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Large Joint Replacement Market: Set For A Rebound?

Beaten down by the great recession, the large joint arthroplasty market appears to be on the cusp of a turnaround, with several big players reporting encouraging Q4 and full-year 2012 results. A full recovery in this space is likely to take some time, but technology advances could help jumpstart the process, and there may be some interesting dynamics ahead in the patient-specific implant and robotic ortho device arenas.

The hip and knee reconstruction market was especially hard-hit by the economic downturn of the past several years, as US patients, many of whom lost their jobs and/or insurance, postponed needed joint replacement surgery, and European markets, hit with bruising austerity measures, also came under pressure. The one bright spot was in emerging market countries (particularly China, India, and Brazil), which posted high single-digit or low double-digit growth in hip and knee implant sales revenues, albeit off a smaller base, as the US and European markets sputtered. Growth prospects going forward are expected to continue to be strongest in the emerging markets; however, slow but steady improvements in the global economy could help set the stage for a rebound in this market in the US and Europe beginning this year and accelerating in 2014, driven by pent-up procedural demand and favorable underlying demographics.

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