COLONOSCOPY BOWEL PREPARATION DRUGS MARKET ANALYSIS | Coherent Market Insights

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2. HIP REPLACEMENT MARKET ANALYSIS Hip Replacement Market, By Product Type (Total Hip Replacement Implant, Partial Hip Replacement Implant, Hip Resurfacing, Revision Hip Implants), By Components (Hip Stem Systems, Acetabular Cup Systems, Revision Accessories and Components), By End User (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

3. Hip replacement is a surgical procedure in which the hip joint is replaced by an artificial prosthetic implant. The procedure is called hip arthroplasty. The surgery is generally conducted to relieve joint pain (arthritis) or for the treatment of physical hip joint damage and hip fractures. Hip replacement surgery can be performed as a total replacement or a hemi (half) replacement.Statistics:The global hip replacement market is estimated to account for US$ 10,311.3 Mn in terms of value by the end of 2027. Global Hip Replacement Market: Drivers Increasing prevalence of musculoskeletal disorders is expected to boost growth of the global hip replacement market over the forecast period. For instance, according to the study, ‘Osteoarthritis year in review 2019: epidemiology and therapy’, published in the journal Osteoarthritis and Cartilage in January 2020, the median proportion of years lived with disability due to musculoskeletal disorders increased from 11.8% in 2000 to 13.5% (9.6–16.6) in 2015.

4. Figure 1. Global Hip Replacement Market Share (%), by Region, 2019

5. Global Hip Replacement Market: Restraints Stringent regulator scenario regarding marketing of hip replacement is expected to hinder growth of the market. For instance, from May 2016, the U.S. FDA mandated that all manufacturers of metal-on-metal total hip implants are required to stop marketing their devices and submit premarket approvals for approval before marketing the devices. Moreover, high cost of hip implant products and surgeries is expected to hamper growth of the market. For instance, hip replacement surgery costs around US$ 20,000 to US$ 60,000 in the U.S.

6. Global Hip Replacement Market: Opportunities Increasing geriatric population is expected to offer lucrative growth opportunities for players in the global hip replacement market. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015. Moreover, increasing number of accidents is also expected to aid in growth of the market. For instance, according to 2018 Fatal Motor Vehicle Crashes: Overview by National Highway Traffic Safety Administration, a U.S. federal agency, 10,511 deaths were registered in the U.S. in 2018.

7. Market Trends/Key Takeaways The U.S. FDA has not approved any metal-on-metal total hip replacement devices for use in the US. There are two FDA-approved metal-on-metal hip resurfacing devices available, one of which was developed by Smith & Nephew. In the U.S., government bodies are focused reducing expenditures of common inpatient surgeries for Medicare beneficiaries. For instance, in February 2020, the Centers for Medicare & Medicaid Services issued a proposed rule in the Federal Register proposing a three-year extension and changes to the episode definition and pricing in the Comprehensive Care for Joint Replacement Model. RegulationsAccording to the U.S. FDA most, but not all, prosthetic components and controls are classified as class I. Almost all class I devices are exempt from premarket notification by FDA, but as such are subject to regulation by the U.S. FDA, Center for Devices and Radiological Health (CDRH).According to 21 CFR Part (Parts 800-1299) of the FDA’s Product Classification Listings, all prosthetic devices must comply with Federal regulations through FDA/CDRH processes. (Parts 890.3420 and 890.3025), the FDAs product classification listings, external limb prosthestic components, and accessories are defined as physical medicine devices and are generally considered class I devices.

8. Value Chain Analysis -

9. Global Hip Replacement Market: Competitive Landscape Major players operating in the global hip replacement market include, Depuy Synthes (Johnson & Johnson), Microport Scientific Corporation, Zimmer Biomet, Exactech Inc., DJO Global Inc., Stryker Corporation, B. Braun Melsungen, and Smith & Nephew. Global Hip Replacement Market: Key DevelopmentsMajor players in the market are focused on expanding their service portfolio. For instance, in February 2020, Smith & Nephew announced 'Positive Connections', a turnkey service to support healthcare providers that are focused on offering increased access for orthopedic cases to Ambulatory Surgery Centers (ASCs) and other outpatient settings. Players in the market are also focused on launching Artificial Intelligence (AI)-based products. For instance, in December 2019, RSIP Vision, an AI, computer vision, and image processing technology company, launched a new AI-based total hip replacement solution that provides a precise, automated 3D structure of the patients' hip for effective surgery.

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