08.05.14
The hip replacement market is beginning to recover from the global recession and controversies surrounding metal-on-metal implants, with procedure volumes growing and patient confidence at an all-time high, according to an analyst with United Kingdom-based research and consulting firm GlobalData.
A recent study published in The Bone & Joint Journal found that customer satisfaction is higher for hip replacement surgery on the U.Kk’s National Health Service than for Apple’s iPhone, underlining the treatment’s resurgent popularity, analysts said.
According to GlobalData, approximately 1.7 million hip replacement procedures, including partial, primary, revision and resurfacing, were performed across the globe in 2013, and expected to increase to 2.5 million by 2020.
Linda Tian, GlobalData’s analyst covering medical devices, said: “Hip replacement surgery has become one of the cheapest and most effective surgical treatments, due to the sheer volume of procedures being performed. It has evolved from a surgery that was used only as a last resort for elderly patients to one that is now commonly performed on younger and active patients, with very positive outcomes.”
According to GlobalData, procedure volumes have enjoyed sustained growth over the last decade, thanks to the rising prevalence of osteoarthritis, increased patient awareness, and the industry’s extensive marketing efforts.
“Although lawsuits relating to all-metal hip implants slowed down the volume growth to some degree ... the procedure itself is well-established and great technological advances will catalyze further adoption by patients over the coming years," Tian continued.
However, Tian is cautious that a full recovery may take some time, given the lingering pricing pressure due to hospital consolidation, expansion of buying groups, and cutbacks in reimbursement.
“Manufacturers face the new challenge of maintaining profits while producing low-cost product portfolios," Tian said. "Shifting focus towards premium-priced advanced technologies is a potential avenue for growth, and several players are already advocating new vitamin E-enhanced polyethylene acetabular liners in a bid to maintain competitive edges.".
A recent study published in The Bone & Joint Journal found that customer satisfaction is higher for hip replacement surgery on the U.Kk’s National Health Service than for Apple’s iPhone, underlining the treatment’s resurgent popularity, analysts said.
According to GlobalData, approximately 1.7 million hip replacement procedures, including partial, primary, revision and resurfacing, were performed across the globe in 2013, and expected to increase to 2.5 million by 2020.
Linda Tian, GlobalData’s analyst covering medical devices, said: “Hip replacement surgery has become one of the cheapest and most effective surgical treatments, due to the sheer volume of procedures being performed. It has evolved from a surgery that was used only as a last resort for elderly patients to one that is now commonly performed on younger and active patients, with very positive outcomes.”
According to GlobalData, procedure volumes have enjoyed sustained growth over the last decade, thanks to the rising prevalence of osteoarthritis, increased patient awareness, and the industry’s extensive marketing efforts.
“Although lawsuits relating to all-metal hip implants slowed down the volume growth to some degree ... the procedure itself is well-established and great technological advances will catalyze further adoption by patients over the coming years," Tian continued.
However, Tian is cautious that a full recovery may take some time, given the lingering pricing pressure due to hospital consolidation, expansion of buying groups, and cutbacks in reimbursement.
“Manufacturers face the new challenge of maintaining profits while producing low-cost product portfolios," Tian said. "Shifting focus towards premium-priced advanced technologies is a potential avenue for growth, and several players are already advocating new vitamin E-enhanced polyethylene acetabular liners in a bid to maintain competitive edges.".