Global hip replacement market - estimated to be worth US$ 4601.2 Mn in 2015 - is expected to increase at a CAGR of 4.1% through 2024. North America is the largest market accounting for US $2900 Mn in 2015, and is expected to grow at a CAGR of 4.3%.
New York, NY -- (SBWIRE) -- 11/14/2016 -- In a new report titled "Hip Replacement Market: Global Industry Analysis and Forecast 2016 - 2024", Persistence Market Research analyzes the performance of the global hip replacement market over an eight-year period and provides insights on the key factors and trends likely to influence the market during the forecast period (2016 – 2024). The global hip replacement market is expected to expand at a CAGR of 4.1% during the forecast period. In this report, the global hip replacement market is tracked in terms of value and is calibrated to obtain market revenue estimates.
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Rising incidence of arthritis, hip fractures, hip bone infection, product line extensions from manufacturers, increasing innovation, concern about patient safety among clinicians, and development of new hip implants coupled with minimally invasive surgeries and 3D printing technology are major factors driving the growth of the global hip replacement market. Other trends impacting market growth are increasing awareness regarding new hip implants for securement among physicians and patients and rising incidence of hip fractures, trauma, and injuries. Hip replacement implant manufacturers in the global hip replacement market are focusing on introducing varied products with enhanced safety and application to increase market share.
Globally patients are facing many distinct challenges including rising implant costs, healthcare reform implementation, and reimbursement rates. Lack of affordability due to high cost structure and access to new custom hip implant procedures in Asian countries is a prominent factor hampering growth of the hip replacement market in the region.
According to FDA, from 2002 to 2013, around 578 hip implant products were recalled, which involves metal-on-metal hips. FDA proposed that the high probability of faulty or less effective devices received by patients can cause serious adverse health consequences or death. This may also act as a restraint to the growth of the global hip replacement market.
The global hip replacement market is segmented based on product type, component type, and end users. On the basis of product type, the market has been segmented into total hip replacement implant, partial hip replacement implant, hip resurfacing implant, and revision hip replacement implant. By product type, the total hip replacement implant segment is expected to remain the largest segment, registering a CAGR of 4.7% in terms of value over the forecast period. A wider application in various healthcare conditions and easier availability is expected to contribute to its growing popularity. The partial hip replacement implant is also expected to emerge as the most preferred product type for both patients and physicians globally over the forecast period.
On the basis of region, the global hip replacement market has been segmented into North America, Latin America, Europe, Asia Pacific, and MEA. This report assesses trends driving each market segment and offers analysis and insights about the potential of hip replacement in specific regions. North America is estimated to dominate the global hip replacement market with maximum value share of the overall market by the end of 2016. The North America hip replacement market is projected to increase at a CAGR of 4.3% through 2024. Presence of key regional players, a strong distribution network, and developed healthcare infrastructure are the key factors driving the growth of the market in North America.
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Some key companies covered in this report include Stryker Corporation, Smith & Nephew, B. Braun Melsungen AG, DJO Global, Exactech Inc., MicroPort Scientific Corporation, Depuy Synthes (J&J) and Zimmer Biomet. These companies are primarily focused on enhancing their market share by entering new markets and through the introduction of innovative and cost-effective hip implants in order to gain higher market share and to strengthen their respective position in the global hip replacement market.
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