The global hip replacement market is estimated at $ 5.56 billion in 2018 and is expected to grow by a CAGR of 4.7% over the forecast period. The growing demand for endoprostheses/replacement surgery, the growing geriatric population, and the high prevalence of lower limb conditions such as osteoarthritis (OA), osteoporosis, and hip disease. For example, according to a report by the Osteoarthritis Research Society International, approximately 130 million people worldwide will suffer from OA by 2050.
The advent of non-metallic materials such as polymers and ceramics is expected to help overcome the problems associated with conventional devices, such as adding metal ions to patients’ blood and implant damage. Newer surgical procedures shorten the hospital stay after a complete hip replacement in less than four days.In addition, the growing number of robotically assisted operations is increasing the success of minimally invasive operations, which are expected to provide significant revenue growth opportunities in this market in the near future. Favourable payment policies have further stimulated growth under the Patient Protection, and Affordable Care Act (PPACA), and insurance coverage for orthopaedic devices increased, allowing access to more patients. In recent years, the public (e.g. CMS) and private payers have provided adequate coverage of prosthetics and prosthetics.
For example, in November 2018, Johnson & Johnson launched the “India-centric” payment program, which provides full reimbursement to patients if they are transferred to a hip replacement within 15 years of primary surgery. In August 2018, Conformis, Inc., a medical technology company, partnered with JFK Medical Center in Florida to perform the first 3D total hip replacement surgery.
Furthermore, increasing public-private funding for targeted research activities, increasing the level of hospital data, increasing the base of the geriatric population and increasing product innovation and progress through innovation. Technological advances worldwide will provide advantageous opportunities for market players in the forecast period. In addition, the increase in the number of strategic partnerships, the growing penetration of the Internet, the growing number of hospitals and laboratories, the growing number of young people suffering from degenerative diseases and the increasing per capita healthcare expenditure will continue to grow. The Market growth rate in the future. Limitations/challenges in the global hip replacement market
On the other hand, high R&D skills costs, limited infrastructure and strict regulatory approvals are expected to hamper the market growth. Similarly, favourable scenarios for payments and access to technology in developing economies, high operating costs, interoperability problems and a lack of adequate infrastructure in short-lived countries are lacking. 2022–2029.
This hip replacement market report provides details on new developments, trade rules, importon local and regional market players, analysis of new revenue opportunities, changes in market regulation, strategic market growth analysis, large market growth, market category growth, application niches and dominance, product approval, product launch, geographical expansion, changes in market technology. For more information on hip implant replacement, contact the Data Bridge Market Research Market for a brief analysis.
Influence of COVID-19 on the market for hip replacement implants
COVID-19 has a large and negative impact on the market. During this phase, there is a significant reduction in the number of non-selective and insignificant surgical procedures, and hip and knee arthroplasty operations are not on the list of major surgeries. Significant financial losses during this pandemic period have disrupted market growth.
- In July 2021, Medacta announced an expansion of its hip replacement portfolio to improve revenue.
- In August 2021, Zimmer Biomet received FDA approval for the ROSA Hip System for robotically assisted anterior total hip replacement.