Osteoarthritis and osteonecrosis considered to be the leading cause ofhip replacement and traumas related to hip globally. According to the Centers for Disease Control and Prevention (CDC), around over 300,000 hip replacements are performed each year in the United States, and these numbers continue to climb. This has resulted in larger number of patients requiringhip implant and increase the demand of hip implants. According to the Arthritis Research UK, in 2015, 2.46 million people in England had osteoarthritis of the hip.Rising incidence of osteoarthritis, increasing incidences of osteonecrosis, and other disorders are the majorfactors acceleratingthe growth of the global hip replacement implant market.
North America dominated the global hip replacement implant market, with a market share of over52% in 2015. Increasing geriatric population, rapid innovation in technology, and high R&D expenditure are attributed to the growth of the hip replacement implantmarket in the region. According to the American Academy of Orthopedic Surgeons (AAOS) between 200,000 and 300,000 population have hip replacement procedure in the United States each year, most of them in patients over the age of 60.These factors collectively drive the hip replacement implant market in North America.
Europe is developed market for hip replacement implant, accounted second highest market share of market after North America about 20.5% of total hip replacement implant marketin terms of revenue in 2015. According to the Arthritis Research UK, in 2015,91% of initial hip replacements in England are due to osteoarthritis. Growing number ofosteoarthritis patient requiring total hip replacement leads to increase the hip replacement implant market in coming year.
The market in Asia Pacific is projected to expand at a high CAGR during the forecast period from 2016 to 2024. According to UN, there are 901 million geriatric population worldwide and Japan has highest geriatric population and is expected to grow in coming years. This increases the incidences of the accident and fall which causes the hip fracture and hip joint dislocation which lead to upswing the hip replacement implant market. Increased awareness about product safety and rapid pace of industrialization and infrastructure development activities, and quality in countries such as China and India are also expected to spur demand for hip implant in the region. In addition, high target patient pool, large population base and increasing government initiatives to provide better healthcare facilities are driving the hip replacement implantmarket in Asia Pacific.
Major players in the global hip replacement implant market are B. Braun Melsungen AG, Exactech, Inc., DJO Global, Inc., Johnson & Johnson, MicroPort Scientific Corporation, OMNIlife science, Inc., Smith & Nephew, Stryker Corporation and Zimmer Biomet Holdings, Inc. Zimmer Biomet Holdings, Inc.