Press release
Top Trends in 2020 that will boost the Hip Replacement Market
According to the report, the hip replacement market size is prognosticated to be worth USD 10.51 billion by the end of 2026 from USD 7.13 billion in 2018. The market is expected to grow at a CAGR of 5.0% within the forecast period of 2019 to 2026. As per current hip implants market trends, the market is dominated by hospitals and ambulatory centers segment, with respect to end-user. This is attributable to the rise in the number of hip arthroplasty implants in hospitals and the rapid adoption of robots for replacement surgeries.
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/hip-replacement-implants-market-100247
The report is based on facts and figures gathered from secondary and primary research methods. It provides details of the market primarily focusing on growth drivers, restraints, trends, and opportunities. Various players and their key strategies such as product launches, company collaborations, mergers and acquisitions, investment in research and development, among others are listed in the report. These strategies will help players invest accordingly and thus maintain a strong foothold in the market competition.
Increase in Preference for Customized Hip Implants to Drive Market
The increasing geriatric population and their vulnerability to various health issues of the bones is a major driver for the hip replacement market growth. In addition, the increasing prevalence of osteoarthritis is adding a boost to the market and further expected to do the same in the coming years. In addition, there is a surge in demand for partial replacement surgeries. This, coupled with the advent of robot-assisted hip implants will help boost the hip replacement market shares in the coming years.
Moreover, the rise in preference for customized implants for both female and male patients is likely to drive the market. This is attributable to the introduction of 3D printing technology for the manufacturing of customized implants. Furthermore, government-supported health reimbursement policies set to provide affordable and quality care to all patients are anticipated to create lucrative growth opportunities for the market in the long run.
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North America to Dominate Market with New Product Launches and Strategic Company Collaborations
The global hip replacement market is classified geographically into five major regions namely Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa regions. In the current scenario, the market is dominated by North America with a hip replacement market revenue of USD 2.52 billion in 2018. This is on account of the surge in the number of hip replacement prostheses, rise in strategic collaborations among market vendors and new product launches. The launch of MiniMAX Hip, by Medacta International, was announced in November 2017. It is a cementless stem that will serve as an option for minimally invasive hip replacement surgery for surgeons in the U.S. Such innovations are likely to bode well for the market in the long run.
On the other hand, the market in Asia Pacific is expected to witness significant growth in the forecast duration on account of the increasing prevalence of hip osteoarthritis serving most of the geriatric population in the region. For instance, the Surgical Variance Report of 2107 reported the funding of about 9,947 hip procedures in private hospitals by a private health insurer in Australia called Medibank Private Limited during 2015-2016. Such health reimbursement policies are prognosticated to augment the hip implants market share in Asia Pacific.
Besides this, improving medical tourism and distribution network scenarios in Latin America are further expected to promote the growth of the market in the region. Europe market will also witness progressive growth rates on account of the rise in demand for customized implants and a rise in the number of hip replacement implant surgeries.
Key Industry Developments:
Some of the key industry developments in the hip implants market include:
March 2018 - The launch of the Trident II Acetabular System was announced by Stryker. This is anticipated to strengthen the position of the company in the competition.
July 2019 - Conformis Hip System was launched by Conformis, a hip implant designed for using 3D printing technology for matching patient's specifications.
Apart from key developments, the report displays the names of significant players in the hip replacement market. These include:
Exactech, Inc.
Stryker
Braun Melsungen AG
Bioimpianti
Zimmer Biomet
MicroPort Scientific Corporation
DePuy Synthes (Johnson & Johnson Services, Inc.)
Conformis
Smith & Nephew plc
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/hip-replacement-implants-market-100247
Detailed Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Number of Hip Replacement Procedures - For Key Countries
Regulatory Scenario - For Key Countries/Regions
Reimbursement Scenario - For Key Countries/Regions
New Product Launches
Technological Advancements in Hip Replacement Market
Key Industry Developments - Mergers, Acquisitions and Partnerships
Global Hip Replacement Market Analysis, Insights and Forecast, 2015-2026
Key Findings / Summary
Market Analysis, Insights and Forecast - By Procedure
Total Hip Replacement
Partial Hip Replacement
Revision & Hip Resurfacing
Market Analysis, Insights and Forecast - By End User
Hospitals & Ambulatory Surgery Centers
Orthopedic Clinics
Others
Market Analysis, Insights and Forecast - By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
TOC Continued....!
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