The latest market report published by Credence Research, Inc. “Hip Replacement Implants Market - Growth, Future Prospects, Competitive Analysis, 2018 - 2026,” the global hip replacement implants market was valued at US$ 7,202.5 Mn in 2017 expanding at a CAGR of 3.6% from 2018 to 2026.
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The global hip replacement implants market is driven by growing number of hip arthroplasty throughout the globe, rising prevalence of osteoporosis, osteoarthritis and hip ailments leading to hip replacement surgeries. Growth in trauma and injuries have also boosted the number of hip arthroplasty in the recent years. Product innovation and continuous research and development to improve the hip systems and materials is the major driver in increased demand of hip replacement implants. Many studies have emphasized the benefits of replacement surgeries in reducing pain, improved quality of life and overall cost of healthcare and resources. However, the cost of overall procedure is acting as a hindering factor for the growth of hip replacement implants, especially in the developing countries with unorganized insurance and reimbursement structure. In terms material type the hip replacement implants market was dominated by metal-on-polyethylene market segment. Use of antioxidant enhanced polyethylene has resulted in reduction of wearing and osteolysis of the implant. Ceramic-on-polyethylene is also expected to exhibit high growth rate during the forecast period. In term of end-user, hospitals end-user segment held the largest share in the global hip replacement implants market owing to higher number of surgeries in the hospitals. However, ambulatory surgical centers is projected to exhibit highest growth rate during the forecast period due to lowered cost of procedure and waiting time for procedure as compared to hospitals. According to a study, close to 236,733 hip surgeries were carried out in ambulatory surgical centers in the North America in 2017, and expected to grow steadily during the forecast period.
On the basis of geography, North America held the largest market in the global hip replacement implants market on account of rise in the orthopedic ailments, better healthcare access, early entry of novel technologies and early acceptance of the same by the healthcare practitioners and patients. Moreover, systematic reimbursement scenario and insurance structure further drive the market. It is estimated that more than 300,000 total hip replacement are performed in U.S. each year. Rising number of hip arthroplasty taking place in ambulatory surgical centers with reduced cost and waiting time will further drive the demand for hip replacement implants. Asia Pacific will grow at fastest rate during the forecast period, driven by growing healthcare infrastructure, rising affordability towards undergoing hip replacement procedure, high unmet needs and growing geriatric population. Foreign investment in the region and establishment of multi-specialty hospitals performing critical orthopedic surgeries will further drive the market for hip replacement implants. The key players currently engaged in hip replacement implants market include Zimmer Biomet Holdings, DePuy Synthes, Inc., Stryker Corporation, MicroPort Scientific Corporation, B. Braun Melsungen AG, Smith & Nephew Plc, DJO Global, Exactech, Inc. and Corin Orthopedics Holdings Ltd among others.
Key Market Movements:
- Growing prevalence of osteoarthritis and other orthopedic ailments
- Growing awareness and affordability of hip replacement procedures globally
- Technological developments in the implants with better patient outcomes and reduced post-surgical complication
- High growth in the developing region such as Asia Pacific, Latin America and Middle East & Africa
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