Global Hip Prosthesis Market 2016-2020

Overview of the hip prosthesis market

Extensive research carried out by the analysts at Technavio has shown that the global hip prosthesis market will witness steady growth and will post a moderate CAGR of more than 2% over the forecast period. With the recent advances in the hip replacement surgical procedures, the market for hip prosthesis has a positive outlook in the coming years. The new developments in surgical procedures have significantly reduced the risks involved with traditional hip replacements. Minimally invasive (MI) surgical procedures require tiny incisions and minimize the duration of hospital stay and blood loss. Therefore, MI surgical procedures is a safe and cost-effective option for individuals undergoing hip prosthesis surgeries, especially those with arthritis arising from injuries related to accidents or sports. Moreover, the new implant materials are less prone to wear and tear and do not cause any inflammatory reactions. These hip prosthesis have a bioabsorbable polymer coating that helps avoid the problem of bone resorption caused by stress shielding. The recent advances in hip surgery and highly cross-linked polyethylene have slowed down the wearing out process, which will drive this market’s growth until the end of 2020.

Many surgeons have started practicing MI surgeries in an outpatient setting especially for bone and spine disorders. Some of the MI hip fracture operations, such as total hip replacement and partial hip replacement procedures can easily be performed in ASCs. This trend is expected to gain traction in the market and soon most complicated open surgeries will undergo a rapid transition into MI surgeries. These factors will encourage the surgeon to invest in setting their ASCs to perform various MI surgeries in an outpatient setting.  Also, reimbursements for outpatient settings are lower compared to hospitals. This will also encourage the surgeons to opt for MI procedures for the treatment of many disorders in an outpatient facility.

Competitive landscape and key vendors