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Global sales for hip and knee implants in 2015 were approximately $17 billion. In 2015, 324,000 people underwent hip replacement surgery in the United States alone. By 2022, the hip and knee implant market is projected to grow to $33 billion, resulting from a growing aging population across the globe.Orthopedic implants, such as hip or knee implants manufactured and distributed by companies such as Stryker, Zimmer, DePuy, Smith & Nephew, Biomet and Wright, are popular options to replace damaged and deteriorated joints caused by aging, disease, osteoarthritis or injury. Implants relieve pain, restore movement and offer stability to patients, predominantly for the elderly population.
Notwithstanding the projected growth of the hip and knee implant market, lower reimbursement levels by insurance companies may affect market growth. Further, computer-assisted hip replacement has greatly improved hip replacement surgery procedure, which may affect those implant manufacturers that also create and distribute the medical instruments traditionally used for hip replacement surgery.
Though there exists little differentiation among the available hip and knee implants, the choice of implant by a surgeon depends on expertise with a particular implant, the diagnosed condition, the quality of the bone, the fit of the chosen implant with the patient, and the patient’s activity level. Surgeons will often choose implants that have the highest success rate. Continued communication between the medical community and implant manufacturers will be a critical driver of growth for the global hip and knee implant market, which hopefully will result in more efficient joint implant surgeries and continual improvements in patient care.
If you or a family member have a hip or knee implant (with or without experiencing symptoms, side effects or related conditions), or have had revision surgery to remove and replace a hip or knee implant, you and/or your family member may be entitled to money damages.