30 August 2022
Douglas Insights has introduced the Hip Replacement Implants Market research report in its comparison, allowing key players in the industry, professionals, and individuals to use their services for reviewing and comparing the market trends, restraints, and drivers from different publishers. Their comparison metrics comprised of publisher rating, published price, list of tables, and date, and clients can evaluate their selected reports simultaneously on the same screen.
The global hip replacement implants market has taken a huge hit during the COVID-19 because of delayed or cancelled elective surgeries. Medical authorities and personnel agreed to put all elective surgeries on hold during the emergency response to the COVID-19 pandemic. As the demand for hip replacement implants went down, the market suffered a staggering decline of 12.1% in 2020. Still, recent trends show growth at the rate of 5% CAGR in the forecast period from 2021 to 2028. Once the ongoing medical emergency dies down, the hip replacement market will gain its pre-pandemic momentum and will be on a steady rise.
The hip replacement market is predominately influenced by bone-related diseases like Rheumatoid arthritis, Osteoarthritis, and Osteonecrosis. Osteoarthritis is slowing down the workforce of many countries and is a financial burden for lower socioeconomic classes. In the past, the disease was only prevalent in the elderly, but now the younger generation between the age of 30 and 50 are also suffering from the symptoms of arthritis, especially women. The degenerative nature of hip Osteoarthritis leads to the partial and complete removal of hip bone through arthroplasty. The higher the number of surgeries, the greater the demand for hip replacement implants leading to the industry’s growth.
North America owns the largest hip replacement implants market share because of the high number of arthroplasty and skilled surgeons. Zimmer Biomet is a major US company retaining a large part of global and regional market share and leading the industry for years. The regional market of Europe is expected to grow exponentially because of favourable health reimbursements and new government healthcare policies. M.E.A countries might only show moderate growth because of insufficient healthcare benefits and lack of surgeons.
As all the cancelled elective surgeries during the pandemic are being rescheduled, the hip replacement market is expected to be back on its feet in 2022. Health insurance institutes and healthcare services can expect to recover losses by the end of 2028. Additionally, the shift to online resources during the pandemic also impacted the healthcare approaches and has made people more aware of the severity of their condition. Conversely, the online post-surgery resources offer various scaling opportunities for the industry.
The main drivers for the hip replacement implants market are appropriate health compensation by insurance companies. The cost of one hip replacement surgery or arthroplasty is a lot; without adequate health coverage, not many people will go for it as a viable health solution. Post-pandemic, the governments of many developed countries have improved their healthcare policies, and even developing countries are providing certain health concessions leading to increased demand for hip replacement implants.
Advancement in 3D printing technology is another driver likely to boost the hip replacement implants market as key vendors are adopting the technology to manufacture orthopaedic implants. The technology enables the development of customized bone prosthetics.
Despite being a credible treatment, the complications associated with the procedure often leave the vendors and healthcare institutes with lawsuits. The lawsuit plaintiffs suffer severe side effects like device defect, metal poisoning, allergic reaction, or infection
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