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HEALTHCARE & PHARMACEUTICAL

Robotic-Assisted Hip Replacement Market Analysis by Type (Passive, Semi-Active, and Active Systems); and by Application (Hospitals, Orthopedic Clinics, Ambulatory, and Academic and Research) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Stryker revealed the release of Mako Total Hip 4.0, a smart robotic system to improve the user experience with CT-based 3D modeling and new planning features along with approach-specific and region-based pelvic registration.
  • DePuy Synthes announced that Australian orthopedic surgeons will be the world’s first to access the next generation of robotics.

Global Robotic-Assisted Hip Replacement Market Size, Forecast, and Trend Highlights Over 2022 - 2031

Robotic-Assisted-Hip-Replacement-Market

The global robotic-assisted hip replacement market is estimated to garner a revenue of USD 12 Billion by the end of 2031 by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 7 Billion in the year 2021. The increasing demand for hip replacement surgeries and the rise in the geriatric patient population is anticipated to attribute to the growth of the market.  As per Agency for Health Research and Quality, each year higher than 4 million total hip replacements are done in the U.S. The high prevalence of lower extremity conditions like osteoarthritis (OA), osteoporosis, and hip diseases are major growth drivers of the market during the forecast period. The number of adults aged 50 or above with osteoporosis raised from 9.4% in 2007-2008 to 12.6% in 2017-2018.

Robotic-Assisted-Hip-Replacement-Market-Size

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The lack of experienced physicians and surgeons across the globe and the increasing adoption of automation in the medical sector is considered to boost the growth of global robotic-assisted hip replacement market trends. The shortage of surgical specialties as per estimations would be between 17,000 and 28,000 by 2033.

Global Robotic-Assisted Hip Replacement Market: Growth Drivers and Challenges

Growth Drivers

  • Increase in Geriatric Patient Pool – Increased life expectancy and declining fertility are expected to be the reason for the growing geriatric population. As per the 2021 U.S Census Bureau, the United States has 15% of the nation’s population i.e., over 50 million adults aged 65 and above. Older people are more prone to bone-related diseases, specially, osteoporosis and osteoarthritis. Moreover, the rising geriatric population is bound to demand more frequent surgeries to treat such diseases. This is estimated to boost the market growth.
  • High Demand for Hip Replacement Surgical Procedures It is observed that the total hip arthroplasty is estimated to increase by 30% in 2020, by 72% in 2025, by 120% in 2030, and by 280% in 2040.
  • Surge in Personal Disposable IncomeThe personal disposable income increased by USD 1.18 billion in 2020 and 80% of it i.e., USD 957 billion is from fiscal stimulus.
  • Lack of Surgeons and PhysiciansThe U.S has a shortage of about 12o,000 physicians and 30,200 surgical specialists in 12 years based on the report of the Association of American Medical Colleges (AMMC).
  • Government Investments in Healthcare and Hospital Infrastructure – Hospital infrastructure investment in America is a direct investment in American jobs and communities, where in 2019 about 5 million jobs and USD 1 trillion in goods and services are purchased from small businesses supporting over 15 million jobs.

Challenges

  • High Cost of Surgical Robots
  • Less Affordable in Low-Income Regions
  • Lack of favorable reimbursement policies

The global robotic-assisted hip replacement market is segmented and analyzed for demand and supply into type and application. The type segment is divided into passive, semi-active, and active systems, and the application segment is divided into hospitals, orthopedic clinics, ambulatory and academic, and research. Out of these, the hospitals segment is expected to hold the largest market size by the end of 2031 on the back of the high incidence of osteoporosis during the forecast period. Worldwide, about 200 million women suffer from osteoporosis. It is estimated that the incidence of hip fracture will increase by 310% and 240% in men and women respectively.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Healthcare-Expenditure

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5,355.79, which grew from USD 3,515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Robotic-Assisted Hip Replacement Market Regional Synopsis

Regionally, the global robotic-assisted hip replacement market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is projected to hold the largest market share by the end of 2031. Out of which the North America region is estimated to have the largest market growth on the back of highly developed infrastructure, the presence of an advanced technology base, and growing market giants during the forecast period.

The growing incidence of osteoporosis and osteoarthritis, shortage of surgical specialists, and increasing sports and road injuries are major factors to aid in the market growth in the North America region. More than 2 million football injuries took place in the U.S in 2021.

Robotic-Assisted-Hip-Replacement-Market-Scope

The global robotic-assisted hip replacement market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global robotic-assisted hip replacement market includes the following segments:

By Type

  • Passive System
  • Semi-active System
  • Active System

 

By Application

  • Hospitals
  • Orthopedic Clinics
  • Ambulatory
  • Academic and Research

Top Featured Companies Dominating the Global Robotic-Assisted Hip Replacement Market

  • Medtronic plc

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Medical Device Business Services, Inc.
  • Zimmer Biomet
  • Stryker Corporation
  • Smith & Nephew
  • Globus Medical
  • NuVasive, Inc.
  • Limacorporate S.p.A.
  • Asensus Surgical US, Inc
  • Titan Surgical LLC

 

 

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