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.”