Americas Will Continue to Lead the Global Hip Prosthesis Market with 53.49% of the Overall Market Share in 2020, Says Technavio

The global hip prosthesis market is expected grow at a CAGR of 2.57% during the forecast period, according to Technavio’s latest report.

In this report, Technavio covers the market outlook and growth prospects of the global hip prosthesis market for 2016-2020. Based on the surgical procedure involved, the global hip prosthesis market can be broadly categorized into two segments: total hip replacement and partial hip replacement and revision surgery.

Technavio’s research study segments the global hip prosthesis market into the following regions:

• Americas
• EMEA
• APAC

APAC: largest market for hip prosthesis

The hip prosthesis market in the Americas is expected to grow at a steady pace during the forecast period. The US is the major contributor to the growth of the hip prosthesis market in the Americas. The increase in the aging population coupled with improving infrastructure will provide the impetus for growth in countries in Latin America such as Brazil and Mexico. The increase in obesity rate and rise in the number of MI orthopedic procedures will continue to propel the growth of the market during the forecast period.

“In the US, approximately 70% of the adults aged between 55 and 78 years suffer from osteoarthritis, which is expected to increase during the forecast period. Also, about more than 700,000 vertebral body fractures are diagnosed every year but only 115,000 individuals are admitted to hospitals for treatment in the US,” says Barath Palada, a lead analyst at Technavio for research on orthopedics.

The CDC estimated that in 2013, around 52 million people in the US had arthritis, compared with around 47 million people in 2005. To cater to this increasing population, vendors are developing osteoconductive scaffold strip and viscosupplements to treat arthritis.

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Hip prosthesis market in EMEA

In Europe, the number of the hybrid hip prosthesis has increased by 7.5% from 2010 to 2013 as ceramic-on-metal and ceramic-on-polyethylene implants are in demand. Also, the use of metal-on-metal hip prosthesis has declined by 20% from 2010 to 2013. The metal parts rub together and release tiny particles into the blood and surrounding tissue, resulting in pain and eventual loosening of the joints. This was the reason for the decline in the use of a metal-on-metal hip prosthesis.

The hip prosthesis market in EMEA is highly competitive. Pricing constraints and reimbursement are major challenges for the market in EMEA. However, the need for orthopedic implants due to the rise in obesity rates contributes to the growth of the market in this region. In addition, the adoption of new devices over conventional ones pressurizes manufacturers to reduce the prices of new devices. Increased use of customized anatomic plates, screws, and indication-specific intramedullary nails will also boost the market growth in EMEA.

Hip prosthesis market in APAC

The hip prosthesis market in APAC is expected to grow rapidly over the forecast period. Japan was the highest contributor in this region. Rise in healthcare spending and changing lifestyle, which results in an increase in obesity, are the primary factors for the growth of the market. Increased expenditure on healthcare and rising older population propel the market growth. In most of the countries in this region, third-party dealers take product orders on behalf of hospitals and medical centers, thereby promoting the growth of the market. The presence of the dealer system and the complex regulatory environment make it tough for new vendors to enter the market.

“Healthcare reforms in China, which aim to provide universal healthcare access and improve the affordability of healthcare services by 2020, will provide huge opportunity for the growth of the hip prosthesis market in APAC,” says Barath.

The top vendors in the global hip prosthesis market highlighted in the report are:

• Johnson & Johnson
• Smith & Nephew
• Stryker
• Zimmer Biomet

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• Global Orthopedic Devices Market 2016-2020

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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