Global Hip Replacement Market to expand at a CAGR of 4.2% during the forecast period of 2017 to 2024
A newly compiled business and commerce study done at the headquarters of Persistence Market Research (PMR) notifies that the competition in the global hip replacement market is stiff. And, the sheer profitability of the healthcare domain will continue to attract newer players in the near future, which will further fragment the vendor landscape. That being said, the analyst of the report has detected that a few players do hold a moderate position of strength over the rest of the competition, having established themselves over a number of years across regions as well as leading the innovation.
Geographical Presence Determining Market Leader
For instance, Zimmer Biomet Holdings Inc. operates in more than 25 nations and offers a wide-range of products that are used for joint reconstruction and minimally invasive surgeries. The company is maintaining a good relationship with major group purchasing organizations (GPO) and continuously collaborates with healthcare professionals in developed regions. Smith & Nephew, another leading name in medical device manufacturing, has a global presence and has gone through various acquisitions and partnerships to enhance its portfolio. Stryker Corporation, DJO Global, Depuy Synthes from Johnson and Johnson, and B. Braun Melsungen AG are some of the other prominent players in the global hip replacement market.
The analyst of the PMR report has projected the demand in the global hip replacement market to expand at a CAGR of 4.2% during the forecast period of 2017 to 2024. In terms of revenue, the analyst has estimated that there will be opportunities worth US$9,128.5 mn by the end of 2024 in the market for hip reconstruction, substantially more than the market’s evaluated valuation of 6,830.5 mn in 2017.
Based on product type, the report segments the hip replacement market into revision hip implants, partial hip replacement implant, hip resurfacing, and total hip replacement implant. On the basis of component type, the market has been bifurcated into hip stem systems, revision accessories and components, and acetabular cup systems. The analyst has also categorized this market in terms of end user, into ambulatory surgery centers (ASCs), clinics, and hospitals. Geographically, the developed region of North America has been identified as the most profitable region, followed by Europe and then vastly populated Asia Pacific.
Prevalence of Obesity and Arthritis to Sustain Strong Demand
Radically rising percentage of geriatrics in the world’s population is the primary driver of the hip replacement market. People aged over 60 years, as well as those who suffer from obesity and arthritis, are highly prone to hip disorders and are expected to drive the demand over the course of next seven years. In addition to that, advancements in minimally invasive surgeries coupled with 3D printing has led to growth of the global hip replacement market. Medical device manufacturers are largely focusing on emerging economies due to large patient base and growing demand for hip replacement surgeries. Moreover, rising number of revision surgeries coupled with growing capabilities of advanced biomaterial-based implants is further supporting market growth. Government initiatives and subsidies provide advanced healthcare to their aging population, increasing incidence of trauma or accidental injuries, increasing manufacturing of short stems in total hip arthroplasty, and introduction of custom made implant products are some of the other drivers of the hip replacement market. On the other hand, substantial cost of the products and pertaining surgeries is holding the market from gaining new consumers in underdeveloped regions. Moreover, stringent regulations from the FDA for all metal hip implant products is reflecting negatively over the market for hip reconstruction.