Hip Replacement Implants Market Size, Status, Scope and Growth Prospects
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Rise in Demand for Hip Replacement Surgeries across the Globe to Propel Market
Global demand for hip replacement is increasing, primarily due to a rise in clinical education among patients, increase in demand among the geriatric population, and rise in the prevalence of obesity and arthritis. The U.S. has witnessed a significant rise in demand for new hip surgeries from 89,919 surgeries in 2004 to 122,154 in 2015. Advancements in minimally invasive surgeries and 3D printing have fueled the global hip replacement market.
Improvement in Government-initiated Hip Implant Reforms
Government bodies of several countries are undertaking collaborative initiatives to meet the demand for hip implants. For instance, in 2013, Medicare spent about US$ 7 Bn on hospitalizations alone for hip and knee replacements. Moreover, 255 of 400,000 such surgeries performed annually are likely to be covered by the new payment model of the Centers for Medicare & Medicaid Services (CMS) in the near future.
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Increase in the Incidence of Trauma/Accidental Injuries
The incidence of accidental injuries and hip fractures has increased significantly in the last decade. Over 340,000 hip implant procedures are performed in the U.S. and 600,000 are performed globally each year. This includes several patients aged between 40 and 50, who are focused on maintaining a healthy lifestyle. Increase in the number of hip-related accidents and other hip bone disorders, such as joint pain, instability in the hip joint, bone loss, and infection, are anticipated to boost the global hip replacement market during the forecast period.
High Cost of Hip Implants and Surgery to Restrain Market
Globally, patients are facing several distinct challenges, including implants costs, health care reform implementation, and reimbursement rates. Low affordability due to high costs and low access to new custom hip implant procedures in countries in Asia Pacific and Middle East & Africa are key factors hampering the hip replacement implants market in these regions. The cost of procedure ranges from US$ 44,816 to US$ 16,000 per person, depending on the region, material, and type.
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