Press release
Hip Replacement Implant Market Projected to Register 3.9% CAGR through 2024
Some other key names in the hip replacement implant market are MicroPort Scientific Corporation, Stryker Corporation, Exactech Inc., B. Braun Melsungen AG, OMNIlife Science Inc., and DJO Global Inc. among others. These players are focusing on technological advances and expanding their geographical outreach to sustain competition. Innovation and price point advantages are also the aspects these players are leveraging for competitive gains.
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As per estimates of a TMR report, the global hip replacement implant market, the global hip replacement implant market is likely to proliferate at 3.9% CAGR between 2017 and 2024. Proliferating at this pace, the market is likely to become worth US$ 9187.0 mn by 2024 from US$7023.7 mn in 2017. Among the key product types, total hip replacement implant segment holds dominance in the market in terms of revenue. By end user, hospitals held the leading market share in recent past; going forward, the segment is likely to continue to remain attractive in the overall market. Region-wise, North America held the leading 52.7% share in the overall market in 2015; the region is anticipated to maintain supremacy until the end of 2024.
Increasing Adoption of Fitness Regimes Subject to Injuries Stokes Demand
Worldwide, surging demand for hip replacement surgeries is the primary factor driving the hip replacement implant market. Rising clinical education among patients, rise in geriatric population, and increasing prevalence of obesity and arthritis are stoking demand for hip replacement implants.
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In several developed countries, improvement in government driven hip implant reforms are aiding the hip replacement implant market. This is mainly to provide additional coverage to geriatric population who are more susceptible to falls and injuries and for accident victims who require hip replacement procedure. In addition, the rising number of accidental injuries is also stoking the demand for hip replacement implants. An increasing number of individuals adopting fitness regimes and gym workouts are subject to serious injuries that may require hip implant procedure. As per statistics, over 600, 000 hip implant procedures are conducted each year worldwide among individuals aged between 40 and 50 years.
Technological advances coupled with adoption of 3D printing are further aiding the growth of this market. Extensive R&D initiatives undertaken by research organizations and medical device companies has been instrumental in the introduction of advanced hip replacement implants.
Rising Demand for Advanced Products Benefits Market
Presently, healthcare expenditure worldwide is generally on the rise. Healthcare expenditure account for a substantial percentage of GDP especially in developed countries. On the other hand, in developing economies, rising disposable income along with improvement of healthcare facilities is boosting the demand for hip implant procedures and surgeries.
Furthermore, rising demand for advanced hip implant products and hip replacement procedures is acting in favor of hip replacement implant market. For example, navigation technology is a newer total hip arthroplasty procedure to ensure perfect component positioning.
Apart from this, contractual agreement practices wherein product manufacturers enter into long-term contracts with government bodies and other medical device companies to manufacture cost-effective products bodes well for hip replacement implant market. This, along with practices od customized products is favoring this market.
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On the downside, high cost of hip implants and high cost of hip replacement procedure is limiting the growth of this market. Increasing number of product recalls and tighter regulations proposed by FDA to monitor hip implants are further challenging the hip replacement implant market.
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