According to the study, ‘United Kingdom Hip Reconstruction Market Outlook To 2025’, few dominant players in the United Kingdom Hip Reconstruction Market are Zimmer Biomet Holdings Inc, DePuy Synthes Inc, Stryker Corp, Corin Group PLC, Smith & Nephew Plc.
The increasing number of the elderly people especially in the developed countries has raised the demand for healthcare systems all around the globe. Hip reconstruction is prominently present in the people aged above 60 years of age. Most of the people who undergo this surgery claim this to be a cost effective surgery considering the end stage of the condition. The changing level and nature of demand from the elderly to young people has resulted in a supply deficiency. Initiative by government and NGOs to maintain a national waiting list in the United Kingdom has reduced the potential threat of a long waiting list. With limited funding, it has become a prerequisite for companies to keep a close track of the demand in order to decide on the target market both in terms of age groups and geography.
Most of the pharmaceutical industry around the world is dominated by only a few players and is highly concentrated. Similar is the case with United Kingdom’s hip reconstruction industry which is dominated by international players with deep pockets. Uncertainty is a key factor that is prevalent in the United Kingdom hip reconstruction market. Research and development teams are constantly coming up with new technologies which make the entire market dynamic. Also, since newer medicines are being developed that claim to cure this condition, it puts this market in a dangerous position. United Kingdom indentifies small number of companies supplying wide varieties of brands and products in the market which is dominated by Zimmer and Stryker Osteonics. The Hip Prosthesis in the United Kingdom forms only a small portion of the global industry. JRI orthopedics is an implant manufacturer in United Kingdom which is wholly owned by British Furlong Research Charitable Foundation. This company is present only in UK market, manufacturing implants only. There are two variants of hip reconstruction material available in the market and these are cemented and cement less which has high degree of substitutability. National Health Service in UK is considered to be the monopolist buyer however, recent trend has showcased that hospitals are also procuring implants directly from the manufacturer. Due to the supply deficiency that is present in the market, many patients are being denied access to the treatment which significantly reduces their experience of undergoing the procedure.
The entire UK hip reconstruction market is expected to have a steady but slow growth in the coming years due to certain key factors. This includes high concentration in the market coupled with research and development in oral medication to treat this condition entirely and also due to the supply deficiency that is present in the market. This has also created problems for the new entrants in the market. If companies wish to enter this industry in the United Kingdom, they need to come up with new technology that is not only is cost effective but also which has the potential to improve patient’s post treatment experience.
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