Trading in that old Hip and Knee

All that jogging you did in the 70’s, and the aerobics you did in the 80’s may have put you on the path to joint replacement. You aren’t the only one who put your miniscus through hell, or ground out that hip joint like a mortar and pestle. According to an article posted on Articlebase and Hooted by anna_brachold (hat tip) the market is gearing up for the aging US population.

The expected outlay for hip replacement and knee replacement is expected to grow by nearly 12% per year. In 2008, hips and knees were generating a market size of 6.7 billion dollars. That’s going to more than double by 2015 to $14.7 billion. That’s a lot of joints!

Unfortunately the entire report is too pricey for this blogger ($3,500US), however if you are in the knee and hip biz, and have the means, I highly recommend it. It will give you insight into trends in the market as well as many other useful tidbits. Stuff like treatment flow analysis, and where the restraints of the market are likely to slow its growth.

One aspect of the market I didn’t see in the table of contents was the impact medical tourism will have on market growth here in the US. Judging by the investments being made in Asia in healthcare and their plans to grab a share of the American patient market at significantly lower costs it won’t be long before Americans are flocking to India, South Korea, China, Malaysia and Turkey to trade for newer models.

Another aspect to consider in this is the early adoption of treatment by a younger set of patients. It seems to reason that the younger you are the less money you have, so traveling to get a hip resurface at one tenth to one third the cost of the US makes economic sense. Plus a trip to the Great Wall, or Istanbul is a great way to break in the new hardware (if your doctor says that’s okay, of course).