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


Hip Implants are one of the major product segment of orthopedic devices market and is the second largest joint reconstruction segment after knee implant market. The orthopaedic segment of Healthcare industry provides diagnosis, treatment, and prevention of disorders associated with bones especially joint reconstruction segments. The development in orthopaedic devices segments has gain huge importance in developing advanced implants with innovative orthobiologics (biomaterials).

Most of the companies are adapting new technologies and have a strong focus on the bundled Medicare payments for hip replacement procedures. In the US, more than 400,000 spinal fusion procedures are performed annually that are twice the rate in the Europe and Canada. Total hip replacement is recommended, depending on the type of damage caused by arthritis, fracture, and other conditions where daily activities such as walking, moving, and getting in and out of chair become painful and difficult.

The market is growing at a steady rate and is expected to see a significant growth during the forecast period. The advances in technology and recovery ability with novel orthopedic products will quickly enable individual to return to normal activities after surgery. Both surgery and post-surgery procedures demand various orthopaedic products, resulting in huge market opportunity worldwide. There are different types of hip implant used and have specific featured devices such as fixed bearing, hybrid total hip implants, and mobile bearing total hip implants. Osteoarthritis, rheumatoid arthritis, and post-traumatic arthritis are the most common types of arthritis that cause tenderness, joint pain, locking and stiffness.

The market is expected to witness a CAGR of 3% during the forecast period. The factors driving the market are the incidence of orthopaedic disorders, growing ageing population, rise in number of road accidents, and rise in number of obesity cases. As the older population is prone to frequent bone and joint issues, the number of cases are high in developed countries. The total hip replacement surgery has evolved in recent years and the advancement in technology has made it possible to improve surgical techniques. The market is segmented into primary hip replacement and partial hip and revision hip replacement. The shift in preference of minimally invasive (MI) surgeries over traditional surgeries has led to the development of technologically advanced total hip replacement surgeries.

All surgical procedures carry risk, the risk associated with hip implant surgeries remains one of the major challenges in the market. Risk such as infection, blood vessel damage, reaction to anaesthesia, nerve damage or neuroparalysis, bleeding, allergic reaction, blood clots, implant failure, new pain after surgery, excessive bone growth or bone loss, lack of full range of motion, and scar formation are some of the commonly reported complications post-surgery. Fear of these complications prevents many people from opting for these surgeries. Therefore, this will hinder the market growth.

The hip implant market in the North America is growing at a significant rate due to increasing healthcare expenditure and rising prevalence of osteoarthritis and rheumatoid arthritis in the region. Moreover, initiatives taken by various government associations are helping to spread awareness about advanced hip related products in the Americas. In Europe, increasing aging population, high healthcare expenditure, and increasing awareness about osteoarthritis conditions are driving the growth of the hip implants market. With increasing number of hip replacement procedures, demand for hip implants is also poised to rise during the forecast period. Growth of the hip implants market in the APAC region is primarily driven by the increasing geriatric population, increasing healthcare expenditure, and growing awareness of the hip condition in the developing countries. Moreover, increasing incidence of osteoarthritis is one of the major factors for the growth of the market in this region. The Global Hip Implants market is dominated by many big players, namely: Stryker Corp., Medtronic Inc., Johnson & Johnson, NuVasive, and Zimmer Biomet and many others.

The Global Hip Implants market report provides the complete details of various market trends and hip implant applications and adoption rate in various medical segments and across the regions. The major trends, drivers, restraints, and opportunities in each segment are also covered. This study will help stakeholders to understand the current and future market outlook to focus/expand/invest in the hip implants market.

This report also provides the competitive landscape of the leading players in Global Hip Implants market and this study will help the vendors to understand about their competitor’s landscape. The report can also be tailored as per the specific info required by the users. The customization of the report is available based on countries, vendor profiles, enterprise and vertical wise.

Report Scope:

Product

  • Primary hip replacement
  • Partial hip and revision hip replacement

Regions

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

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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.

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