. Further, the introduction of new technologies and techniques are expected to increase the adoption of advanced hip implants in the market.
Infoholic Research LLP, a global market research and consulting company, has published a study titled “Global Hip Replacement Implant Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2017–2023”.
According to Infoholic Research, the adoption of hip implants is used in the replacement of damaged or injured parts of the hip joint with artificial prosthesis. The procedure is usually performed when all the other treatment failed to offer adequate pain relief. Symptoms, such as muscle weakness, loss of sensation, and pain development due to disorders of the bones, joints, and muscles, require hip surgery. An artificial joint is made of metal, polymeric or ceramic components. Damages occurring during accidents and fractures have increased the demand of hip prosthesis in the past few years. Further, the popularity of minimally invasive ortho-related surgeries with multimodality imaging systems is contributing a significant growth to the market.
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Hip implants have proved its efficacy in treating various hip-related problems and has become one of the standard treatments preferred by many surgeons. Hip replacement surgery stands among the top joint reconstruction procedural list in the overall orthopedic industry. The market has significant opportunities to offer high-quality treatment with the availability of a wide range of hip implants. Hip replacement surgery involves a standard diagnostic and treatment procedure, which is used to treat arthroscopy, hemiarthroplasty, and resurfacing of the hip socket. Hip implant surgery involves the usage of multi-modality imaging systems, such as MRI, CT, and ultrasound, for treatment and to assist in robotic surgery. A total hip replacement implant involves the femoral head and resurfacing of the damaged socket during the procedure. This procedure helps the prosthetic femoral head to move within the prosthetic socket. The replacement parts are plastic, ceramic, or metal and are used in different combinations such as metal on plastic, ceramic on plastic, or metal on metal. Management of trauma, injuries, and musculoskeletal disease are treated with a wide range of hip implants offered from various vendors in the market.
The primary factors, such as an increase in the prevalence of osteoarthritis, rise in geriatric population, increase in the popularity of minimally invasive surgeries, and advances in technologies, are expected to contribute to the market growth significantly. The cost of hip replacement brings a second thought for most individuals who are recommended for total hip replacement. In a few cases where the patients are expected to undergo revision and hip resurfacing procedures, it is painful and the cost is added to the procedure making it expensive. However, the advances in technology, such as 3D printing and the usage of biomaterials, are gaining popularity along with the hip replacement implants, thereby contributing to the revenue of the market.
Products, such as ALTRX Altra-Linked polyethylene, Continuum Acetabular System, ZMR Hip System, Wagner SL Revision Hip, and R3 Acetabular System, are some of the branded hip implants that have shown best results and are in high demand in the market. According to Infoholic Research, the Global Hip Replacement Implant market is expected to grow at a CAGR of 3.0% during the forecast period 2017–2023 to touch an aggregate of $7,105.0 million by 2023.
The market is analyzed based on three segments, namely product types, end-users, and regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). In North America, the US and Canada are set to be the leading countries owing to the highest number of hip replacement procedures performed in 2016. Europe is set to be the second leading region and held more than 24% of the market share in 2016. The UK, Germany, and France are among the top three leading countries in Europe in terms of revenue due to advancements in technology and the anticipated launch of new products. In Asia Pacific, India and China are the most attractive countries for the players and they hold tremendous business opportunities. ROW is set to be an emerging market in the next 5–6 years.
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The product areas covered in the report are total hip replacement, partial hip replacement, revision hip replacement, and hip resurfacing. The total hip replacement segment is the leading contributor accounting for 75% of the global hip replacement implant market. The adoption of total hip replacement is maximum as most of the hip replacement procedures involve a complete replacement of the hip by which the patient will have greater satisfaction toward the treatment. The increased adoption of total hip replacement implants generates an increase in the demand for minimally invasive surgical procedures, and the increasing application of hip implants creates a high demand in the market.
Partial hip replacement is the second largest revenue contributor with a slow growth rate. Partial hip replacement implants are widely used in treating older patients and in most cases where total hip replacement is required. In emergency cases where surgery is made necessary partial hip replacement is recommended and this is popularly known as hemiarthroplasty. There are about more than 270,000 hip fractures estimated in the US every year, where people aged above 60 years contribute 90% to the volume. These implants/systems are expensive and have added cost when an individual undergoes revision or hip resurfacing owing to the high procedural cost. The hip replacement implant market in the emerging countries is expected to grow steadily due to the large number of patients, rise in medical tourism, and the developed nations, such as the US, Canada, Mexico, France, and Germany, have a high procedural cost when compared to countries in the APAC. Factors, such as high cost, lack of skilled surgeons, and stringent regulatory approval of the devices in the market, hamper the market growth. These emerging markets are potential markets and are expected to see a significant change in treating hip related conditions globally.
“Hip replacement implant market is growing at a slow growth rate in the overall orthopedic industry having the second largest volume in the joint reconstruction market. Hip replacement surgeries is one of the most effective surgery performed in reducing pain and disability in individuals with osteoarthritis. The incidence rate of hip fractures is higher in women than in men and the treatment varies from country to country. High cost remains one of the major challenges to the market and most of the individuals ignore and continue drug therapy. However, favorable reimbursement in the US by the government and CMS are expected to allow individuals to undergo orthopedic surgeries especially joint reconstruction spine surgeries. Further, the popularity of 3D hip implants and minimally invasive hip replacement surgeries is expected to leverage the market growth in the future.” - Mohammed Azhar, Senior Research Analyst (Research – Healthcare) at Infoholic Research
Further, the report aims to cover the below points:
- Provides an in-depth analysis of the key business opportunities in countries and verticals
- Provides complete details about the various types of hip replacement implants
- Provides complete details of trending hip replacement implants
- Provides complete details about the analysis of top players
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies
Ms. Kathakali Basu
Infoholic Research LLP