Hip Replacement Implant Market to reach US$9.1 Billion by 2024: North America to Remain Dominant Owing to Increasing Incidence of Osteoarthritis

The frontrunners in the global hip replacement implant market are putting constant efforts for differentiating their product and maintaining price differences to attract large number of consumers. These strategies are being adopted by the majority of players, which is likely to keep the competitive rivalry high in the market, finds Transparency Market Research (TMR) in a new study. Stryker, Johnson & Johnson, Zimmer-Biomet, and Smith & Nephew were the leading players in 2015, accounting for a combined share of 85.2% in the overall market.

“Material safety, distribution network, safety features, and supply capabilities will emerge as areas of special attention for the majority of key players in the near future in order to consolidate their position,” says TMR’s lead analyst. The global hip replacement implant market had a valuation of US$6.5 bn in 2015 and is anticipated to reach US$9.1 bn by 2024, expanding at a CAGR of 3.9% between 2016 and 2024.

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Total Hip Replacement Implant to Remain Most Prominent Product Segment through 2024

On the basis of product, the total hip replacement implant segment will continue to dominate the market until 2024, accounting for 58.1% of the overall market revenue. The rising prevalence of osteoarthritis and mounting cases of trauma to the hips are supplementing the growth of the segment.

Geographically, North America was the leading revenue contributor in the global hip replacement implant market. The growth of the region can be attributed to the rapid technological advancements, growing incidence of osteoarthritis, and the presence of advanced healthcare facilities. The region is expected to command a dominant share of 52.7% in the overall market. Asia Pacific, on the other hand, is anticipated to register a healthy CAGR during the forecast period.

Widening Base of Obese and Aged People to Trigger Adoption

The growing number of hip replacement surgeries among the widening base of geriatrics is one of the primary growth stimulants of the global hip replacement implant market. Apart from geriatrics, the expanding pool of obese people is also contributing to the growth of the market. Their excessive weight exerts pressure on the hips and causes degeneration over the time.

The emergence of minimally invasive surgeries and remarkable advancements in the 3D printing technology have helped in achieving accurate results, which in turn has allowed the market in gaining significant traction. “The allocation of increased budgets for the healthcare sector by governments coupled with their rising efforts to bring in hip implant reforms is also stoking the growth of the global hip replacement implant market,” says a TMR analyst. Moreover, the growing awareness and increasing consumer expenditure on healthcare along with the better accessibility are fuelling the adoption of hip replacement implants.

High Costs of Hip Replacement Implants to Dent their Demand

Despite an array of drivers, there are several factors acting as stumbling blocks in the growth of the global hip replacement implant market. The high costs of hip replacement products and surgeries are making it highly unaffordable for patients, especially in developing nations, which is limiting their widespread adoption. The increasing number of product recalls, as the metal in these implants has proved to be less effective or faulty, is impeding the upward climb of the market. Furthermore, the rising stringency in regulations pertaining to the approval of all-metal hip implants is hampering the pace of introduction of new products.

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Name: Rohit Bhisey
Organization: Transparency Market Research

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