COVID-19 Impact on Hip Replacement Market
The ongoing COVID-19 pandemic is an unprecedented public health concern. This pandemic has adversely impacted the number of hip arthroplasty procedures. The high risk of COVID-19 infection involved during the surgical procedure and rising COVID-19 patient admissions in the hospitals are some of the prime factors resulting in decline of surgical procedures in the year 2020. According to the publisher, the Hip Replacement Market Size was US$ 4.73 Billion in 2020.
For instance, about 100,000 joint replacement surgeries were cancelled during the first wave of COVID-19 in early 2020s in the U.K. Although the industry is poised to behold significant growth due to the decreasing number of COVID-19 patients in some regions as standard operating protocols in healthcare facilities are being implemented. The government initiatives for rendering clinical emergency care to patients suffering from Osteoarthritis have sustained the revenue growth in the COVID era.
Growth Factors and Challenges of Hip Replacement Market Globally
The increasing prevalence of hip arthritis and osteoporosis and the growing geriatric population have promoted market progression. The cases of Osteoarthritis is increasing due to the ageing population so older adults have to be successfully treated with hip replacements. Hence, device manufacturers emphasize hip replacement design to mimic the natural movement of the body. The recent and ongoing technological advancements have also cured young teenagers with juvenile arthritis. Besides, increase in other related factors like obesity will also further propel the market growth.
Nevertheless, price pressure, risk of complications after surgery, and waiting time for surgery in hospitals are major hindering factors.
Product wise - All the Four Hip Replacement Techniques Market covered in the Report
Further, product-wise, the hip replacement market has segmented into total hip replacement, partial hip replacement, revision hip replacement and hip resurfacing. In Total Hip Replacement, the damaged hip is removed and replaced with prosthetic hip joint which is made up of ceramic, plastic or metal. One of the primary reasons for the growth of total hip replacement is Osteoarthritis. As per our research findings, Worldwide Hip Replacement Industry projected to grow at a CAGR of 6.77% within the forecast period of 2020-2027.
Region wise - European Region to gain Market Share
Our report also classifies the global hip replacement market geographically into five major regions: Europe, North America, Asia Pacific, South America, and Rest of the World. Furthermore, the surge in the abundance of hip replacement prostheses, rise in strategic collaborations among market vendors, and new product launches will help the European region to gain market share in the coming years. On the other hand, the market in the Asia Pacific expects to witness substantial growth in the projected duration on account of the increasing prevalence of hip osteoarthritis serving most of the geriatric population in the region.
Fixation - All three Types of Fixation Market Given in the Report
By fixation - Cemented, Cement less, and Hybrid, have been strongly adopted in hip implant through the years, usage trends differ across the globe. The surgeons across the world favour using cement less hip implants, as they believe press-fitted implants are more durable over the long term. The use of cement less fixation in hip arthroplasty reduces the total surgical time. This is desirable to doctors and healthcare facilities, as minimizing operating room time lessens overall procedure costs too.
Company Initiatives in Hip Replacement Industry
For instance, in July 2020 Smith+Nephew the global medical technology business, announced the launch of the RI.HIP NAVIGATION for total hip arthroplasty (THA). This new technology designed to help maximize accuracy and reproducibility by delivering patient-specific component alignment - a critical factor for surgeons when assessing individual THA cases. Such discoveries are likely to boost the market well in the coming years.
The report covers the competitive landscaping of companies operating in this market are Zimmer Biomet, Stryker, Smith & Nephew PLC, Johnson & Johnson, Conformis Inc., Integra life sciences Corporation, MicroPort Scientific Corporation and B. Braun Melsungen AG. These companies have fostered various strategies, such as mergers &acquisitions and partnerships, to accelerate growth in the global hip replacement market.
This report titled “Hip Replacement Market Global Forecast by Products (Total Hip Replacement, Partial Hip Replacement, Revision Hip Replacement and Hip Resurfacing), Regions (North America, Europe, Asia-Pacific, South America, & Rest of World), Fixation (Cemented, Cementless & Hybrid), Companies (Zimmer Biomet, Stryker, Smith & Nephew PLC, Johnson & Johnson, ConformisInc, Integra lifesciencesCorporatio, MicroPort Scientific Corporation, B. Braun Melsungen AG) Global Analysis” studies the global Hip Replacement Industry.
Product - Hip Replacement Market breakup from 4 viewpoints:
1. Total HIP Replacement
2. Partial HIP Replacement
3. Revision HIP Replacement
4. HIP Resurfacing
Region - Hip Replacement Market breakup from 5 Regions:
1. North America
2. Europe
3. Asia-Pacific
4. South America
5. Rest of World
Fixation -Hip Replacement Market breakup from 4 Regions:
1. Cemented
2. Cementless
3. Hybrid - Hip Replacement
All key players have been covered from 4 viewpoints:
1. Overview
2. Strategy
3. Merger / Acquisition
4. Financial Insight
Company Analysis:
1. Zimmer Biomet
2. Stryker
3. Smith & Nephew PLC
4. Johnson & Johnson
5. ConformisInc
6. Integra lifesciencesCorporatio
7. MicroPort Scientific Corporation
8. B. Braun Melsungen AG
What is the estimated value of the Hip Replacement Market?
What is the growth rate of the Hip Replacement Market?
What is the forecasted size of the Hip Replacement Market?
Who are the key companies in the Hip Replacement Market?
| Report Attribute | Details |
|---|---|
| Published | June 2021 |
| Forecast Period | 2020 - 2027 |
| Estimated Market Value ( USD | $ 4.73 Billion |
| Forecasted Market Value ( USD | $ 7.48 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
Table of Contents
Companies Mentioned
- Zimmer Biomet
- Stryker
- Smith & Nephew PLC
- Johnson & Johnson
- ConformisInc
- Integra lifesciencesCorporatio
- MicroPort Scientific Corporation
- B. Braun Melsungen AG
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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