Global Market Study on Hip Replacement: North America to Register a CAGR of 4.3% Between 2016 and 2024


  • Published On : Oct-2016 |
  • Pages : 174 Pages |
  • Format :

Persistence Market Research analyzes the global hip replacement market over an eight year period from 2016 to 2024 in a newly published report. The study demonstrates market dynamics and trends across regions that are expected to influence the current status and future prospects of the global hip replacement market over the forecast period (2016 - 2024). The primary objective of the report is to offer information on market drivers, restraints, trends, opportunities, and value chain analysis; and updates on developments in the global hip replacement market. The report conducts a quantitative as well as qualitative assessment of the global hip replacement market across product types, components, end users, and regional market segments.

The global hip replacement market report begins with an overview of hip replacement and its definitions. This section also underlines factors influencing growth of the global hip replacement market along with a detailing of the key trends, drivers, restraints, and opportunities. Impact analysis of key regional growth drivers and restraints based on the weighted average model along with key region-specific trends is included to better equip clients with information and hidden insights. At the end of the report, Persistence Market Research has provided strategic recommendations for both existing and new players operating in the global hip replacement market to emerge sustainably profitable.

The next section of the report highlights the growth trends of the global hip replacement market by region. It provides a market outlook for 2015–2024 and sets the forecast within the context of the global hip replacement market. The study discusses key regional trends contributing to the growth of the hip replacement market worldwide, as well as analyzes the extent to which drivers are influencing this market in each region. Key regions assessed in this report include North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

The above sections – by product type, by component, by end user, and by region – evaluate the present scenario and growth prospects of the global hip replacement market for the period 2015 –2024. We have considered 2015 as the base year and provided data for the forecast period.

The final section of the report presents a competitive landscape of the global hip replacement market to provide report audiences with a dashboard view of leading market players operating in the global hip replacement market, along with information on their market performance, SWOT analysis, and key business strategies. Key competitors covered in terms of manufacturers include Depuy Synthes (J&J), Microport Scientific Corporation, ZimmerBiomet, Exactech Inc., DJO Global Inc., Stryker Corporation, B Braun Melsungen, and Smith & Nephew.

Research methodology

To calculate the market size, the report considers hip replacement by product type, by component, by end user, and by region. The forecast assesses the total revenue of the global hip replacement market on the basis of various factors that are expected to affect the market in the short and long term. The data is triangulated on the basis of different verticals, considering both supply side and demand side drivers and other dynamics of the global hip replacement market, along with primary interviews of manufacturers and industry experts active across the global hip replacement market value chain. The report begins by sizing up the current market, which forms the basis for forecasting how the market is anticipated to take shape during the forecast period. Given the ever-fluctuating nature of the global economy, the report presents forecasts not only in terms of CAGR, but also analyzes the global hip replacement market on the basis of key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities in the global hip replacement market.

The report also analyzes the global hip replacement market segments in terms of Basis Point Share (BPS) to understand individual segments’ relative contribution to market growth. This detailed level of information is important to identify the many trends governing the global hip replacement market. Another key feature of this report is a comprehensive analysis of the global hip replacement market revenue forecast in terms of absolute dollar opportunity, critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global hip replacement market. In order to understand key growth segments in terms of growth and performance of the global hip replacement market, Persistence Market Research has also developed a market attractiveness index to help providers identify real market opportunities in the global hip replacement market.

Hip replacement is a surgical procedure in which the hip joint is replaced by an artificial prosthetic implant.  The operation is called hip arthroplasty. The surgery is generally conducted to relieve joint pain (arthritis) or treat several physical hip joint damages and hip fractures. Increasing geriatric population across the globe is expected to drive demand for the hip replacement market, as the risk of hip fractures, hip bone injuries and infection, hip pain due to inflammation, rheumatic arthritis, and osteoarthritis is higher among the elderly. There are three common hip replacement procedures: Total hip replacement (THR), partial hip replacement, and hip resurfacing. Aging population, strong healthcare infrastructure, and well-established reimbursements are driving the growth of the global hip replacement market.

The global hip replacement market - estimated to be worth US$ 4601.2 Mn in 2015 - is expected to increase at a CAGR of 4.1% through 2024. North America is the largest market accounting for US$ 2900 Mn in 2015, and is expected to grow at a CAGR of 4.3%. 

Factors and trends impacting the market

Growth of the global hip replacement market is mainly driven by a rising geriatric population, rising incidences of fracture or injury to the hip, wearing down of the joint over time, or osteoarthritis amongst the aging population. Macroeconomic factors such as high unmet patient needs, government reimbursement plans, and strengthening of the distribution network by key players in the hip replacement market is another factor likely to drive the market in future. Other prominent growth drivers include a rapidly growing medical technology industry and cost-effectiveness of the treatment in the Asia Pacific and Latin America regions. However, economic issues in some countries and reimbursement cutbacks are expected to hamper overall growth of the global hip replacement market over the forecast period.

Segment analysis 

Based on product type, the global hip replacement market has been segmented into: 

  • Total Hip Replacement Implant
  • Partial Hip Replacement Implant
  • Resurfacing Implant
  • Revision Hip Replacement Implant 

Among these, the total hip replacement implant product type segment is expected to exhibit the highest growth over the forecast period. Total hip replacements are the most popular type of hip replacement surgery and U.S. orthopedic surgeons perform nearly 380,000 procedures each year. The total hip replacement implant segment is estimated to account for 56% revenue share of the global hip replacement market by 2016 end owing to the development of new hip implant products in the market.

Based on end users, the market has been segmented into hospitals, orthopedic clinics, and ambulatory surgical centers. The hospitals segment currently accounts for the highest revenue share in the market followed by the orthopedic clinics and ambulatory surgical centers segments. The hospitals segment is estimated to account for 68% revenue share of the global hip replacement market by 2016 end.  Hospitals and ambulatory surgical centers are preferred by patients as they provide better customized products than any other end user segments.

Regional analysis

In terms of value, North America is the largest market and is expected to increase at over 4.3% CAGR during the forecast period. North America is estimated to account for 45.4% revenue share of the global hip replacement market by 2016 end. Growth of the Asia Pacific market is expected to be at 4.9% during the forecast period due to a rise in medical tourism for hip surgeries and a number of well-developed healthcare infrastructure and orthopedic clinics.

global hip replacement market

Key market players 

Stryker Corporation, Microport Scientific Corporation, B. Braun Melsungen AG, Depuy Synthes (J&J), DJO Global Inc., Smith & Nephew, Zimmer Biomet, and Exactech Inc., are some of the top companies operating in the global hip replacement market. Key market players are focusing on increasing their footprint in emerging markets such as Asia Pacific and are expanding their manufacturing facilities and distribution network to gain a larger share of the global hip replacement market.

Stryker Corporation, Depuy Synthes (J&J), and Zimmer Biomet emerged as the market leaders in the global hip replacement market in 2015. Zimmer Biomet accounted for the largest share of 34.9% in the global hip replacement market in 2015. The top three market players are estimated to hold more than 70% revenue share of the global hip replacement market in 2016. These companies have a strong foothold in the domestic market of North America, particularly in the rapidly growing hip implant market in the U.S. and other developed countries.

Company Profiles

  • Depuy Synthes (J&J)
  • Microport Scientific Corporation
  • Zimmer Biomet
  • Exactech Inc.
  • DJO Global Inc.
  • Stryker Corporation
  • B Braun Melsungen
  • Smith & Nephew
  • Others
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