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A recent report published by Infinium Global Research on hip replacement implant market provides an in-depth analysis of segments and sub-segments in the global as well as regional hip replacement implant market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional hip replacement implant market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global hip replacement implant market. According to a report the global hip replacement implant market is projected to grow at a CAGR of 4% over the forecast period of 2018-2024.
When a hip replacement surgery is performed, a damaged worn-out hip joint is replaced with an artificial implant. The materials used in the artificial implant may vary, but they often include metal, plastic, or ceramic. Hip implants restore mobility and relieve pain usually caused by arthritis or from other hip diseases or injuries. Hip replacement is considered safe and cost-effective procedures to provide relieve from the painful hip joint by helping the person to walk easier. The hip joint is a ball and socket joint, and removal of the hip joint requires, surgeon to remove the ball and reshape the socket. The artificial implant is then positioned in the bone. The implant may be held in the bone by tightly wedging it in place or it may be cemented into position. The type of fixation used will depend on the patient's bone health and the design of the implant. Greater than one million hip replacement implant surgeries are performed worldwide and this is anticipated to double over the next decade.
The World Health Organization says that orthopedic diseases are responsible for half the chronic conditions affecting people over 50 in the developing world. In addition, musculoskeletal conditions are a major burden on individuals, health systems, and social care systems, with indirect costs being predominant. Rising prevalence of musculoskeletal conditions among the aging population and rising demand for hip replacement surgeries over the globe is a major factor driving the growth of hip replacement implant market. Additionally, rising prevalence’s of arthritis and obesity is fuelling the demand for a marker. Moreover, the growing adoption of fitness regimes related to serious injuries, a growing number of accidental injuries and government initiative taken for care of aged citizen are supporting factors fueling the hip replacement implant. Nowadays, a number of orthopedic supply companies are focusing on direct advertising to consumers. Which in turn boost the demand of a hip replacement implant market during the forecast period. However, the strict rules and regulation set by the FDA for metal hip implant product and the high cost of hip replacement procedures are factors curtailing the hip replacement implant market. Going further, recent technological advances have improved the quality of artificial hip implant and made the surgeries more affordable. This, in turn, is expected to provide huge growth opportunities for the hip replacement implant market over the forecast period.
Among the geographies, North America holds the highest share in the hip replacement implant market followed by Europe. The United States is the leading region in North America. The factor responsible for the growth of the market is the rising occurrences of osteoarthritis and osteonecrosis coupled with a number of aging population. In the North America region, several orthopedic supply industries have begun to advertise directly to consumers. Sometimes, an advertisement is seen in a magazine, newspapers and late night television. Moreover, Asia-Pacific is anticipated to witness emerge as an attractive market owing to the increasing number of joint reconstruction procedure due to the rise in a roadside accident and advancement in the healthcare infrastructure in emerging economies.
The report on global hip replacement implant market covers segments such as type, material, and end-user. On the basis of type the global hip replacement implant market is categorized into total hip replacement implant, partial hip replacement implant, hip resurfacing implant, and revision hip replacement implant. On the basis of material the global hip replacement implant market is categorized into metal-on-metal (MoM), metal-on-polyethylene (MoP), ceramic-on-polyethylene (CoP), ceramic-on-ceramic (CoC) and ceramic-on-metal (CoM). On the basis of end-user, the global hip replacement implant market is categorized into orthopedics clinics, hospitals, and ambulatory surgical centers.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-Pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global hip replacement implant market such as DJO Global Inc., B. Braun Melsungen AG, Stryker Corporation, Omnilife Science Inc., Exactech Inc., Zimmer Biomet Holdings Inc., MicroPort Scientific Corporation and Smith & Nephew.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global hip replacement implant market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of hip replacement implant market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the hip replacement implant market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the hip replacement implant market to understand the present and future trends in this market and formulate their strategies accordingly.
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