Hip reconstruction refers to a surgery performed to fix issues with the structure and functioning of the hip joint and the ligaments and cartilage surrounding it. The main purpose of a hip reconstruction surgery is to restore mobility, stability, and a full range of movements to the hip joint; relieve pain, and offer independence, and a better quality of life to patients. Various surgical procedures are involved in hip reconstruction, including hip arthroplasty or hip replacement, hip osteotomy, hip resurfacing, and hip arthroscopy. These surgeries call for the use of sophisticated and technologically advanced hip reconstruction devices.
Innovation in the Global Hip Reconstruction Market
In the past few years, the hip reconstruction market has witnessed significant advancements in terms of technological developments, innovation of new and more effective implant techniques, development of minimally invasive procedures and 3D printing, and marketing strategies adopted by device manufacturers.
Rapidly changing population dynamics, increase in the global geriatric population, rise in prevalence of osteoporosis and arthritis, product line extensions, concern about patient safety among clinicians, and surging demand for minimally invasive and technologically advanced hip reconstruction devices in developing countries are likely to be the major drivers of the global hip reconstruction devices market. Other trends impacting market growth are increasing awareness regarding new hip implants for securement among physicians and patients and rising incidence of hip fractures, trauma, and injuries. Hip replacement implant manufacturers in the global hip replacement market are focusing on introducing varied products with enhanced safety and application to increase market share. Moreover, rising awareness regarding the availability of effective treatment methods that can enable patients to regain the ability to carry out daily activities and maintain a normal lifestyle is propelling the global hip reconstruction devices market.
Why Growth of the Global Hip Reconstruction Market is Limited
However, stringent regulations for the approval for hip reconstruction devices and high cost of these devices, as well as, the entire reconstruction procedures limit the growth of the global hip reconstruction devices market. The high cost of hip reconstruction procedures is especially limiting market growth in the developing parts of the world. Globally, patients are facing many distinct challenges including rising implant costs, healthcare reform implementation, and reimbursement rates. Lack of affordability due to high-cost structure and access to new custom hip implant procedures in Asian countries is a prominent factor in hampering the growth of the hip replacement market in the region.
On the basis of product type, the market is segmented into total hip replacement implant, partial hip replacement implant, hip resurfacing implant, and revision hip replacement implant. The total hip replacement segment can be further divided into fixed bearing hip implants and mobile-bearing total hip implants. Currently, the total hip replacement implant segment dominates the market, and by the end of 2024, the segment is predicted to grow its leading share to 58.1% as a wider application in various healthcare conditions and easier availability is expected to contribute to its growing popularity. The partial hip replacement implant is also expected to emerge as the most preferred product type for both patients and physicians.
A Breakdown of the Global Hip Replacement Market
On the basis of region, the global hip replacement market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA. The hip reconstruction devices market has matured in developed regions such as North America and Europe. Favorable medical reimbursement policies in these regions make these procedures affordable for a large part of the population. North America is estimated to dominate the global hip replacement market with a share of 52.7% by 2024. Presence of key regional players, a strong distribution network, and developed healthcare infrastructure are the key factors driving the growth of the market in North America.
Nevertheless, the rising disposable income in developing countries in Asia Pacific is projected to have a significant impact on the overall demand for hip reconstruction surgeries in the region. The flourishing medical tourism industry in countries in Asia Pacific such as India and China is also expected to lead to the expansion of the global hip reconstruction devices market in the region during the forecast period.
The global market for hip replacement implant is dominated by four manufacturers, namely Zimmer Biomet, DePuy Synthes / Johnson & Johnson, Stryker, and Smith & Nephew. Together they accounted for a mammoth share of 85.2% in the market in 2015. Zimmer Biomet Holdings, Inc., among them, accounted for a dominant share in the market in 2015 after successfully accomplishing acquisition of Clinical Graphics. In order to further advance their shares, the other manufacturers have been focusing on product differentiation and strategic pricing to attract and retain more customers, while the safety features, supply capabilities, material safety, and distribution network will also play large part.
For more information, please contact The Ahearne Law Firm, PLLC. Call nationwide at (845) 763-4100.