The slowdown affecting the orthopedic-devices market is likely to continue for several months as people with bad knees and hips defer procedures due to economic uncertainty, according to Smith & Nephew (http://global.smith-nephew.com) CEO David Illingworth.

The UK-based company does about half its orthopedics business in the U.S., where lost health insurance, steep co-payments or worries about time off from work have slowed growth in procedures for replacement hips and knees. The industry in general is anticipating slow growth of about 5%.

“I think we're going to see a few more quarters of pressure on volumes,” said Illingworth in an interview with Dow Jones Newswires. “I don't think it's played out yet.” Illingworth said market growth for bone-sparing hip resurfacing technology in the U.S. is being restrained due, in part, to the increasing need for medical evidence to defend premium-priced products as the U.S. pursues healthcare reform.

Smith & Nephew competes in the $11 billion hip and knee market with Zimmer Holdings Inc. (ZMH), Johnson & Johnson (JNJ), Stryker Corp. (SYK) and privately held Biomet Inc. Though a smaller U.S. player among this group, Smith & Nephew is the biggest European medical-devices company.

Illingworth said product prices are remaining steady, adding that his company is watching for signs that premium-priced products are coming under pressure in this economic environment.