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| DePuy | Stryker | Zimmer | Smith & Nephew | Biomet | |
| 2Q:04 | 10% | 9% | 11% | 14% | 10% |
| 3Q:04 | 10% | 8% | 10% | 15% | 11% |
| 4Q:04 | 13% | 5% | 7% | 14% | 6% |
| 1Q:05 | 15% | 6% | 3% | 12% | 8% |
| 2Q:05 | 12% | 5% | 7% | 16% | 7% |
As the table demonstrates, growth in hip revenues has fallen for most of the hip market share leaders. But we believe this will change in 2006.
The recent approval of Smith & Nephew's hip resurfacing device as well as the anticipated approvals of both Wright Medical's device and Corin's prosthesis (to be marketed in the U.S. by Stryker) should help jump start the hip market. Couple this with the recent FDA approval of DePuy's and Biomet's ceramic-on-ceramic hips, and one can see why we foresee a rejuvenation of the growth in the hip market during 2006. All these products treat younger patients who have had a tendency to go untreated until they are older. Therefore, these devices are expanding the market.
Although there are many factors to consider, including hospital pricing pressure, we think the current 9-10% rate of growth of hip revenue could be accelerated by 200 or 300 basis points to 11 or 13%.