According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the European market for large-joint reconstructive implants will grow moderately through 2016. Procedure volumes will rise, but declining average selling prices will keep growth to an annual average of two percent. The market will reach a value of over $2.8 billion by 2016. Knee implants will grow somewhat faster than the more mature hip implant segment.
“Three years ago manufacturers predicted that hip resurfacing would be the 'next big thing' in the large-joint reconstructive implant market, but demand for these implants has since taken a considerable step back”
An increasing proportion of the population over the age of 65 along with growing rates of osteoarthritis and obesity will lead to growth in procedures averaging around three percent per year through 2016. Governments across Europe are, however, trying to limit healthcare expenditures through more complex and restrictive referral processes and by placing strong pressure on manufacturers to cut implant prices.
Reconstructive knee implants were introduced into the European market more recently than hip implants. As a result, while the hip implant market is relatively saturated, there is suppressed demand for knee implants, which will lead to slightly higher procedure growth. Combined with higher average selling prices, this will result in the value of the knee market becoming larger than the hip market by 2015.
In addition to slow growth, one segment of the hip implant market will actually see declines as a result of bad publicity surrounding negative clinical results in hip resurfacing implants. Metal-on-metal implants, in particular, have shown unanticipated adverse health effects due to surface wear. In addition, a number of implants were utilized in patients who do not fit the recommended clinical profile, resulting in a higher revision rate. As a result, hip resurfacing implants will be reserved for particular patient profiles and will see a drop in procedure volumes.
"Three years ago manufacturers predicted that hip resurfacing would be the 'next big thing' in the large-joint reconstructive implant market, but demand for these implants has since taken a considerable step back," said MRG Analyst Daniel Brown. "Negative clinical findings have resulted in companies recalling their devices and surgeons have become increasingly reluctant to recommend the procedure."
Zimmer led the European large-joint reconstructive implant market in 2011, but will continue to be challenged by DePuy Orthopaedics and Stryker.
Millennium Research Group's European Markets for Large-Joint Reconstructive Implants 2012 report includes procedure, unit, average selling price and revenue information, along with market drivers and limiters and competitive landscape for reconstructive knee implants and reconstructive hip implants in France, Germany, Italy and the United Kingdom.
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