What is Hip Replacement?
Hip replacement is a surgical process of removing a segment of the hip bone and replacing it with an artificially created hip segment. This is usually done to remove a painful joint in the hip caused by arthritis or any other orthopaedic disease. Hip replacement can be done for selective joints or complete renewal of hip bones. It is an effective way of tackling the pain and discomfort around your hip area when the medications don’t work.
Hip replacement Market Overview
Hip replacement market has been thriving for a decade due to the advancements in surgical procedure and reduction in risks associated. Different geographical locations have shown different advancements and growth levels. The total market value of Hip replacement revenues stands at a whopping US $6800 mn in 2019. The largest contributor in this revenue in North America, and mainly the US.
As per the statistics, more than 300,000 hip replacements are done every year in the United States Alone. After North America, Europe stood as the second largest contributor to total hip replacement revenues in 2017. The Asia region has stayed back on the list because of the comparatively lower technological developments. However, the Asia-Pacific region showed the highest growth rate because of increasing cases of arthritis and developing surgery technologies.
The total revenue is low, but the fast growth rate is exceptional. India and China have a considerable share in the global market as compared to other Asian countries.
The hip replacement market is enjoying increasing growth and higher demands since quite a long time. But that drives this demand up or down? There are several factors determining the demand and supply in Hip Replacement markets. Hip replacement needs rise from arthritis. With increasing cases of osteoarthritis, hip ailments and osteoporosis around the world, hip replacement demands have increased manifolds.
With a rising population, the demand is bound to increase by some amounts. But the rising population is not the only determining factor. Increase in accidents and injuries around the world have driven the need for replacements. With scientific advances and vigorous research, technologies used in surgery have improved such as 3D planning and printing of implants. The recovery time and risks have gone down encouraging more people to opt for treatments. The costs are still high for hip implants. This has been a restraining factor for market growth. With better health insurances, hip replacement surgeries have become a bit affordable which has driven its demand.
Any major economic breakdown can bring down the demand for hip implants as people can postpone the surgery and stay on their medications. Awareness among people about the benefits of hip replacement is another factor which can determine the demand in an area. Asian and African subcontinents are still low on this awareness; hence their revenue shares in hip replacement markets are lower. Out of all these market dynamics, the strongest and most reasonable factor is the advancement in the technologies for flawless and effective replacements. Presence of this factor helps guarantee patient satisfaction and improves implant demand.
Global Segmentation of Hip Replacement Surgeries
Hip replacement surgeries are segmented based on different types:
In terms of material type
The implants are made up of different materials, and each of these has their own pros and cons. Some are highly durable but costly like Metal-on-polyethylene. While some are much more affordable but do not last long, such as the metal on metal. The metal-on-polyethylene has seen the highest demand facing rising competition from ceramic-on-polyethylene. There are other types such as Ceramic-on-metal and Ceramic-on-ceramic showing moderate demands.
In terms of end-user type
End-user type segmentation is done based on the service chosen for surgery. There are hospital based surgeries which have remained on top of the list for many years. Hospital-based surgeries constitute the highest share in market revenue for this year too. Ambulatory surgeries have shown great growth in demands and can give stiff competition to hospital-based replacements. The speciality clinics are another segment type showing only moderate demands due to the high fees they charge.
Brand based segmentation
There are some big players in the hip replacement market which add up significantly to total global revenues from hip replacements. We are talking about the implants manufacturers. Zimmer Biomet Holdings are the biggest and most famous implant manufacturer globally. The other big players giving close competition to Zimmer Biomet include DePuy Synthes, Stryker Corporation, MicroPort Scientific Corporation, and DJO Global. These are the global giants that form a separate basis of segmentation with their huge market shares.
Product based segmentation
The types of implants vary based on their build technology and their working mechanisms. Femoral reconstruction and Acetabular reconstruction are among the highest in demand. The third type - is still undergoing technological developments and is rising in demand slowly. The choice of product is done based on the medical condition. Hence, the demand is usually not decided by personal choices and cost specifications.
Future of Hip Replacement
Hip replacement markets are estimated to be going on a bull run. The recent Hip replacement market report has estimated an annual CAGR of 4% from 2020 to 2025. This impressive CAGR will be driven by current studies and technological researches being conducted for making surgeries more flawless. The technology is under continuous development, and new methods of implant creation and attachments are being devised. The cost of hip replacement will go down in the future thus providing relief to patients. The reduced costs will drive the revenues up. This may seem like an oxymoron, but the reason will be a sharp rise in demands. The Asia-Pacific countries are likely to show tremendous growth rates in the future too. China and India are expected to show a boost with >4% CAGR. North America is expected to remain the market leader, but researchers have not excluded the possibility of sharp developments in Europe which can take it to the top, replacing North America.
Hip replacement markets stand at a strong position with good prospects for future growth. Having shown great advancements up to this point of time, the future holds much more for this market. Development of new and faster technologies will be seen in the future for hip replacement markets. Researchers are working to bring down costs and are likely to succeed in the future. The year 2020 to 2025 is predicted to be highly reforming and will bring successful and positive results for all the integral elements involved, such as doctors, industries and patients
Published by Lena Burkut