Hip Replacement Market Revenue to Cross USD 9.2 Bn by 2027: Global Market Insights Inc.
SELBYVILLE, Del., May 10, 2021 /PRNewswire/ -- According to the latest report "Hip Replacement Market by Product (Primary Hip Replacement Devices, Partial Hip Replacement Devices, Revision Hip Replacement Devices, Hip Resurfacing Devices), Material (Metal-on-plastic, Ceramic-on-plastic, Ceramic-on-ceramic), Fixation Material (Cemented Fixation, Cementless Fixation, Hybrid Fixation), Inserts (Cross-linked Polyethylene Inserts, Antioxidant Polyethylene Inserts, Non-antioxidant Polyethylene Inserts), End-use (Hospitals, Ambulatory Surgical Centers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of hip replacements will cross $9.2 billion by 2027. Recent advancements in hip replacement devices, along with growing awareness regarding hip replacement surgeries across the globe, will propel the market growth.
The rapidly aging population coupled with the growing prevalence of osteoarthritis, osteoporosis and hip fractures are the major factors driving the market expansion. As per the United Nations report, an estimated 727 million people are aged 65 and older in 2020, globally. The numbers are further anticipated to increase, and the elderly populace will hit the 1.5 billion mark by 2050. High prevalence of osteoarthritis and osteoporosis has been increasingly observed in older people. According to the National Centers for Biotechnology Information (NCBI), osteoarthritis affects around 10% men and around 13% women aged 60 years or above in the U.S. The number of people suffering from osteoarthritis will increase with aging population. Hip osteoarthritis is responsible for the degeneration of the hip joint that can be treated with hip replacement surgery, thereby restoring hip function in older patients. Hip replacement offers pain relief, improves the functionality of the limbs, and provides better quality of life to the patients. Thus, the aging population and growing pool of patients suffering from osteoarthritis will offer significant growth to the market during the forecast period.
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Partial hip replacement devices in the hip replacement market valued at more than USD 825 million in 2020, owing to some of the factors such as cost-effective treatment and shorter time for implant as compared to total hip replacement surgery. Partial hip replacement is performed in the case of replacement of the femoral component of hip joints and in the treatment of certain types of hip fractures. Partial hip replacement is preferred in elderly patients that are less active and co-morbid. Furthermore, the partial hip replacement significantly reduces surgical time, blood loss, recovery time and facilitates patient convenience.
The hip replacement market for the ceramic-on-ceramic segment accounted for USD 507 million in 2020, led by a lower complication rate and high resistance. Ceramic-on-ceramic material minimizes the risk associated with wear-induced osteolysis. Ceramic implants are attractive due to hardness and better scratch resistance and further have far-reduced volumetric wear debris relatively. Several studies have stated promising results of ceramic-on-ceramic implants in long-term clinical and radiographic aspect. Development and manufacturing process of ceramics have further showcased better mechanical and superior wear characteristics. In addition, recent improvements in production have strengthened the ceramic material, thereby decreasing the risk of fracture.
The hybrid fixation segment in the hip replacement market is poised to expand at a 3.9% growth rate and is expected to reach USD 1.36 billion by 2027. Hybrid fixation in total hip arthroplasty uses cemented fixation of the femoral component with cementless fixation of the acetabular component. Hybrid fixation with standard polyethylene provides a benefit over cemented hips at all ages. This high growth rate is attributed to provide a sufficient improvement in health outcomes and an affordable alternative.
The hip replacement market for the antioxidant polyethylene inserts segment accounted for USD 1.11 billion in 2020 driven by the advantages of antioxidant polyethylene inserts comprise durability, reduce polyethylene wear, and prevent oxidation of the polyethylene chains. These inserts are developed precisely to improve mechanical strength, limit the bacterial adhesion onto prosthetic surfaces, and reduce the risk of periprosthetic deep infection.
The ambulatory surgical centers segment in the hip replacement market exceeded USD 1.04 billion in 2020, impelled by availability of an extensive range of advanced treatments catering to rising patient population with hip arthritis and osteoporosis. Preference for these facilities is rising because of the potential to lower individual spending, improved facilities, and successful outcomes with low complications. Additionally, total hip arthroplasty can be performed at these facilities with low 90-day postoperative complication, revision, and readmission rates. Moreover, collaborations between physicians and administrators help these facilities to attain operational efficiency in hip replacement services. Thus, expanding the network of ambulatory surgical centers in emerging economies will boost the segment growth.
Brazil's hip replacement market size was over USD 124 million in 2020 and is predicted to attain a CAGR of 6.3% till 2027 on account of the rising disposable income, developing medical infrastructure, and increasing healthcare expenditure. For instance, as per the research performed in Brazil, the number of orthopedic surgeries performed is rising and the hospitalizations for orthopedic treatments have surged, driven mainly by lower limb surgeries. Factors such as lack of physical activity, poor diet intake, and rising government initiatives for spreading the awareness pertaining to orthopedic disease treatment in the country are also fostering the market value.
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Some of the major companies operating in the hip replacement market are Zimmer Biomet, Stryker, Johnson and Johnson, Smith & Nephew, MicroPort Orthopedics Inc., LimaCorporate, DJO Global Inc., and Waldemar Link GmbH & Co. KG among others. These industry leaders are engaged in undertaking several strategies and working on expanding their product portfolio through focusing on research and development of innovative products.
Table of Contents (ToC) of the report:
Chapter 3 Hip Replacement Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By material
3.4.3 By fixation material
3.4.4 By inserts
3.4.5 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Porter's analysis
3.8 Competitive landscape, 2020
3.9 PESTEL analysis
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Hip Replacement Market Growth Predicted at 4% Through 2027: GMI
Major hip replacement market players include Zimmer Biomet, Stryker, Johnson and Johnson, Smith & Nephew, MicroPort Orthopedics Inc., LimaCorporate, DJO Global Inc., and Waldemar Link GmbH & Co. KG.
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