Hip Replacement Implant Market is Projected to be Worth US$ 9187.0 mn by 2024
Global Hip Replacement Implant Market: Overview
The global market for hip replacement implant is poised for steadfast growth in the coming years. The surging demand for hip replacement surgeries coupled with rising clinical awareness among patients is fuelling the hip replacement implant market. Increasing adoption of fitness regimes subject to serious injuries is stoking demand for hip replacement implants. As reported, 600,000 hip replacement procedures are carried out each year globally among individuals of 40 to 50 years of age.
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Contracts of product manufacturers with government bodies and other medical device manufacturers to develop cost effective products is further aiding this market’s growth. On the downside, high cost of hip implants and high cost of hip replacement procedure are bottlenecks to the growth of this market.
Considering these factors, the global market for hip replacement implant is predicted to clock 3.9% CAGR from 2017 to 2024.
Hospitals End-use Segment to Continue to Remain at Fore
The hip replacement implant market is segregated depending upon product type, material, end user, and geography. By product type, partial hip replacement, total hip replacement implant, implant, revision hip replacement, and resurfacing implant are the segments into which the hip replacement implant market is divided. Among them, total hip replacement implant is the most lucrative segment driven by the rising prevalence of osteoarthritis and osteonecrosis. Going ahead, the segment is anticipated to account for prominent share in the overall market. The total hip replacement segment is sub-segmented into fixed bearing and mobile bearing. Of the two, fixed bearing accounted for the leading 73.1% share of total hip replacement implant segment in 2015.
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Depending upon material, the hip replacement implant market has been segregated into metal-on-metal, metal-on-polyethylene, ceramic-on-polyethylene, ceramic-on-metal, and ceramic-on-ceramic. Metal-on-polyethylene, among them, held the leading share vis-à-vis revenue in 2015; going ahead, the segment is anticipated to hold prominent share driven by increasing prevalence of joint disorders and technological advances. However, ceramic-on-polyethylene material segment is anticipated to surpass other segments in terms of growth rate in the years ahead.
Depending upon end user, hospitals, ambulatory surgical centers, orthopedic clinics, and others are the key segments into which the hip replacement implant market is divided. Hospitals stood as the leading end user holding 64.5% market share in 2015. Hospitals have specialty units for orthopedic surgeries and are equipped with various facilities for pre-operative, post-operative care and for emergencies.
Orthopedic clinics currently hold the second-leading share in the hip replacement implant market. However, the segment is anticipated to display declined share until the end of 2024 due to increasing preference for hospitals as they are equipped with facilities for emergency situations. The others end-use segment comprises community clinics, student health facilities, long term care center, geriatric care center, sports care center, etc.
Vis-à-vis Growth Rate Asia Pacific to Surpass Key Regions
Geography-wise, the report takes stock of the potential of demand of hip replacement implants in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In terms of sales, North America and Europe held 52% and 20.5% respectively of the overall market in 2015. The high incidence of osteoarthritis and osteonecrosis are key factors behind the prominence of the two regions.
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On the other hand, Asia Pacific is predicted to emerge as an attractive market for hip replacement implants due to modernization of healthcare infrastructure in emerging economies and alliances and partnership practices among players to strengthen technical expertise.
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