Global Hip Replacement: Drivers, Restraints, and Opportunities; Trends and Forecasts to 2023


Overview:

Hip implants are helpful in treating and supporting damaged hips caused due to arthritis, fracture, or any other musculoskeletal disorders. Hip replacement is considered as a safe and effective procedure, which can relieve chronic pain, help individuals to get back to daily activities such as mobility, walk, climb stairs, and enable them to perform simple exercises. Hip replacement is one of the most successful operations of all medicines and the advanced technology and surgical techniques have increased the effectiveness of total hip replacement. The market is driven by several factors that contribute to the business growth globally. The rise in awareness about minimally invasive surgeries or procedures has created a high adoption as it is less painful, performed as an outpatient procedure, and unlike traditional open surgeries they are less expensive.

The hip implant market is growing at a slower pace when compared to other orthopedic segments and is maturing in the developed countries. According to CDC 2015 updates, there were about 310,800 total hip replacements performed in individuals aged 45 years and above as in-patients in the US. The availability of customized hip implants with different materials (metal, polyethylene, and ceramic) have increased the sales, especially that of the fixed bearing hip implants. Further, advances, such as the stem cell therapy for hip joints, is dramatically increasing and has become an alternative to hip replacement surgery. However, it is not considered as a standard practice.

The major products in the market include:

  • ALTRX Altra-Linked polyethylene
  • Continuum Acetabular System
  • ZMR Hip System
  • Wagner SL Revision Hip
  • R3 Acetabular System

The market is dominated by DePuy Synthes (Johnson & Johnson), Stryker, Smith & Nephew, and Zimmer Biomet Holdings, which has more than 80% market share in the global hip replacement implant market. Factors, such as the increased prevalence of osteoarthritis, growing popularity about minimally invasive surgeries, and the introduction of new technologies, are driving the market growth.

Market Analysis:

The Global Hip Replacement Implant Market is estimated to witness a CAGR of 3.0% during the forecast period 2017–2023. The market is analyzed based on three segments, namely product type, end-users, and regions.

Regional Analysis:

The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). The Americas is set to be the leading region for the hip replacement implant market growth followed by Europe. Asia Pacific and ROW are set to be the emerging regions. The emerging markets have a high potential to grow owing to an increase in the number of joint reconstruction procedures due to the rise in road accidents, presence of a large pool of patient population, and focus toward healthcare infrastructure. Further, medical tourism has become a new trend in the emerging markets as most of the people from developed countries are travelling to APAC, especially India, for hip replacement procedures. However, the high cost of implants and the expensive procedural cost, lack of skilled surgeons, lack of proper reimbursement policies, lack of awareness about advanced implants in the developing countries have a significant impact on the overall market growth.

Product Analysis:

Total hip replacement (THR) is the fastest growing segment and dominates the global hip replacement implant market with 75% of the total market share. Factors, such as the increasing aging population, and the rise in prevalence of osteoarthritis, rheumatoid arthritis, avascular necrosis, and post-traumatic arthritis, are driving the market growth. Apart from these injuries, accidents and trauma related conditions have also been a cause for the hip replacement procedures. Most of the surgical procedures are performed using implants or prosthesis known as arthroplasty. The total hip replacement segment is the largest revenue contributor to the global hip replacement implant market having a huge base of individual’s suffering from arthritis. Partial hip implant stands second with 14% share of the total hip replacement implant market. These implants are widely used in treating older patients and in most cases where total hip replacement is required. The hip resurfacing segment is growing at a steady growth rate and is expected to see a significant growth as the supporting components of hip resurfacing have better advantages after surgery such as the range of motion of the hip implant is better and has lower rate of dislocation with less wear and tear. Further, this type of procedure is attractive and recommended to individuals who are young and active.

Key Players:

DePuy Synthes (Johnson & Johnson), Stryker, Smith & Nephew, and Zimmer Biomet Holdings, and other predominate & niche players.

Competitive Analysis:

The global hip replacement implant market is highly fragmented and has immense growth opportunities for vendors, especially in the developing regions. The market in the developed countries is almost reaching its maturity stage. The vendors are focusing on developing strategic alliances with companies that manufacture hip implants to leverage their products and widen their customer base by delivering healthcare for unmet medical needs. Big players, such as DePuy Synthes, Medtronic, Stryker, and Zimmer Biomet, acquire small players to increase their market share. The presence of large, small, and local vendors in the market pose high competition. The vendors have a strong focus on acquiring smaller companies and expanding their business operations by leveraging their products portfolio across the globe. The competitive environment in the market will intensify further with an increase in product/service extensions, product innovations, and M&A. They form strategic alliances for the marketing or manufacturing of hip implants.

Benefits:

The report provides complete details about the usage and adoption rate of hip implants for the treatment of various hip related disorders. Thus, the key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives toward the hip implant adoption in the upcoming years along with details of the pureplay companies entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals, and to analyze before investing or expanding the business in this market.

Key Stakeholders:

1     Industry Outlook  

1.1        Industry Overview

1.2        Definition: Orthopedics

1.3        Healthcare Spending in the US

1.4        Reimbursement Scenario

1.5        Emerging Global Markets

1.6        Musculoskeletal disorders

1.6.1     Knee Implants

1.6.2     Hip Implants

1.6.3     Ankle & Foot Implants

1.6.4     Shoulder Implants

1.6.5     Spine Implants

1.6.6     Trauma Fixation Devices

1.6.7     Sports Medicine Devices

1.6.8     Orthobiologics

1.7        Industry Trends

1.8        PEST Analysis

2     Report Outline  

2.1        Report Scope

2.2        Report Summary

2.3        Research Methodology

2.4        Report Assumptions

3     Market Snapshot 

3.1        Total Addressable Market (TAM)

3.2        Segmented Addressable Market (SAM)

3.2.1     Overview

3.2.2     Total hip replacement implant

3.2.3     Partial hip replacement implant

3.2.4     Revision hip replacement implant

3.2.5     Hip resurfacing

3.3        Related Markets

3.3.1     Surgical Devices Market

3.3.2     Biomaterial Market

3.3.3     Dental Implant Market

3.3.4     Energy-based Aesthetic Devices Market

3.3.5     Spine Orthopedic Devices Market

4     Market Outlook  

4.1        Overview

4.2        Importance of Hip Implants

4.3        Porter 5(Five) Forces

5     Market Characteristics

5.1        Evolution

5.2        DRO – Global Hip Replacement Implant Market Dynamics

5.2.1     Drivers

5.2.1.1    Rise in the prevalence of osteoporosis

5.2.1.2    Increasing popularity of total hip arthroplasty

5.2.1.3    Growing popularity of minimally invasive surgeries

5.2.1.4    Rise in elderly population

5.2.1.5    Increase in the number of outpatient procedures

5.2.2     Opportunities

5.2.2.1    Technological advancements

5.2.2.2    Increased usage of orthopedic biomaterials

5.2.2.1    Increase in healthcare spending

5.2.2.2    Increase in mergers & acquisitions

5.2.3     Restraints

5.2.3.1    Complications and risks associated with hip implant procedures

5.2.3.2    High cost of hip replacement procedures

5.2.3.3    Stringent regulatory framework and labeling requirement

5.2.3.4    Poor reimbursement policies

5.2.3.5    Intense competition among vendors

5.2.4     DRO – Impact Analysis

5.2.5     Key Stakeholders

6     Types: Market Size and Analysis 

6.1        Overview

6.2        Total Hip Replacement

6.2.1     Overview

6.3        Partial Hip Replacement

6.3.1     Overview

6.4        Revision Hip Replacement

6.4.1     Overview

6.5        Hip Resurfacing

6.5.1     Overview

7     End-user: Market Size and Analysis 

7.1        Overview

7.2        Hospitals

7.3        Ambulatory Care

7.4        Trauma Centers

8     Regions: Market Size and Analysis 

8.1        Overview

8.2        North America

8.2.1     Market Overview

8.3        Europe

8.3.1     Market Overview

8.4        APAC

8.4.1     Market Overview

8.5        Rest of the World

8.5.1     Market Overview

9     Competitive Landscape 

9.1        Overview

10   Vendor Profiles 

10.1     Johnson & Johnson (DePuy Synthes, Inc)

10.1.1  Overview

10.1.2  Business Unit

10.1.3  Geographic Presence

10.1.4  Business Focus

10.1.5  SWOT Analysis

10.1.6  Business Strategy

10.2     Stryker Corp.

10.2.1  Overview

10.2.2  Business Unit

10.2.3  Geographic Revenue

10.2.4  Business Focus

10.2.5  SWOT Analysis

10.2.6  Business Strategy

10.3     Smith & Nephew, Inc

10.3.1  Overview

10.3.2  Business Unit

10.3.3  Geographic Revenue

10.3.4  Business Focus

10.3.5  SWOT Analysis

10.3.6  Business Strategy

10.4     Zimmer Biomet Holdings, Inc

10.4.1  Overview

10.4.2  Business Unit

10.4.3  Geographic Revenue

10.4.4  Business Focus

10.4.5  SWOT Analysis

10.4.6  Business Strategy

11   Companies to Watch For 

11.1     Arthrex

11.1.1  Overview

11.1.2  Key Highlights

11.1.3  Business Strategies

11.2     Orthofix International N.V.

11.2.1  Key Highlights

11.2.2  Business Strategies

11.3     B. Braun

11.3.1  Overview

11.3.2  Key Highlights

11.3.3  Business Strategies

11.4     Wright Medical Group N.V.

11.4.1  Overview

11.5     OMNIlife Science

11.5.1  Overview

Annexure  

Abbreviations

 

Infoholic research works on a holistic 360° approach in order to deliver high quality, validated and reliable information in our market reports. The Market estimation and forecasting involves following steps:

  • Data Collation (Secondary & Primary)
  • In-house Estimation (Based on proprietary data bases and Models)
  • Market Triangulation
  • Forecasting

methodology

Market related information is congregated from both secondary and primary sources. Secondary sources include public sources such as regulatory frameworks, government IT spending, government demographic indicators, industry association statistics, and company publications along with paid sources such as Factiva, OneSource, Bloomberg among others.

Primary sources involved participants from all global stakeholders such as Solution providers, service providers, Industry associations, thought leaders etc. across levels such as CXOs, VPs and managers. Plus, our in-house industry experts having decades of industry experience contribute their consulting and advisory services.

For more details on Research Methodology kindly click here to Engage with our Analyst.


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