Market Outline: Global Hip Replacement Implants Market
Hip replacement implants are used in the hip replacement surgery. Hip replacement surgery can be performed as a partial hip replacement or total hip replacement. Hip replacement surgery conducted to damaged hips due to arthritis, hip fracture, or musculoskeletal disorders. Hip replacement implants are made up of various materials such as metal on metal, metal on plastic, ceramic on plastic, and ceramic on ceramic among others.
Global hip replacement implants market was valued at US $ XX Mn and expected to grow at XX% Compound Annual Growth Rate (CAGR) from 2018 to 2024.
Market Dynamics: Global Hip Replacement Implants Market
Increase in the prevalence of osteoporosis and rheumatoid arthritis is a key factor drives the global market over the forecast years. Moreover, technological advancements of hip replacement surgeries, rise in R&D for the development of innovative implants, grow in popularity for the total hip arthroplasty, government initiations to provide care to senior citizen, and rise in healthcare expenditure are surge the global market. However, high cost of products, stringent regulations for product approval, and dearth of skilled professionals are restrain the global knee replacement market over the forecast timeframe.
Global hip replacement implants market is segmented based on product type, material type, and end user
Based on product type, market is segmented into the following
- Partial Hip replacement Implants
- Total Hip replacement Implants
- Revision Hip Replacement Implants
- Resurfacing Implants
Based on the material type, market is segmented into the following
Based on the end users, the market is segmented into the following
- Ambulatory Surgical Centers (ASCs)
Geographically, global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America market is poised to grow due to rise in prevalence of osteoarthritis and rheumatoid arthritis, increase in R&D for the development of newer hip replacement implants by market players, and sophisticated healthcare infrastructure are bolster the market. Europe market is driving by rise in adoption of newer hip replacement implants and procedures, presence of skilled professionals in developed countries, and increase in the number of hip replacement surgeries in Europe region are surge the market. Asia Pacific market has prominent share attributed to increase in the medical tourism in Asia Pacific countries, rise in disposable income, and large patient pool in Asia Pacific region are fuel the market.
- Stryker Corporation (U.S.)
- Zimmer Biomet Holdings (U.S.)
- DePuy Synthes (U.S.)
- Smith & Nephew plc (U.K.)
- Braun Melsungen AG (Germany)
- Exactech, Inc. (U.S.)
- Integra LifeSciences (U.S.)
- MicroPort Orthopedics, Inc (U.S.A)
- OMNIlife science Inc. (U.S.)
Notable Market Developments
- In March 2018, Depuy Synthes launched the ACTIS total hip system in U.S.