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Global Hip Replacement: Drivers, Restraints, and Opportunities; Trends and Forecasts to 2023

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Global Hip Replacement: Drivers, Restraints, and Opportunities; Trends and Forecasts to 2023


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Global Hip Replacement: Drivers, Restraints, and Opportunities; Trends and Forecasts to 2023

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Global Hip Replacement: Drivers, Restraints, and Opportunities; Trends and Forecasts to 2023



Executive Summary

Global Hip Replacement Implant Market-Drivers, Opportunities, Trends, and Forecasts: 2017-2023

Overview: Hip implants are helpful in treating and supporting damaged hips caused due to arthritis, fracture, or any other musculoskeletal disorders. Hip replacement is considered as a safe and effective procedure, which can relieve chronic pain, help individuals to get back to daily activities such as mobility, walk, climb stairs, and enable them to perform simple exercises. Hip replacement is one of the most successful operations of all medicines and the advanced technology and surgical techniques have increased the effectiveness of total hip replacement. The market is driven by several factors that contribute to the business growth globally. The rise in awareness about minimally invasive surgeries or procedures has created a high adoption as it is less painful, performed as an outpatient procedure, and unlike traditional open surgeries they are less expensive.

The hip implant market is growing at a slower pace when compared to other orthopedic segments and is maturing in the developed countries. According to CDC 2015 updates, there were about 310,800 total hip replacements performed in individuals aged 45 years and above as in-patients in the US. The availability of customized hip implants with different materials (metal, polyethylene, and ceramic) have increased the sales, especially that of the fixed bearing hip implants. Further, advances, such as the stem cell therapy for hip joints, is dramatically increasing and has become an alternative to hip replacement surgery. However, it is not considered as a standard practice.

The major products in the market include:

ALTRX Altra-Linked polyethylene

Continuum Acetabular System

ZMR Hip System

Wagner SL Revision Hip

R3 Acetabular System

The market is dominated by DePuy Synthes (Johnson & Johnson), Stryker, Smith & Nephew, and Zimmer Biomet Holdings, which has more than 80% market share in the global hip replacement implant market. Factors, such as the increased prevalence of osteoarthritis, growing popularity about minimally invasive surgeries, and the introduction of new technologies, are driving the market growth.

Market Analysis: The Global Hip Replacement Implant Market is estimated to witness a CAGR of 3.0% during the forecast period 2017-2023. The market is analyzed based on three segments, namely product type, end-users, and regions.

Regional Analysis: The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). The Americas is set to be the leading region for the hip replacement implant market growth followed by Europe. Asia Pacific and ROW are set to be the emerging regions. The emerging markets have a high potential to grow owing to an increase in the number of joint reconstruction procedures due to the rise in road accidents, presence of a large pool of patient population, and focus toward healthcare infrastructure. Further, medical tourism has become a new trend in the emerging markets as most of the people from developed countries are travelling to APAC, especially India, for hip replacement procedures. However, the high cost of implants and the expensive procedural cost, lack of skilled surgeons, lack of proper reimbursement policies, lack of awareness about advanced implants in the developing countries have a significant impact on the overall market growth.

Product Analysis: Total hip replacement (THR) is the fastest growing segment and dominates the global hip replacement implant market with 75% of the total market share. Factors, such as the increasing aging population, and the rise in prevalence of osteoarthritis, rheumatoid arthritis, avascular necrosis, and post-traumatic arthritis, are driving the market growth. Apart from these injuries, accidents and trauma related conditions have also been a cause for the hip replacement procedures. Most of the surgical procedures are performed using implants or prosthesis known as arthroplasty. The total hip replacement segment is the largest revenue contributor to the global hip replacement implant market having a huge base of individual's suffering from arthritis. Partial hip implant stands second with 14% share of the total hip replacement implant market. These implants are widely used in treating older patients and in most cases where total hip replacement is required. The hip resurfacing segment is growing at a steady growth rate and is expected to see a significant growth as the supporting components of hip resurfacing have better advantages after surgery such as the range of motion of the hip implant is better and has lower rate of dislocation with less wear and tear. Further, this type of procedure is attractive and recommended to individuals who are young and active.

Key Players: DePuy Synthes (Johnson & Johnson), Stryker, Smith & Nephew, and Zimmer Biomet Holdings, and other predominate & niche players.

Competitive Analysis: The global hip replacement implant market is highly fragmented and has immense growth opportunities for vendors, especially in the developing regions. The market in the developed countries is almost reaching its maturity stage. The vendors are focusing on developing strategic alliances with companies that manufacture hip implants to leverage their products and widen their customer base by delivering healthcare for unmet medical needs. Big players, such as DePuy Synthes, Medtronic, Stryker, and Zimmer Biomet, acquire small players to increase their market share. The presence of large, small, and local vendors in the market pose high competition. The vendors have a strong focus on acquiring smaller companies and expanding their business operations by leveraging their products portfolio across the globe. The competitive environment in the market will intensify further with an increase in product/service extensions, product innovations, and M&A. They form strategic alliances for the marketing or manufacturing of hip implants.

Benefits: The report provides complete details about the usage and adoption rate of hip implants for the treatment of various hip related disorders. Thus, the key stakeholders can know about the major trends, drivers, investments, vertical player's initiatives, and government initiatives toward the hip implant adoption in the upcoming years along with details of the pureplay companies entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals, and to analyze before investing or expanding the business in this market.

Key Stakeholders:

Table of Contents

1 Industry Outlook 10

1.1 Industry Overview 10

1.2 Definition: Orthopedics 10

1.3 Healthcare Spending in the US 12

1.4 Reimbursement Scenario 12

1.5 Emerging Global Markets 13

1.6 Musculoskeletal disorders 14

1.6.1 Knee Implants 16

1.6.2 Hip Implants 16

1.6.3 Ankle & Foot Implants 16

1.6.4 Shoulder Implants 16

1.6.5 Spine Implants 16

1.6.6 Trauma Fixation Devices 16

1.6.7 Sports Medicine Devices 17

1.6.8 Orthobiologics 17

1.7 Industry Trends 17

1.8 PEST Analysis 18

2 Report Outline 19

2.1 Report Scope 19

2.2 Report Summary 19

2.3 Research Methodology 20

2.4 Report Assumptions 20

3 Market Snapshot 21

3.1 Total Addressable Market (TAM) 21

3.2 Segmented Addressable Market (SAM) 22

3.2.1 Overview 22

3.2.2 Total hip replacement implant 24

3.2.3 Partial hip replacement implant 24

3.2.4 Revision hip replacement implant 25

3.2.5 Hip resurfacing 25

3.3 Related Markets 25

3.3.1 Surgical Devices Market 25

3.3.2 Biomaterial Market 26

3.3.3 Dental Implant Market 26

3.3.4 Energy-based Aesthetic Devices Market 26

3.3.5 Spine Orthopedic Devices Market 26

4 Market Outlook 26

4.1 Overview 27

4.2 Importance of Hip Implants 27

4.3 Porter 5(Five) Forces 27

5 Market Characteristics 29

5.1 Evolution 29

5.2 DRO-Global Hip Replacement Implant Market Dynamics 31

5.2.1 Drivers 32

5.2.1.1 Rise in the prevalence of osteoporosis 32

5.2.1.2 Increasing popularity of total hip arthroplasty 33

5.2.1.3 Growing popularity of minimally invasive surgeries 33

5.2.1.4 Rise in elderly population 33

5.2.1.5 Increase in the number of outpatient procedures 34

5.2.2 Opportunities 34

5.2.2.1 Technological advancements 34

5.2.2.2 Increased usage of orthopedic biomaterials 34

5.2.2.1 Increase in healthcare spending 35

5.2.2.2 Increase in mergers & acquisitions 35

5.2.3 Restraints 36

5.2.3.1 Complications and risks associated with hip implant procedures 36

5.2.3.2 High cost of hip replacement procedures 36

5.2.3.3 Stringent regulatory framework and labeling requirement 37

5.2.3.4 Poor reimbursement policies 37

5.2.3.5 Intense competition among vendors 37

5.2.4 DRO-Impact Analysis 37

5.2.5 Key Stakeholders 38

6 Types: Market Size and Analysis 40

6.1 Overview 40

6.2 Total Hip Replacement 42

6.2.1 Overview 42

6.3 Partial Hip Replacement 44

6.3.1 Overview 44

6.4 Revision Hip Replacement 45

6.4.1 Overview 45

6.5 Hip Resurfacing 46

6.5.1 Overview 46

7 End-user: Market Size and Analysis 49

7.1 Overview 49

7.2 Hospitals 49

7.3 Ambulatory Care 50

7.4 Trauma Centers 50

8 Regions: Market Size and Analysis 52

8.1 Overview 52

8.2 North America 54

8.2.1 Market Overview 54

8.3 Europe 55

8.3.1 Market Overview 56

8.4 APAC 57

8.4.1 Market Overview 58

8.5 Rest of the World 59

8.5.1 Market Overview 60

9 Competitive Landscape 63

9.1 Overview 63

10 Vendor Profiles 64

10.1 Johnson & Johnson (DePuy Synthes, Inc) 64

10.1.1 Overview 64

10.1.2 Business Unit 68

10.1.3 Geographic Presence 69

10.1.4 Business Focus 70

10.1.5 SWOT Analysis 71

10.1.6 Business Strategy 71

10.2 Stryker Corp. 72

10.2.1 Overview 72

10.2.2 Business Unit 75

10.2.3 Geographic Revenue 76

10.2.4 Business Focus 77

10.2.5 SWOT Analysis 78

10.2.6 Business Strategy 78

10.3 Smith & Nephew, Inc 80

10.3.1 Overview 80

10.3.2 Business Unit 83

10.3.3 Geographic Revenue 84

10.3.4 Business Focus 85

10.3.5 SWOT Analysis 85

10.3.6 Business Strategy 86

10.4 Zimmer Biomet Holdings, Inc 87

10.4.1 Overview 87

10.4.2 Business Unit 90

10.4.3 Geographic Revenue 91

10.4.4 Business Focus 92

10.4.5 SWOT Analysis 92

10.4.6 Business Strategy 93

11 Companies to Watch For 94

11.1 Arthrex 94

11.1.1 Overview 94

11.1.2 Key Highlights 94

11.1.3 Business Strategies 94

11.2 Orthofix International N.V. 94

11.2.1 Key Highlights 95

11.2.2 Business Strategies 95

11.3 B. Braun 96

11.3.1 Overview 96

11.3.2 Key Highlights 96

11.3.3 Business Strategies 96

11.4 Wright Medical Group N.V. 96

11.4.1 Overview 96

11.5 OMNIlife Science 97

11.5.1 Overview 97

Annexure 97

Abbreviations 98

To know more information on Purchase by Section, please send a mail to sales@kenresearch.com

Charts

CHART 1 US POPULATION DISTRIBUTION BY AGE (US, CENSUS BUREAU, CMS 2015) 11

CHART 2 US HEALTHCARE CONSUMPTION BY AGE (US, CENSUS BUREAU, CMS 2015) 11

CHART 3 WORLD POPULATION AGED 65 AND ABOVE, 1960-2060 (%) 12

CHART 4 GLOBAL HEALTHCARE EXPENDITURE GDP AND PER-CAPITA SPENDING IN 2015 13

CHART 5 MUSCULOSKELETAL DISORDERS DISTRIBUTION BY AGE 2015 14

CHART 6 ORTHOPEDIC DEVICES MARKET SEGMENTATION 15

CHART 7 PEST ANALYSIS OF GLOBAL HIP REPLACEMENT IMPLANT MARKET 18

CHART 8 RESEARCH METHODOLOGY OF GLOBAL HIP REPLACEMENT IMPLANT MARKET 20

CHART 9 GLOBAL HIP REPLACEMENT IMPLANT MARKET BY REVENUE, 2017-2023 (USD MILLION) 23

CHART 10 GLOBAL HIP REPLACEMENT IMPLANT MARKET BY SEGMENTATION, 2016 (%) 24

CHART 11 GLOBAL HIP REPLACEMENT IMPLANT SNAPSHOT 2016 25

CHART 12 PORTER 5 FORCES ON GLOBAL HIP REPLACEMENT IMPLANT MARKET 27

CHART 13 GLOBAL HIP REPLACEMENT IMPLANT MARKET DYNAMIC -DRO 31

CHART 14 DRO-IMPACT ANALYSIS OF GLOBAL HIP REPLACEMENT IMPLANT MARKET 37

CHART 15 KEY STAKEHOLDERS 38

CHART 16 GLOBAL HIP REPLACEMENT IMPLANT MARKET BY TYPE SEGMENTATION, 2016 (%) 40

CHART 17 GLOBAL HIP REPLACEMENT IMPLANT MARKET BY TYPE SEGMENTATION, 2023 (%) 40

CHART 18 GLOBAL HIP REPLACEMENT IMPLANT MARKET OVERVIEW BY PRODUCT TYPE 2016 41

CHART 19 GLOBAL TOTAL HIP REPLACEMENT MARKET BY REVENUE, 2017-2023 (USD MILLION) 43

CHART 20 GLOBAL PARTIAL HIP REPLACEMENT MARKET BY REVENUE, 2017-2023 (USD MILLION) 45

CHART 21 GLOBAL REVISION HIP REPLACEMENT MARKET BY REVENUE, 2017-2023 (USD MILLION) 46

CHART 22 GLOBAL HIP RESURFACING MARKET BY REVENUE, 2017-2023 (USD MILLION) 47

CHART 23 GLOBAL HIP REPLACEMENT IMPLANT MARKET SEGMENTATION BY PRODUCT TYPE, 2016-2023 (USD MILLION) 48

CHART 24 GLOBAL HIP REPLACEMENT IMPLANT MARKET SEGMENTATION BY PRODUCT TYPE, 2016-2023 (%) 48

CHART 25 GLOBAL HIP REPLACEMENT IMPLANT MARKET BY END-USER SEGMENTATION, 2016 (%) 49

CHART 26 GLOBAL HIP REPLACEMENT IMPLANT MARKET BY GEOGRAPHICAL SEGMENTATION, 2016 (%) 52

CHART 27 GLOBAL HIP REPLACEMENT IMPLANT MARKET BY GEOGRAPHICAL SEGMENTATION, 2023 (%) 53

CHART 28 GLOBAL HIP REPLACEMENT IMPLANT MARKET OVERVIEW BY REGIONS 2016 (USD MILLION) 53

CHART 29 HIP REPLACMENT IMPLANT MARKET REVENUE IN NORTH AMERICA, 2016-2023 (USD MILLION) 54

CHART 30 HIP REPLACMENT IMPLANT MARKET REVENUE IN THE EUROPE, 2016-2023 (USD MILLION) 56

CHART 31 HIP REPLACMENT IMPLANT MARKET REVENUE IN THE APAC, 2016-2023 (USD MILLION) 58

CHART 32 HIP REPLACEMENT IMPLANT MARKET REVENUE IN THE REST OF THE WORLD, 2017-2023 (USD MILLION) 60

CHART 33 GLOBAL HIP REPLACEMENT IMPLANT MARKET SEGMENTATION BY GEOGRAPHY, 2016-2023 (USD MILLION) 61

CHART 34 GLOBAL HIP REPLACEMENT IMPLANT MARKET SEGMENTATION BY GEOGRAPHY, 2016-2023 (%) 62

CHART 35 JOHNSON & JOHNSON: OVERVIEW SNAPSHOT 68

CHART 36 JOHNSON & JOHNSON: BUSINESS UNITS 68

CHART 37 JOHNSON & JOHNSON: GEOGRAPHIC PRESENCE 69

CHART 38 JOHNSON & JOHNSON: SWOT ANALYSIS 71

CHART 39 STRYKER CORP.: OVERVIEW SNAPSHOT 75

CHART 40 STRYKER CORP.: BUSINESS UNITS 75

CHART 41 STRYKER CORP.: GEOGRAPHIC PRESENCE 76

CHART 42 STRYKER CORP.: SWOT ANALYSIS 78

CHART 43 SMITH & NEPHEW, INC: OVERVIEW SNAPSHOT 82

CHART 44 SMITH & NEPHEW, INC: BUSINESS UNIT 83

CHART 45 SMITH & NEPHEW, INC: GEOGRAPHIC PRESENCE 84

CHART 46 SMITH & NEPHEW, INC: SWOT ANALYSIS 85

CHART 47 ZIMMER BIOMET HOLDING, INC: OVERVIEW SNAPSHOT 90

CHART 48 ZIMMER BIOMET HOLDING, INC: BUSINESS UNITS 90

CHART 49 ZIMMER BIOMET HOLDING, INC: GEOGRAPHIC PRESENCE 91

CHART 50 ZIMMER BIOMET HOLDING, INC: SWOT ANALYSIS 92

TABLE 1 HIP REPLACEMENT SURGERY COST IN DIFFERENT COUNTRIES 36

TABLE 2 GLOBAL HIP REPLACEMENT IMPLANT MARKET BY TYPES, 2016-2023 (USD MILLION) 42

TABLE 3 TYPES OF FRACTURES 44

TABLE 4 ADVANTAGES AND DISADVANTAGES OF HIP RESURFACING 47

TABLE 5 GLOBAL HIP REPLACEMENT IMPLANT MARKET BY END-USERS 50

TABLE 6 GLOBAL ORTHOPEDIC DEVICES MARKET REVENUE BY REGIONS FORECAST, 2016-2023 (USD MILLION) 54

TABLE 7 DRO (NORTH AMERICA) 55

TABLE 8 DRO (EUROPE) 57

TABLE 9 DRO (APAC) 59

TABLE 10 DRO (REST OF THE WORLD) 61

TABLE 11 GLOBAL HIP REPLACEMENT IMPLANT MARKET BY VENDOR RANKING, 2016 63

TABLE 1 JOHNSON & JOHNSON: PRODUCT OFFERINGS 64

TABLE 2 JOHNSON & JOHNSON: RECENT DEVELOPMENTS 66

TABLE 3 STRYKER CORP.: PRODUCT OFFERINGS 72

TABLE 4 STRYKER CORP.: RECENT DEVELOPMENTS 74

TABLE 5 SMITH & NEPHEW, INC: PRODUCT OFFERINGS 80

TABLE 6 SMITH & NEPHEW, INC: RECENT DEVELOPMENTS 82

TABLE 7 ZIMMER BIOMET HOLDINGS, INC: PRODUCT OFFERINGS 87

TABLE 8 ZIMMER BIOMET HOLDING, INC: RECENT DEVELOPMENTS 89

TABLE 9 ARTHREX: SNAPSHOT 94

TABLE 10 B. BRAUN: SNAPSHOT 95

TABLE 11 NUVASIVE: SNAPSHOT 96

TABLE 12 OMNILIFE SCIENCE: SNAPSHOT 96

TABLE 13 ORTHOFIX INTERNATIONAL N.V.: SNAPSHOT 97

TABLE 14 ORTHOFIX INTERNATIONAL N.V..: RECENT DEVELOPMENTS 97

DePuy Synthes (Johnson & Johnson), Stryker, Smith & Nephew, and Zimmer Biomet Holdings, and other predominate & niche players


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