Hip and Knee Implants - Global Pipeline Analysis, Opportunity Assessment and Market Forecasts to 2016

16 Aug 2010 • by Natalie Aster
GlobalData’s new report, “Hip and Knee Implants - Global Pipeline Analysis, Opportunity Assessment and Market Forecasts to 2016” provides key data, information and analysis on the global hip and knee implants market. The report provides market landscape, competitive landscape and market trends information the hip and knee implants market. The report provides comprehensive information on the key trends affecting the market, and key analytical content on the market dynamics. The report also reviews the competitive landscape and technology offerings. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData’s team of industry experts.

Global Hip and Knee Implants Market to Grow Growth of 6% Over the Next Seven Years

The global allergic rhinitis therapeutics market was valued at $6.9 billion in 2009 and is forecast to decline by 3.2% annually for the next eight years to reach $5.4 billion in 2017. The decline in market size is primarily due to strong competition and the entry of low cost drugs into the market. Although the disease incidence rate and prescription rate are increasing year on year, declining drug prices will cause the market to shrink.

The global hip and knee implants market is forecast to grow at an 8% Compound Annual Growth Rate (CAGR) to reach $21,742m by 2016. The knee implants market is estimated to grow at 10% CAGR during 2009–2016 to 13,083m in 2016. The hip implants market is forecast to grow at 6% over the next seven years to reach $8,659m in 2016. The market is expected to be driven by the aging population and the consequent growing incidence of age related diseases such as osteoarthritis. Moreover, more young patients between the age groups of 45-65 years are also opting for surgery to maintain their active lifestyles. New procedures and advanced implants are resulting in better procedure outcomes, implants lasting longer and faster recovery. This is driving more young patients towards surgery.

Technological Advancements in Procedures and Implants Leading to Better Performance and High Durability to Drive Younger Patients to Surgery

New procedures such as minimally invasive surgery and hip resurfacing are increasing the attractiveness of surgery for younger adults. Similarly, advancements in implant technology have led to enhanced durability and function, with new implants claiming to last up to 20-25 years compared to 15 years currently. Procedures such as hip resurfacing and partial knee replacement, which conserve the undamaged portion of the bone and use minimally invasive surgery, are gaining popularity. These procedures use smaller incisions, with the patient benefiting from reduced blood loss and tissue injury, resulting in potentially faster recovery times. Presently, due to the limited lifespan of the artificial joint, young people who are under the age of 40 are generally not recommended surgery, since they will outlive the implant. With superior implant materials increasing the durability, an increasing numbers of young patients are now going in for the surgery option. Advanced designs have led to the development of high joint stability and functionality, which provide a much better degree of movement. These technological improvements, aimed at returning the maximum degree of function to joints, have made surgery a more viable option for young, active patients.

Growing Awareness Due to Direct-to-Consumer Marketing to Fuel Demand

The orthopedic companies are increasingly basing their marketing and awareness campaigns around highlighting the active lifestyles one can enjoy after joint replacement surgery. In an aging society, where the need is to remain active much later in life than before, these campaigns are thus striking a chord. The companies are employing several strategies to increase social acceptance. Leading companies have employed celebrities to promote the procedures. These endorsements generally involve sports celebrities who claim to return to their active lifestyle after successful surgery. This has created a positive impact on patients, who have started believing that surgery can restore close to normal joint function.

Zimmer, DePuy and Stryker Lead the Global Hip and Knee Market

Zimmer, DePuy, and Stryker were the top three hip and knee implant manufacturers in 2009, together accounting for nearly 60% of the market. Zimmer is the market leader with a 22% market share. In recent years, Zimmer has witnessed a decline in the market share due to product recalls. DePuy, on the other hand, has gained market share especially in hip implants, and now accounts for 21% of the global hip and knee market. Stryker, Biomet and Smith & Nephew account for 16%, 10% and 10% respectively.

Other players include a number of local manufacturers, especially in the Asia Pacific countries such as Australia, Japan and China. Companies such as Exactech and Japan Medical Material Corp. have developed significant distribution networks in these countries.