Hip Replacement Market Set to Show a Drastic Surge with the Demand till 2028 | Depuy Synthes (Johnson & Johnson), Microport Scientific Corporation

Hip replacement is a medical procedure in which the hip joint is replaced by an artificial prosthetic implant.  The procedure is called hip arthroplasty.

Statistics:

The global hip replacement market is estimated to account for US$ 10,311.3 Mn in terms of value by the end of 2027.

Global Hip Replacement Market: Drivers

Growing prevalence of musculoskeletal disorders is driving growth of the global hip replacement market. For instance, according to the study, ‘Osteoarthritis year in review 2019: epidemiology and therapy’, published in the journal Osteoarthritis and Cartilage in January 2020, the median proportion of years lived with disability due to musculoskeletal disorders increased from 11.8% in 2000 to 13.5% (9.6–16.6) in 2015.

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Moreover, growing number of knee arthroplasty procedures is again expected to aid in growth of the market. For instance, in 2018, the American Academy of Orthopedic Surgeons (AAOS) and the American Joint Replacement Registry (AJRR) recorded over 1 million patients and over 1.4 million hip and knee arthroplasty procedures.

North America region held dominant position in the global hip replacement market in 2014, accounting for 45.5% share in terms of value, followed by Europe.

Global Hip Replacement Market: Restraints

Stringent regulator scenario regarding marketing of hip replacement is restricting growth of the market. For instance, from May 2016, the U.S. FDA mandated that all manufacturers of metal-on-metal total hip implants are required to stop marketing their devices and submit premarket approvals for approval before marketing the devices.

Moreover, high cost of hip implant products and surgeries is hampering growth of the market. For instance, hip replacement surgery costs around US$ 20,000 to US$ 60,000 in the U.S.

Global Hip Replacement Market: Opportunities 

Growing geriatric population is projected to provide lucrative growth opportunities for players in the global hip replacement market. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.

Moreover, growing number of accidents is again projected to provide growth of the market. For instance, according to 2018 Fatal Motor Vehicle Crashes: Overview by National Highway Traffic Safety Administration, a U.S. federal agency, 10,511 deaths were registered in the U.S. in 2018.

Total Hip Replacement Implant segment in the global hip replacement market was valued at US$ 4,179.1 Mn in 2019and is expected to reach US$ 6,112.4 Mn by 2027 at a CAGR of 4.9% during the forecast period.

Market Trends/Key Takeaways

The U.S. FDA has not approved any metal-on-metal total hip replacement devices for use in the US. There are two FDA-approved metal-on-metal hip resurfacing devices available, one of which was developed by Smith & Nephew.

In the U.S., government bodies are focused reducing expenditures of common inpatient surgeries for Medicare beneficiaries. For instance, in February 2020, the Centers for Medicare & Medicaid Services issued a proposed rule in the Federal Register proposing a three-year extension and changes to the episode definition and pricing in the Comprehensive Care for Joint Replacement Model.

Regulations

U.S.

According to the U.S. FDA most, but not all, prosthetic components and controls are classified as class I. Almost all class I devices are exempt from premarket notification by FDA, but as such are subject to regulation by the U.S. FDA, Center for Devices and Radiological Health (CDRH).

According to 21 CFR Part (Parts 800-1299) of the FDA’s Product Classification Listings, all prosthetic devices must comply with Federal regulations through FDA/CDRH processes. (Parts 890.3420 and 890.3025), the FDAs product classification listings, external limb prosthestic components, and accessories are defined as physical medicine devices and are generally considered class I devices.

Global Hip Replacement Market: Competitive Landscape 

Major players operating in the global hip replacement market include, Depuy Synthes (Johnson & Johnson), Microport Scientific Corporation, Zimmer Biomet, Exactech Inc., DJO Global Inc., Stryker Corporation, B. Braun Melsungen, and Smith & Nephew.

Global Hip Replacement Market: Key Developments

Major players in the market are focused on expanding their service portfolio. For instance, in February 2020, Smith & Nephew announced ‘Positive Connections’, a turnkey service to support healthcare providers that are focused on offering increased access for orthopedic cases to Ambulatory Surgery Centers (ASCs) and other outpatient settings.

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Players in the market are also focused on launching Artificial Intelligence (AI)-based products. For instance, in December 2019, RSIP Vision, an AI, computer vision, and image processing technology company, launched a new AI-based total hip replacement solution that provides a precise, automated 3D structure of the patients’ hip for effective surgery.

Table of Content

Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Hip Replacement Market Size Analysis from 2021 to 2028
11.6 COVID-19 Outbreak: Hip Replacement Industry Impact

Chapter 2 Global Hip Replacement Competition by Types, Applications, and Top Regions and Countries
2.1 Global Hip Replacement (Volume and Value) by Type
2.3 Global Hip Replacement (Volume and Value) by Regions

Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis

Chapter 4 Global Hip Replacement Sales, Consumption, Export, Import by Regions (2016-2021)
Chapter 5 North America Hip Replacement Market Analysis
Chapter 6 East Asia Hip Replacement Market Analysis
Chapter 7 Europe Hip Replacement Market Analysis
Chapter 8 South Asia Hip Replacement Market Analysis
Chapter 9 Southeast Asia Hip Replacement Market Analysis
Chapter 10 Middle East Hip Replacement Market Analysis
Chapter 11 Africa Hip Replacement Market Analysis
Chapter 12 Oceania Hip Replacement Market Analysis
Chapter 13 South America Hip Replacement Market Analysis
Chapter 14 Company Profiles and Key Figures in Hip Replacement Business
Chapter 15 Global Hip Replacement Market Forecast (2021-2027)
Chapter 16 Conclusions
Research Methodology