According to the study, ‘UNITED STATES HIP RECONSTRUCTION MARKET OUTLOOK TO 2025’, there are many suppliers for hip reconstruction equipment however; the market is dominated by only a few. The market share is led by Zimmer Biomtech Holding Inc. Other major players in the market are DePuy Synthes Inc, Stryker Corp, Exactech Inc, Smith & Nephew Plc, MicroPort Orthopedics Inc. Recent reports have revealed that the selling prices for large hip reconstruction joints are higher than they should be. This could be a characteristic due to the influence of sales individuals and high expenses. Traditionally, hip reconstruction market is an industry in which the products were similar for instance the utility derived from hip replacement companies would be the same throughout. To overcome this issue, companies try to differentiate their products via proprietary material consumption, technical designs or better additives.
Hip reconstruction involves the use of bone cement to replace the affected portion of the hip. It may also involve modification of the affected area with industrial material to improve the condition. Hips and knee and joints are the most repaired joints with orthopedic equipments. Orthopedic implant manufacturers produce implants that are required by surgeons for hip reconstruction surgeries. Hip reconstruction requires robots to maintain reproductive precision. As a next generation a mechanism, hip reconstruction implants have evolved significantly to improve to enhance the tradition hip reconstruction surgery.
The United States hip reconstruction market has been affected mainly by the reduction in Insurance payments. These reductions in payments have forced hospitals to play the roles of businesses. Cost cutting was one methodology that was used in the supply chain and enterprises were examined closely for cost and quality. The number of hip reconstruction in the United States continue to grow at a steady pace over the past few years whereas the revenue of the hip reconstruction manufacturing companies grows steadily although at a slower pace. This slow growth in revenue is mainly attributed to falling prices of reconstruction of implants due to market uncertainty. In USA, large joint implants are approved by FDA’s 510 (K) regulation which requires manufacturers to demonstrate and prove that the new device is similar to a product that is already present in the market. This allows new devices to be introduced in the market with minimum clinical data. This has resulted in lowering the cost of approval of such devices which has proved to be a boon for this industry. Some new devices that are currently being developed are OsteoMate Arthrodesis Implant by Arthrosurfaces, Inc., Titan 3-D Wedge System by Paragon 28, AltiVate Anatomic Shoulder System by DJO Surgical.
The hip reconstruction equipment market is quite consolidated in USA with only a few major players holding on to a significant market share. This makes the entry of potential players difficult. However, if companies could come up with new advanced technology which improves not just the efficiency of the implant but also aims to improve the quality of life, it could prove to be a turning point for the overall industry especially in United States that has highly a highly segmented market.
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Ankur Gupta, Head Marketing & Communications