Increasing demand for hip replacement surgical procedures, growth in geriatric population, and high occurrence of lower extremity conditions including osteoporosis, Osteoarthritis (OA), and hip ailments are some of the major growth driving factors for market. For instance, according to report by the Osteoarthritis Research Society International (ORSI), about 130 million people globally are expected to suffer from OA by the year 2050.
The market is anticipated to witness additional growth due to existence of affordable healthcare facilities in various developed countries and the technological advancements in minimally invasive or non-invasive surgeries. The introduction of non-metal materials, including polymer and ceramic, is anticipated to help overcome the problems associated with the conventional devices, such as improved metallic ions in bloodstream of patients and deterioration of the implants over time. The novel operating techniques have reduced the hospital stay post the full hip replacement surgery to fewer than 4 days.
Furthermore, favourable reimbursement policies are further boosting the growth. According to Patient Protection and Affordable Care Act, there has been a surge in the extent of protection coverage in orthopaedic devices, providing the access to a larger number of patient’s population. Over past several years, both public and private payers are proposing appropriate coverage for the prosthetics and orthotics.Segment Overview
Products, the market is categorized into total hip implants, hip resurfacing, partial femoral head, and revision hip. Total hip implants held the major market share as of 2019, owing to rising demand for minimally or non-invasive surgeries and continuing technological advancements. Furthermore, increasing prevalence of bone disorders such as osteoarthritis is another key driver for market. According to National Joint Registry for England (NJRE), over 90% of total hip procedure were performed for the osteoarthritis in U.K. in 2016.Regional Overview
North America commanded the largest share as of 2019, owing to the favourable healthcare infrastructure and the presence of vital industry players. Furthermore, rising incidence of osteoporosis and osteoarthritis, rising number of sports and road injuries are some of the major factors aiding the growth of regional market. Favourable reimbursement policies for the patients are expected to increase the number of surgeries, which in turn is anticipated to support the growth in the coming future.
Asia Pacific is anticipated to witness the lucrative growth over forecast period. Aspects such as growing healthcare expenditure in emerging Asian countries and growing ageing population, which are at higher risk of developing bone injuries, osteoarthritis, osteoporosis, and rising occurrence of obesity will add to the growth. Additionally, rapidly evolving healthcare infrastructure due to booming medical tourism industry is Further impelling the market demand in the region.Competitor overview
The market is highly competitive in nature with the presence of many small and large players. Some of the major players are Stryker Corporation; Zimmer Biomet Holdings, Inc.; MicroPort Scientific Corporation; Johnson & Johnson; Smith & Nephew plc; DJO Global, Inc.; and also MicroPort Scientific Corporation among others.
The aforementioned players are continually involved in strategic initiatives including new product launch, mergers & acquisitions and technological advancements, in order to gain the higher market share. For instance, November 2016, Medacta International, company launched new MasterLoc Hip System to improve its hips inserts product portfolio. Further in October 2018, Zimmer Biomet collaborated with the Apple in order to launch mobile app pertaining to the joint replacement.Key Players
- Zimmer Biomet Holdings, Inc.;
- Stryker Corporation;
- Johnson & Johnson;
- MicroPort Scientific Corporation;
- Smith & Nephew plc;
- DJO Global, Inc.;
- MicroPort Scientific Corporation
By End User
- Orthopedic Clinics
- Hospitals & Surgery Centers
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- Rest of LAMEA