About Hip Prosthesis
Hip replacement surgery is an orthopedic procedure that includes the replacement of the damaged hip joint with a prosthesis made from metal and plastic components. Total hip replacement and partial hip replacement and resurfacing are the two types of hip replacement surgeries. Traditional or MI techniques can perform both surgeries. The surgeries are conducted to relieve patients from arthritic pain or repair hip fracture.The global hip prosthesis devices market is growing at a slow growth pace. The market is mature in developed countries and has vast opportunities to grow in emerging countries. The THA surgery has evolved in recent years, and the advances in technology have made it possible to improve surgical techniques.
Technavio’s analysts forecast the global hip prosthesis market to grow at a CAGR of 2.57% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global hip prosthesis market for 2016-2020. To calculate the market size, we consider revenue generated from the sales of hip prosthesis devices to hospitals and ambulatory surgical centers (ASCs).The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Hip Prosthesis Market 2016-2020
Technavio recognizes the following companies as the key players in the global hip prosthesis market: Johnson & Johnson, Smith & Nephew, Stryker, and Zimmer-Biomet.
Other Prominent Vendors in the market are: Aesculap Implant Systems, Altimed, Arthrex, B Braun Medical, ConforMIS, Corentec, Corin, Elite Surgical, Exactech, JRI, Lima Corporate, Microport, Ortho Development, Synimed, and Tornier.
Commenting on the report, an analyst from Technavio’s team said: “Rise in popularity of physician-owned ASCs is a key trend for the market. Many surgeons started practicing MI surgeries in an outpatient setting, especially for bone and spine disorders. Some of the MI hip fracture operations such as total hip replacement and partial hip replacement procedures could be performed in ASCs. Surgeons are already performing lumbar fusions, transforaminal lumbar interbody fusions, and anterior cervical discectomy procedures regularly in few ASCs. This trend will continue, and very soon many complicated open surgeries will undergo a rapid transition into MI surgeries.”
According to the report, increased number of road accidents is a key driver for the market. Globally, around 20-50 million people are estimated to be injured or disabled each year because of road accidents. Road injuries, including fractures, take an enormous toll on an individual's health. In case of severe fractures, patients may take several weeks or months to recover. Economically, people living in middle- and low-income countries are affected the most by such injuries. In case of orthopedic trauma, the healthcare infrastructure in developing countries is required to provide long-term healthcare facilities for individuals with hip, spinal, knee, feet, or ankle injuries.
Further, the report states that high cost of THA procedure is a challenge to market growth. Hip replacement surgeries are expensive. In the US, each surgery costs more than $40,500. The initial cost of a surgery is based on the type of product used. Also, this surgery includes indirect and direct costs such as admission fee, physician fee, and post-hospital rehabilitation expenses. Readmission for treating spinal fusion surgery-associated complications such as pain at bone graft site, nerve injuries, and graft rejection can further increase the costs. Although these surgeries offer quick recovery and better patient outcomes, the majority of people do not opt for these surgeries due to their high cost.
Johnson & Johnson, Smith & Nephew, Stryker, Zimmer-Biomet, Aesculap Implant Systems, Altimed, Arthrex, B Braun Medical, ConforMIS, Corentec, Corin, Elite Surgical, Exactech, JRI, Lima Corporate, Microport, Ortho Development, Synimed, Tornier.
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