LONDON, May 11, 2023 /PRNewswire/ — The Global Hip Replacement Implant Market is anticipated to garner significant returns over 2022-2029. Hip replacement is surgical product in which injured or deformed hip joints are replaced with prosthetic ones. The implants are mostly made of ceramic materials, metal, or plastic. They are equipped with the ability to simulate the functions and shape of natural hip joints. Hip replacement implants improve the mobility of the patients, giving them a better quality of life.
Key Takeaways
- Growing prevalence of orthopaedic ailments, surge in geriatric population, and increasing healthcare expenditure are primarily augmenting market outlook.
- By metal, the metal-on-polyethylene segment is slated to garner significant returns owing to its affordability and high degree of safety.
- Europe is poised to capture a high revenue share due to the growing prevalence of osteoarthritis along with the increasing cognizance about the benefits of implant surgeries.
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Competitive Hierarchy
MicroPort Scientific Corporation, Stryker Corporation, Exactech Inc., Braun Melsungen AG, OMNIlife Science Inc., DJO Global Inc., Zimmer Biomet, Depuy Synthes, Smith and Nephew, Corin, Wright Medical N.V., ConforMIS, Corentec, Elite Surgical Supplies (PTY) Ltd, Evolutis, FH Orthopedics, Lima Corporate, Medacta, Ortosintese, Peter Brehm, Synergie Ingénierie Médicale, Tecomet, ConMed Corporation, Aesculap Implant Systems LLC., Johnson & Johnson, and Others.
Segmental Outlook
- By product, the total hip replacement implant segment is reckoned to amass notable gains over the stipulated timeline of 2022-2029. This is credited to the growing prevalence of severe orthopaedic conditions which has increased the demand for total hip arthroplasty.
- Based on metal, the metal-on-polyethylene segment is slated to garner significant returns over the projected timeline owing to the affordability and high degree of safety associated with this metal.
- In terms of end user, hospitals segment is likely to witness significant growth over 2022-2029. This is due to the rapidly improving healthcare infrastructure and increasing number of implant surgeries conducted across hospitals.
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Region-Wise Outlook
Europe
Europe is anticipated to capture a significant revenue share over 2022-2029. This is ascribed to the growing prevalence of osteoarthritis, increasing cognizance about the benefits of implant surgeries, along with rising R&D investments. Besides, the surge in the elderly populace and rising instances of hip injuries caused by accidents are further propelling the development of this regional market.
Middle East & Africa
MEA is likely to amplify with a substantial CAGR over the forecast duration owing to the presence of prominent players, rising healthcare expenditure, and growing disposable income levels. Also, technological advances in the field and rising pervasiveness of bone related disorders are adding traction to the expansion of the MEA Hip Replacement Implant Market.
Elaborating The Key Trends and Dynamics of This Industry
Growing prevalence of orthopaedic ailments, surge in the geriatric population base, and increasing healthcare expenditure are primarily augmenting the outlook of this business sphere. Furthermore, rising R&D investments in the field, rapidly improving healthcare infrastructure along with the surging affordability of surgical implants are creating lucrative opportunities for this industry vertically to prosper. Besides, the emergence of prominent players is aiding the expansion of this marketplace.
Major Growth Drivers
Surge in geriatric population base- The elderly population is highly susceptible to orthopaedic issues. Older adults experience intense joint aches and other similar ailments. In severe cases, they are recommended to undergo implant-based surgeries including hip replacement in order to reduce symptoms and improve their mobility. This in turn is stimulating the overall dynamics of this industry vertically.
Rising prevalence of osteoarthritis- There has been a surging prevalence of osteoarthritis across the globe. Although it mostly occurs in older adults but in some cases even the younger population suffers from this degenerative ailment. Lifestyle diseases like obesity and diabetes may also lead to the occurrence of this ailment. Hip replacement surgery is mostly recommended in severe cases of hip-based osteoarthritis. This is propelling the expansion of this marketplace.
Challenges
Concerns of side effects- There are numerous side effects associated with implant surgeries. This mainly includes allergic reactions, severe infections, bone loss, and metallic poisoning, among others. Many companies have faced legal actions and product recalls due to the severe side effects caused by their implant devices. This is slowing the progression of this industry.
Opportunities
Presence of ideal health reimbursement scenario- Many developed and developing nations have favourable healthcare reimbursement policies. Citizens get affordable healthcare as a part of the reimbursement schemes. Implant based surgeries are also covered in most of these schemes because the ultimate goal of the respective governments is to enhance the quality of life of their citizens. This is creating an upward trend in this industry.
Restraints
High cost of implants- Surgical implants are made of high-end materials and undergo complex manufacturing processes. Therefore, the manufacturers quote high prices for these implants. This in turn also forces the healthcare sector to increase the overall expense of the implant surgeries. There are patients who cannot afford to undergo these surgeries due to monetary constraints. This is acting as a restraining factor for this market.
Porter’s Five Forces Analysis
Threat of new entrants- The market experiences a lower threat of new entrants. Companies are reluctant to set foot in this industry due to strict regulatory compliances, high investment costs, and the presence of existing players with a firm grip over the industry.
Bargaining power of suppliers- The market has a high number of suppliers offering the required raw materials and equipment. Customers can easily compare the prices and settle for the most reasonable ones. Thus, the suppliers have limited bargaining power in this market.
Bargaining power of buyers- The bargaining power of buyers in this market is moderate. This is attributable to the presence of a large number of suppliers in the market. However, buyers can still exert some pressure on pricing and demand high-quality products.
Threat of substitutes- The threat of substitutes for hip replacement implants is relatively low in this market. There are only a few alternatives that can provide the same level of mobility and pain relief.
Competitive rivalry- The competitive rivalry in the hip replacement implant market is high, with several large players vying for market share. Companies in the market compete on factors such as product quality, price, brand recognition, and customer service.
On Special Requirement Hip Replacement Implant Market Report is also available for below region:
North America
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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Major Developments
Acquisitions
In 2020, Stryker Corporation announced the acquisition of Wright Medical Group, a provider of extremities and biologics products, including hip replacement implants.
In 2018, Zimmer Biomet announced to have acquired LDR Holding Corporation, a company specializing in manufacturing and marketing of hip replacement implants.
Partnerships
in 2020, Smith+Nephew announced a partnership with Avail Medsystems to provide remote collaboration technology for use in joint replacement surgeries.
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