Hips & Knees Reconstructive Market Projected to Expand at a CAGR of 6.4% | Challenges, Drivers & Opportunity with Zimmer Biomet, Stryker, DePuy Companies (Sub. Johnson & Johnson Services, Inc.) | FMI
According to the FDA, hip implants are medical devices intended to restore and relieve mobility and relieve pain usually associated with arthritis and hip diseases or injuries. Currently there are five types of total hip replacement available with different bearing surfaces. Metal-on-Polyethylene – The ball is made of metal and the socket is made of polyethylene or has a plastic lining. Metal-on-Metal – The ball and socket are made of metal. Ceramic-on-Polyethylene – The ball is made of ceramic and the socket is made of plastic or has a plastic lining. Ceramic-on-Ceramic – The ball is made of ceramic and the socket has a ceramic lining. Ceramic-on-Metal – The ball is made of ceramic and the socket has a ceramic lining.
The global hips & knees reconstructive market is projected to expand at a CAGR of 6.4% during the forecast period and is expected to be valued at around US$ 28 Bn by the end of the forecast period in 2027.
Knee implants are used to replace or restore damaged knee joints. Mostly knee reconstruction is done to relieve pain and to restore functions in an arthritic knee. Knee replacement includes reconstruction of the medial compartment (inside part of the knee), lateral compartments (the outer part), and the patellofemoral compartment (front part of the knee between the knee cap and thigh bone). Fixed-Bearing Implants – Polyethylene of the tibial component is attached firmly to the metal implant beneath. Mobile-Bearing Implants – Polyethylene insert can rotate short distances inside the metal tibial tray. Mobile bearing implants require more support from ligaments surrounding the knee.
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Factors boosting revenue growth of the global hips & knees reconstructive market
Growth of the global hips & knees reconstructive market is primarily driven by increasing awareness towards treatment in both developed and developing countries. Governments across the globe are taking collaborative initiatives to sustain the growing demand for hip & knee implants. For instance, in 2013, Medicare spent around US$ 7 Bn on hip and knee replacements. Moreover, an estimated 255 of the 400,000 such surgeries performed annually would become covered under the new payment model of CMS (Centers for Medicare & Medicaid Services) in the near future. According to the World Bank, Asia Pacific and European countries are witnessing a spur in FDI. Developing regions such as India, Malaysia, Indonesia and Mexico have outstripped economic growth compared to developed regions. This, in turn, is expected to drive growth in investment across various healthcare sectors in these countries. This is anticiapted to boost revenue growth of the global hips & knees reconstructive market in the coming decade.
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Market forecast by fixation type
Based on fixation type, the global hips & knees reconstructive market is segmented into cement, cementless and hybrid fixations. In terms of revenue share, the cementless fixation segment dominated the global hips & knees reconstructive market in 2016 and is expected to continue its dominance throughout the forecast period, registering a CAGR of 6.4% in terms of value. Cementless fixation type is expected to account for a major share throughout the forecast period due to high penetration among the patient population. Cementless is the most attractive segment, with an attractiveness index of 1.3 during the forecast period. The hybrid segment accounted for 28.1% value share in 2016 and is projected to account for 29.9% share by 2027 end. The cement segment accounted for 29.9% value share in 2016 and is projected to account for 28.1% share by 2027 end.
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