Albany, NY -- (SBWire) -- 05/20/2019 --Global Hip Reconstruction Devices Market: Snapshot
With ever-rising geriatric population, the market for hip reconstruction devices has gained an impetus across the world. The increasing incidence of hip injuries and fractures, osteoarthritis, and wearing down of joints over time in aged people has fueled the need to reconstruct their hip joints, which is reflecting significantly over the demand for hip reconstruction devices. The overall opportunity in the global market for hip reconstruction devices was worth US$5.68 bn in 2016. Going forward, the technological advancements in these devices are anticipated to continue propelling this market over the next few years, bringing in exceptional growth.
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Primary Cemented Hip Replacement Devices to Register Strong Growth
On a wider level, the global market for hip reconstruction devices is assessed on the basis of the product, indication, and the end user. Revision hip replacement device, primary cemented hip replacement device, partial hip replacement device, primary cementless hip replacement device, and hip resurfacing device are the key products available in this market. Among these, the demand for primary cemented hip replacement devices is relatively higher. Over the forthcoming years, this demand is likely to increase substantially, adding US$126.6 mn per annum in revenues over the period from 2017 to 2022.
By indication, the worldwide market is bifurcated into rheumatoid arthritis, osteoarthritis, and trauma. Elderly people, suffering from osteoarthritis and rheumatoid arthritis, are the main consumers of hip reconstruction devices across the world. Hospitals, ambulatory surgical centers (ASCs), and orthopedic clinics have surfaced as the main end users of hip reconstruction devices. The demand for these devices will be comparatively higher from hospitals in the years to come.
Increasing Preference for Minimally Invasive Surgeries to Boost North America's Market
On the regional basis, the worldwide hip reconstruction devices market is considered to have a reach across Asia Pacific excluding Japan (APEJ), the Middle East and Africa (MEA), North America, Europe, and Japan. With an expected US$2.11 bn in revenues by 2017, North America is the current market leader. The increasing preference for minimally invasive surgeries among patients and medical practitioners is projected to fuel the demand for hip reconstruction devices in this region over the next few years, ensuring its dominance. The presence of a large pool of the manufacturers of hip reconstruction devices is also projected to support the market in North America in the near future.
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Europe, with a CAGR of 5.90% between 2017 and 2022, is expected to retain its second position throughout the forecast period, thanks to the presence of advanced medical infrastructure and favorable reimbursement policies. Among other regional markets, Asia Pacific excluding Japan is anticipated to report a significant rise at a CAGR of 6.20% during the period of the forecast. The steady increase in the disposable income of consumers in developing Asian countries, such as India, China, and South Korea, enabling then to afford expensive treatments, is the key factor behind the growth of the Asia Pacific market for hip reconstruction devices. In addition to this, the thriving medical tourism industry in this region is projected to support this regional market over the next few years.
The global market for hip reconstruction devices is highly competitive and fragmented on nature. United Orthopedic Corp., MicroPort Scientific Corp., Exactech Inc., Waldemar LINK GmbH & Co. KG, Corin, Zimmer Inc., Braun Melsungen AG, DePuy Synthes, Smith & Nephew, and Stryker Corp. are some of the key manufacturers of hip reconstruction devices across the world.
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Hip Reconstruction Devices Market Expected to Show Steady Growth by 2022