According to the latest industry study, the global hip implant market will generate a whopping more than $9 billion in revenue by 2024.
These huge numbers are due primarily to the confluence of two factors: the rising prevalence of disease centered around the hip area, including arthritis, hip bone infections, hip fractures; and the extension of highly profitable and successful product lines by hip implant manufacturers.
Factors Driving Growth of Hip Implant Industry
A rapidly aging global population has met a rapidly expanding industry which has pioneered minimally invasive surgical procedures, new plastics and metals, and 3D printing. Other factors driving growth include increased awareness of hip disease and the products that remedy it among physicians and hospitals which also stand to profit from emerging technologies and new procedures. The result is a decade of enormous projected growth for an industry that is already a giant.
Problems with Metal-on-Metal Hip Implants
As you may be aware, the past 15 years have seen numerous hip implant product recalls, some of which cost the industry billions of dollars in lawsuit settlements. According to the FDA, between 2002 and 2013, almost 600 hip implant products were recalled due to faulty or ineffective mechanism or materials. Such defects can and have caused serious adverse health consequences or even death to patients who received implants.
Metal-on-Metal Hip Implant Attorneys
If you or anyone you know has suffered due to defective hip implant products, please contact our attorneys immediately for a free consultation at 215 462 3330 or by using our online contact form.