Australia hip and knee implants market revenue was calculated at US$ 552.0 Mn in 2022 and is estimated to reach a valuation of US$ 1,315.05 Mn by 2030, growing at a CAGR of 11.46% over the forecast period 2023-2030.
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The hip and knee implants industry in Australia is likely to expand significantly over the next few years thanks to a number of important factors. According to a survey by the Australian Bureau of Statistics, 16% of Australia’s total population, or 4.2 million individuals, was predicted to be 65 years of age or older in June 2020. By 2066, between 21% and 23% of Australia’s population is likely to be 65 years of age or older, according to estimates.
The aging population in Australia is one of the major factors contributing to this growth. The prevalence of joint degradation rises as the population ages, increasing the demand for hip and knee replacements.
Factors Contributing to the Growth of the Market
Driving Factors
Rising Popularity of Osteoarthritis in Australia
In Australia, osteoarthritis (OA) is the most common degenerative ailment, and as a result, more hip and knee replacement surgeries are performed each year. OA is a chronic ailment that can develop with time, and now, over 20,000 knee and 19,000 hip replacement procedures take place annually in the country because of this condition.
The hip and knee implant market in Australia is seeing this rise due to a number of variables, including an aging population, obesity, and injuries. A wider spectrum of patients can now undergo complete joint replacement surgery thanks to improvements in surgical and anesthetic procedures and the rising expectation for enhanced quality of life.
As the prevalence of osteoarthritis and the necessity for complete joint replacement surgery are likely to increase over the next few years, this creates a huge opportunity for the hip and knee implant industry in Australia. These trends should be taken into account by consultants who advise clients in the healthcare sector since they will have a huge impact on the hip and knee implants industry in Australia.
Growth in Aging Population in Australia
The growing elderly population in Australia is driving a huge increase in demand for hip and knee implants. Joint degradation is more common as people age, which increases the demand for hip and knee implants. As the patient population grows, so will the need for knee replacement surgery.
The Australian Bureau of Statistics estimates that, as of June 2020, 4.2 million people—or almost 16% of Australia’s overall population—were 65 years of age or older. With estimates stating that between 21% and 23% of Australia’s population will be over the age of 65 by 2066, this percentage is likely to keep rising in the hip and knee implants market there. In Australia, the hip and knee implants industry is expanding as a result of the aging population’s increased demand for this medical equipment.
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Restraint Factor
Imperfections Associated with Hip and Knee Implants
Complications related to the usage of these devices present a substantial obstacle for the hip and knee implant markets in Australia. The likelihood of adverse effects from malfunctioning implants becomes a major issue as the adoption of replacement operations keeps increasing.
Experts estimate that 1% to 2% of patients who have hip replacements may experience an infection. Some underlying medical factors like obesity, diabetes, anemia, and inflammatory diseases like rheumatoid arthritis, sickle cell anemia, and blood clotting disorders further raise this risk. When surgical wounds recover, the risk of infection declines, but it never completely disappears.
Patients are frequently instructed to take antibiotics before invasive surgery in order to reduce this risk and stop potential bacterial infections from spreading to the implant. As a market participant in the Australian hip and knee implant industry, it is critical to be aware of these issues and endeavor to create implant technologies that are safer and more dependable in order to solve them.
Companies Profile
With four large companies—Zimmer Biomet, Stryker Corporation, Smith & Nephew, and B. Braun Melsungen—controlling more than 56% of the market’s revenue, the market is extremely consolidated. This suggests that there is fierce competition in this industry and that it may be difficult for new competitors to gain a foothold. Companies must concentrate on differentiating their products with distinctive attributes such as increased durability, usability, and affordability to achieve a competitive edge.
Some other competitors in the market are KYOCERA Medical Technologies, Inc, GROUP FH ORTHO communication, DJO Global LLC, Corentec Co., Ltd., and others.
Segmentation Summary
By Procedure Type Segment
The primary implant segment accounted for 74.6% of the Australia hip and knee implants market in 2022. This segment is likely to witness growth with a CAGR of 12% during the projection period.
In terms of material Segment
Polyethylene is currently the most extensively utilized material for articulating surfaces in hip and knee implants. Due to the introduction of newer PE variants with varying wear qualities to increase wear resistance and lengthen the life of the arthroplasty, the polyethylene segment is anticipated to expand at the highest CAGR of 13% during the forecast period.
By Hospital Segment
Hospitals currently acquire a share of 66% of the Australia hip and knee implants industry. Due to the availability of cutting-edge treatment options and the rising number of patients using these facilities, the hospital category is likely to grow at the highest CAGR of 12.3% over the projection period.
Segmentation Outline
By Procedure Type
- Primary Implant
- Partial/Unicompartmental implant
- Revision implant
By Material
- Metal
- Ceramic
- Polyethylene
By End-User
- Hospitals
- Specialized Orthopedic Clinics
- Others
By Sales Channel
- Direct Channel
- Distribution Channel
- Others
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