Hip Replacement Implants Market Size will Observe Substantial Growth by 2024
The global hip replacement implants market was valued at approximately US$ 7.0 Bn in 2017. It is projected to register a cumulative annual growth rate (CAGR) of over 3.5% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Hip Replacement Implants Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ Expansion of the health care industry, government initiatives, increase in health care expenditure, rise in product approvals, and increase in the patient population are projected to augment the global market from 2018 to 2026. As key players introduce their new hip replacement implants in developed regions such a North America and Western Europe, these regions are likely to account for a dominating share of the global hip replacement implants market. Development of health care infrastructure and high medical expenditure by governments in emerging markets such as China and India are likely to boost the hip replacement implants market in Asia Pacific at a CAGR of around 4.0% from 2018 to 2026.
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Rise in Demand for Hip Replacement Surgeries across the Globe to Propel Market
Global demand for hip replacement is increasing, primarily due to a rise in clinical education among patients, increase in demand among the geriatric population, and rise in the prevalence of obesity and arthritis. The U.S. has witnessed a significant rise in demand for new hip surgeries from 89,919 surgeries in 2004 to 122,154 in 2015. Advancements in minimally invasive surgeries and 3D printing have fueled the global hip replacement market.
Improvement in Government-initiated Hip Implant Reforms
Government bodies of several countries are undertaking collaborative initiatives to meet the demand for hip implants. For instance, in 2013, Medicare spent about US$ 7 Bn on hospitalizations alone for hip and knee replacements. Moreover, 255 of 400,000 such surgeries performed annually are likely to be covered by the new payment model of the Centers for Medicare & Medicaid Services (CMS) in the near future.
Increase in the Incidence of Trauma/Accidental Injuries
The incidence of accidental injuries and hip fractures has increased significantly in the last decade. Over 340,000 hip implant procedures are performed in the U.S. and 600,000 are performed globally each year. This includes several patients aged between 40 and 50, who are focused on maintaining a healthy lifestyle. Increase in the number of hip-related accidents and other hip bone disorders, such as joint pain, instability in the hip joint, bone loss, and infection, are anticipated to boost the global hip replacement market during the forecast period.
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High Cost of Hip Implants and Surgery to Restrain Market
Globally, patients are facing several distinct challenges, including implants costs, health care reform implementation, and reimbursement rates. Low affordability due to high costs and low access to new custom hip implant procedures in countries in Asia Pacific and Middle East & Africa are key factors hampering the hip replacement implants market in these regions. The cost of procedure ranges from US$ 44,816 to US$ 16,000 per person, depending on the region, material, and type.
Asia Pacific Market to Expand Significantly
In terms of revenue, the hip replacement implants market in Asia Pacific is projected to expand at a CAGR of over 4.0% during the forecast period. Expanding economies in Asia Pacific offer significant opportunities to hip replacement implants manufacturers. Emerging countries such as India, China, Brazil, Mexico, and South Africa have a large number of underserved patients. The disposable income of people in India, China, Mexico, Brazil, and other countries in Asia, Latin America, and Africa has increased due to economic growth. This has boosted their purchasing power. Companies manufacturing hip replacement implants should explore new emerging countries, especially in Asia, as their population is high, which translates to a large patient base.
Zimmer Biomet Holdings, Inc., Johnson & Johnson, and Stryker Company to Lead Market
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The report also provides profiles of leading players operating in the global hip replacement implants market. They include Zimmer Biomet Holdings Inc., MicroPort Scientific Corporation, Exactech Inc., OMNIlife Science Inc., Stryker Corporation, B. Braun Melsungen AG, and DJO Global Inc. Increase in mergers & acquisitions, strategic collaborations, and new product launches are expected to drive the global market during the forecast period. Additionally, strong product portfolio, high brand recognition, and strong geographic presence are expected to boost the market during the forecast period.
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