Hip Replacement Implant Market Future Trends and Scope Analysis by 2024
Posted: Nov 24, 2018
Our latest research report entitled Hip Replacement Implant Market (by type (hip, partial hip replacement implant, hip resurfacing implant and revision hip replacement implant), material (metal-on-metal (MoM), metal-on-polyethylene (MoP), and ceramic-on-metal (CoM)), end-user (orthopedics clinics, hospitals and ambulatory surgical centers),) provides complete and deep insights into the market dynamics and growth of Hip Replacement Implant. Latest information on market risks, industry chain structure Hip Replacement Implant cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential Hip Replacement Implant growth factors.
The forecast Hip Replacement Implant Market information is based on the present market situation, growth opportunities, development factors, and opinion of the industry experts. An in-depth analysis of the company profiles, Hip Replacement Implant on global and regional level and applications is conducted. The analysis of downstream buyers, sales channel, raw materials, and industry verticals is offered in this report. 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.
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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 of marker. Moreover, growing adoption of fitness regimes related to serious injuries, 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 the direct advertise 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 magazine, newspapers and late night television. Moreover, Asia Pacific is anticipated to witness emerge as an attractive market owing to increasing number of joint reconstruction procedure due to the rise in a roadside accident and advancement in the healthcare infrastructure in emerging economies.
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Major Key Players Mentioned in this Premium Report
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, OmniIlife Science Inc., Exactech Inc., Zimmer Biomet Holdings Inc., MicroPort Scientific Corporation and Smith & Nephew.
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