Hip Replacement Implant Market to Become Worth US$9.1 bn by 2024

According to a new study by Transparency Market Research (TMR), the global hip replacement implant market demonstrates a highly competitive and fragmented structure, thanks to the presence of a number of established vendors of hip replacement implants across the world. The leading participants in this market are B. Braun Melsungen AG, DJO Global, Inc., Zimmer Biomet Holdings, Inc., Exactech, Inc., Johnson & Johnson, OMNIlife science, Inc., MicroPort Scientific Corporation, Smith & Nephew, and Stryker Corporation. For the sustenance in this competitive environment, these players are focusing on technological advancements and expanding their regional boundaries. Innovation and price differentiations are also being kept in focus by these participants to gain an edge over their rivals, states the research report.

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Global Hip Replacement Implant Market to Report 3.90% CAGR between 2016 and 2024

As per the study, the worldwide market for hip replacement implant, which stood at US$6.5 bn in 2015, is anticipated to proliferate at a CAGR of 3.90% during the period from 2016 to 2024. The valuation of this market is likely to touch US$9.1 bn by the end of the period of the forecast. Currently, the total hip replacement implants segment is enjoying the most prominent position in this market and analysts expect that this trend is likely to continue over the next few years. Hospitals have surfaced as the leading end user of hip replacement implants across the world. The scenario is projected to remain like this over the forthcoming years.

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In terms of the region, North America emerged as the leading regional market for hip replacement implant in 2015. With a revenue share of 52.7% in the global market, this regional market is anticipated to remain on the top by the end of the forecast period, reports the market study.

Increasing Number of Elderly People to Boost Market

“The global market for hip replacement implants gains significantly from the increasing base of geriatric population across the world, as elderly people is the more prone to weakening of bones, resulting into joint-related problems, says the author of this study. The rising incidence of accidents and the increasing prevalence of osteoarthritis are also propelling this market tremendously.

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Going forward, the market is likely to benefit from the technological advancements in hip replacement implants substantially. The increasing investments for research and development activities in this field are also projected to boost this market in the near future. On the flip side, the expensiveness hip replacement implants is expected to hold back this market over the next few years. The high cost incurred in the treatment and post-surgical maintenance is also projected to slow down the growth of this market to some extent, states the research report.

Hip Replacement Implant Market Offering High-growth Opportunities for Market Players

The top three players in the global hip replacement market, collectively, contributed 74.7% of the overall revenue generation of the market in 2015, indicating towards consolidated nature of this arena. These players are Johnson & Johnson, Zimmer Biomet Holdings Inc., and Stryker Corporation. Transparency Market Research (TMR) observes that strong portfolio, high geographic outreach, and strong brand recognition are some of the factors contributing to the dominance of these companies.
“Key players are aiming towards expanding their product portfolio through acquisitions and research and development activities for development of new products and improvement of existing products that significantly contribute to revenue growth,” says TMR’s lead analyst.
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North America Continues to Dominate Owing to Growing Geriatric Population
The valuation of the global hip replacement implant market was US$6.76 bn in 2016 and is expected to reach US$9.18 bn by the end of 2024, rising at a CAGR of 3.9% therein. On the basis of product, the total hip replacement implant segment will continue to dominate the market until 2024, accounting for over 58% of the overall market revenue. The growth of the segment can be attributed to the growing prevalence of osteonecrosis and osteoarthritis. Total hip replacement implant is poised to expand at a noteworthy CAGR during the forecast period, making inroads into the shares of other segments.
Geographically, North America will represent the lion’s share in the overall market revenue throughout the review period. The widening base of geriatric population and rapid advancements in technology are stoking the growth of the region. Asia Pacific, on the other hand, is likely to post a CAGR of 4.8% during the same period, which will be higher than any other regional market. The growth of APAC can be attributed to improving healthcare infrastructure along with the increasing consumer spending on healthcare.
Rising Incidence of Hip Bone Disorders Fuels Growth Prospects
Over the last decade, the incidence of accidental injuries and hip bone disorders such as joint pain, bone loss, and instability in the hip joint has increased drastically. This is providing a significant momentum to the global hip replacement implants market. The rapidly aging global population and rise in clinical education among patients are also playing an imperative role in the growth of the market. “Over 340,000 hip implant procedures are performed in the U.S. and 600,000 are performed across the globe every year. This pool includes a raft of patients aged between 40 and 50 who are focused toward maintaining a healthy lifestyle,” says a TMR analyst.
Moreover, improvements in minimally invasive surgeries coupled with advancements in the 3D technology are providing a fillip to the global hip replacement market. Furthermore, the advent of advanced and custom made hip replacement implants is positively influencing the global market.
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High Cost of Implants Limits Widespread Adoption
Lack of affordability is one of the major issues faced by patients willing to undergo hip replacement procedures. Besides high costs of implants, the lack of reimbursement policies is impinging on the growth prospects of the global hip replacement implants market. Moreover, the increasing number of cases of hip implant product recalls is compelling the FDA to propose stricter regulations on all metal hip implant products, which in turn is adversely affecting the growth of the market. However, the presence of a large pool of patient in developing countries is creating ample growth opportunities for the market.
The above data has been derived from a report by TMR, titled “Hip Replacement Implant Market (Product Type - Total Hip Replacement Implant (Fixed Bearing and Mobile Bearing), Partial Hip Replacement Implant, Hip Resurfacing Implant, and Revision Hip Replacement Implant; Material - Metal-on-metal, Metal-on-Polyethylene, Ceramic-on-Metal, Ceramic-on-Polyethylene, and Ceramic-on-Ceramic; End User - Hospitals, Orthopedic Clinics, and Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.” 

Hip Replacement Implant Market Outlook and Forecast up to 2024

The global market for hip replacement implant is dominated by four players, namely Zimmer Biomet, Johnson & Johnson, Stryker, and Smith & Nephew. Together they accounted for a mammoth share of 85.2% in the market in 2015. Zimmer Biomet Holdings, Inc., among them, accounted for a dominant share in the market in 2015 after successfully accomplishing acquisition of Clinical Graphics. Going forward too, the company will likely bolster its position further by heavily investing in development of new products.

In order to further advance their shares, the other main players too have been expending a lot of energy on product differentiation and strategic pricing to attract and retain more customers. In the near future, the trajectory of the prominent companies in the hip replacement implant market will be determined by factors such as safety features, supply capabilities, material safety, and distribution network.

As per a research report by Transparency Market Research, the global market for hip replacement will rise at a lackluster CAGR of 3.9% from 2016 to 2024 to reach a value of US$9.1 bn by the end of 2024 from US$6.5 bn in 2015.

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North America Market to Grow its Dominant Share Further in the Coming Years

Depending upon the types of products, the global market for hip replacement can be segregated into total hip replacement implant, partial hip replacement implant, hip resurfacing implant, and revision hip replacement implant. The total hip replacement segment can be further divided into fixed bearing hip implants and mobile bearing total hip implants. Currently, the total hip replacement implant segment holds a sway over the market with maximum share. By the end of 2024, the segment is predicted to grow its leading share to 58.1%, predicts the report by TMR.

Based on geography, the global market for hip replacement implant can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America, among them, is the dominant region that is anticipated to maintain its top slot in the foreseeable future too. The report by TMR predicts the North America market to gain a share of 52.7% by 2024.

Rising Cases of Obesity and Growing Geriatric Population Stokes Market

At the forefront of driving growth in the global market for hip replacement is the rising number of hip surgeries, particularly among the growing pool of geriatrics worldwide. Another factor stoking growth in the market is the increasing cases of obesity which puts a pressure on the hips and eventually brings about its degeneration. Besides, emergence of better technologies have also been driving expansion in the market. Explains the lead analyst of the TMR report, “The significant rise in hip surgeries is also due to the remarkable advancements in the development of minimally invasive surgeries that use techniques such as 3D printing for achieving accurate results. Efforts by the governments to bring in hip implant reforms are also contributing to the rising revenue of the global market. The increasing per capita income, expenditure on healthcare, accessibility to healthcare, and better awareness are also some of the key factors that are expected to support the global hip replacement implant market.”

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Expensive Hip Replacement Products Deter Market

Cost is one of the major deterrent in the global market for hip replacement. Hip replacement products and surgeries are essentially expensive and hence most cannot afford it, especially in cost-conscious developing economies. “The market is also being challenged by the growing number of product recalls as the metal in these medical devices has proved to be faulty or less effective. Furthermore, the strict regulations pertaining to the approval of all-metal hip implants are also slowing down the process of introducing new products in the global market,” adds the analyst.

This review is based on the findings of a TMR report, titled, “Hip Replacement Implant Market (Product Type - Total Hip Replacement Implant, Partial Hip Replacement Implant, Hip Resurfacing Implant, and Revision Hip Replacement Implant; Material - Metal-on-metal, Metal-on-Polyethylene, Ceramic-on-Metal, Ceramic-on-Polyethylene, and Ceramic-on-Ceramic; End User - Hospitals, Orthopedic Clinics, and Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024.”