Hip Replacement Market to Grow as More Young People Face Arthritis
LONDON, UK (GlobalData), 1 August 2013 - The Total Hip Replacement (THR) market is estimated to reach a value of $7.1 billion by 2019, due not only to the growth of the global elderly population, but also the climbing number of younger patients in need of the procedure, according to a new report from research and consulting firm GlobalData.
The new report* states that in 2012 the THR market across 10 major countries (US, France, Germany, Italy, Spain, UK, Japan, Brazil, China, and India) was estimated at $6.2 billion, but an increase in demand across all age demographics will see the number grow significantly in the near future.
By 2019, GlobalData estimates the US will maintain its status as the major global market for THR with a share of 57%, followed by Japan and China at 9% and 10%, respectively. Regarding European countries, the market share will remain relatively stable for the forecast period.
Additionally, the report highlights the potential market for THR manufacturers in developing countries such as Brazil and India, which are growing rapidly. Their booming populations have a growing middle class that can afford a new quality of care, and is also getting more access to reimbursement.
“The hip replacement market is mature and is seeing some pricing pressure from healthcare policy makers, yet is still growing in numbers. A major driver for this growth is the emerging markets and the impact this surgery has on the quality of life of younger patients moving forward,” says Priya Radhakrishnan, Senior Medical Device Analyst at GlobalData.
According to GlobalData, the boost in the THR market will be driven by the rising prevalence of osteoarthritis, people living longer and the increase of younger patients receiving hip replacements. The report attributes this rise to a growth in sporting injuries and physically demanding work, as well as an increasing number of young people getting arthritis.
Consequently, with patients living longer, and given the 15–20-year lifetime of most implants, revision surgery has become an inevitable next step which will further fuel market growth. However, for this market segment to meet its potential, greater standards of physician training is required, states the report.
*MediPoint: Total Hip Replacement - Global Analysis and Market Forecasts
-ENDS-
-NOTES TO EDITORS-
This report focuses on the total primary hip replacement market along with the primary revision market. The report covers the key markets of the US, France, Germany, Italy, Spain, UK, Japan, Brazil, China and India.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.
For guidelines on how to cite GlobalData, please see: http://www.globaldata.com/QuotingGlobalData.aspx
-ABOUT GLOBALDATA-
GlobalData is a leading global research and consulting firm offering advanced analytics to help clients make better, more informed decisions every day. Our research and analysis is based on the expert knowledge of over 700 qualified business analysts and 25,000 interviews conducted with industry insiders every year, enabling us to offer the most relevant, reliable and actionable strategic business intelligence available for a wide range of industries.
For more information, please contact our Press Office on +44 (0)1204 543 528 or at pr@globaldata.com.
The new report* states that in 2012 the THR market across 10 major countries (US, France, Germany, Italy, Spain, UK, Japan, Brazil, China, and India) was estimated at $6.2 billion, but an increase in demand across all age demographics will see the number grow significantly in the near future.
By 2019, GlobalData estimates the US will maintain its status as the major global market for THR with a share of 57%, followed by Japan and China at 9% and 10%, respectively. Regarding European countries, the market share will remain relatively stable for the forecast period.
Additionally, the report highlights the potential market for THR manufacturers in developing countries such as Brazil and India, which are growing rapidly. Their booming populations have a growing middle class that can afford a new quality of care, and is also getting more access to reimbursement.
“The hip replacement market is mature and is seeing some pricing pressure from healthcare policy makers, yet is still growing in numbers. A major driver for this growth is the emerging markets and the impact this surgery has on the quality of life of younger patients moving forward,” says Priya Radhakrishnan, Senior Medical Device Analyst at GlobalData.
According to GlobalData, the boost in the THR market will be driven by the rising prevalence of osteoarthritis, people living longer and the increase of younger patients receiving hip replacements. The report attributes this rise to a growth in sporting injuries and physically demanding work, as well as an increasing number of young people getting arthritis.
Consequently, with patients living longer, and given the 15–20-year lifetime of most implants, revision surgery has become an inevitable next step which will further fuel market growth. However, for this market segment to meet its potential, greater standards of physician training is required, states the report.
*MediPoint: Total Hip Replacement - Global Analysis and Market Forecasts
-ENDS-
-NOTES TO EDITORS-
This report focuses on the total primary hip replacement market along with the primary revision market. The report covers the key markets of the US, France, Germany, Italy, Spain, UK, Japan, Brazil, China and India.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.
For guidelines on how to cite GlobalData, please see: http://www.globaldata.com/QuotingGlobalData.aspx
-ABOUT GLOBALDATA-
GlobalData is a leading global research and consulting firm offering advanced analytics to help clients make better, more informed decisions every day. Our research and analysis is based on the expert knowledge of over 700 qualified business analysts and 25,000 interviews conducted with industry insiders every year, enabling us to offer the most relevant, reliable and actionable strategic business intelligence available for a wide range of industries.
For more information, please contact our Press Office on +44 (0)1204 543 528 or at pr@globaldata.com.
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