Hip replacement is a minimally invasive surgical procedure to replace a hip joint with a prosthetic implant. It is a general surgery that helps to minimize pain and rigidity in the hip joint. Each hip replacement system has different device design features such as material, shape, fixations materials. As per the World Health Organization (WHO), by 2050, nearly 130 million people will have arthritis, of which this disease will severely disable 40 Million people. Other factors, including rheumatoid arthritis, hip fracture, septic arthritis, and ankylosing spondylitis, have also helped this market grow. Thereafter, in the coming years, as per our estimate, the Global Hip Replacement Market will increase with the advent of robot-assisted surgical procedures across the world to reach US$ 7.48 Billion by 2027.
COVID-19 Impact on Hip Replacement Market
The ongoing COVID-19 pandemic is an unprecedented public health concern. This pandemic has adversely impacted the number of hip arthroplasty procedures. The high risk of COVID-19 infection involved during the surgical procedure and rising COVID-19 patient admissions in the hospitals are some of the prime factors resulting in decline of surgical procedures in the year 2020. According to Renub Research, the Hip Replacement Market Size was US$ 4.73 Billion in 2020.
For instance, about 100,000 joint replacement surgeries were cancelled during the first wave of COVID-19 in early 2020s in the U.K. Although the industry is poised to behold significant growth due to the decreasing number of COVID-19 patients in some regions as standard operating protocols in healthcare facilities are being implemented. The government initiatives for rendering clinical emergency care to patients suffering from Osteoarthritis have sustained the revenue growth in the COVID era.
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Growth Factors and Challenges of Hip Replacement Market Globally
The increasing prevalence of hip arthritis and osteoporosis and the growing geriatric population have promoted market progression. The cases of Osteoarthritis is increasing due to the ageing population so older adults have to be successfully treated with hip replacements. Hence, device manufacturers emphasize hip replacement design to mimic the natural movement of the body. The recent and ongoing technological advancements have also cured young teenagers with juvenile arthritis. Besides, increase in other related factors like obesity will also further propel the market growth.
Nevertheless, price pressure, risk of complications after surgery, and waiting time for surgery in hospitals are major hindering factors.
Product wise – All the Four Hip Replacement Techniques Market covered in the Report
Further, product-wise, the hip replacement market has segmented into total hip replacement, partial hip replacement, revision hip replacement and hip resurfacing. In Total Hip Replacement, the damaged hip is removed and replaced with prosthetic hip joint which is made up of ceramic, plastic or metal. One of the primary reasons for the growth of total hip replacement is Osteoarthritis. As per our research findings, Worldwide Hip Replacement Industry projected to grow at a CAGR of 6.77% within the forecast period of 2020-2027.
Region wise – European Region to gain Market Share
Our report also classifies the global hip replacement market geographically into five major regions: Europe, North America, Asia Pacific, South America, and Rest of the World. Furthermore, the surge in the abundance of hip replacement prostheses, rise in strategic collaborations among market vendors, and new product launches will help the European region to gain market share in the coming years. On the other hand, the market in the Asia Pacific expects to witness substantial growth in the projected duration on account of the increasing prevalence of hip osteoarthritis serving most of the geriatric population in the region.
Fixation – All three Types of Fixation Market Given in the Report
By fixation – Cemented, Cement less, and Hybrid, have been strongly adopted in hip implant through the years, usage trends differ across the globe. The surgeons across the world favour using cement less hip implants, as they believe press-fitted implants are more durable over the long term. The use of cement less fixation in hip arthroplasty reduces the total surgical time. This is desirable to doctors and healthcare facilities, as minimizing operating room time lessens overall procedure costs too.
Company Initiatives in Hip Replacement Industry
For instance, in July 2020 Smith+Nephew the global medical technology business, announced the launch of the RI.HIP NAVIGATION for total hip arthroplasty (THA). This new technology designed to help maximize accuracy and reproducibility by delivering patient-specific component alignment – a critical factor for surgeons when assessing individual THA cases. Such discoveries are likely to boost the market well in the coming years.
The report covers the competitive landscaping of companies operating in this market are Zimmer Biomet, Stryker, Smith & Nephew PLC, Johnson & Johnson, Conformis Inc., Integra life sciences Corporation, MicroPort Scientific Corporation and B. Braun Melsungen AG. These companies have fostered various strategies, such as mergers &acquisitions and partnerships, to accelerate growth in the global hip replacement market.
Renub Research report titled “Hip Replacement Market Global Forecast by Products (Total Hip Replacement, Partial Hip Replacement, Revision Hip Replacement and Hip Resurfacing), Regions (North America, Europe, Asia-Pacific, South America, & Rest of World), Fixation (Cemented, Cementless & Hybrid), Companies (Zimmer Biomet, Stryker, Smith & Nephew PLC, Johnson & Johnson, ConformisInc, Integra lifesciencesCorporatio, MicroPort Scientific Corporation, B. Braun Melsungen AG) Global Analysis” studies the global Hip Replacement Industry.
Follow the link for the full report with detailed TOC and list of figures and tables: https://www.renub.com/hip-replacement-market-global-forecast-p.php
Product – Hip Replacement Market breakup from 4 viewpoints:
1. Total HIP Replacement
2. Partial HIP Replacement
3. Revision HIP Replacement
4. HIP Resurfacing
Region – Hip Replacement Market breakup from 5 Regions:
1. North America
2. Europe
3. Asia-Pacific
4. South America
5. Rest of World
Fixation –Hip Replacement Market breakup from 4 Regions:
1. Cemented
2. Cementless
3. Hybrid – Hip Replacement
All key players have been covered from 4 viewpoints:
1. Overview
2. Strategy
3. Merger / Acquisition
4. Financial Insight
Company Analysis:
1. Zimmer Biomet
2. Stryker
3. Smith & Nephew PLC
4. Johnson & Johnson
5. ConformisInc
6. Integra lifesciencesCorporatio
7. MicroPort Scientific Corporation
8. B. Braun Melsungen AG
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