Hip Reconstruction Devices Market : Key Growth Factors and Industry Analysis 2016-2024
Hip reconstruction refers to a surgery performed to fix issues with the structure and functioning of the hip joint and the ligaments and cartilage surrounding it. The main purpose of a hip reconstruction surgery is to restore mobility, stability, and a full range of movements to the hip joint; relieve pain, and offer independence, and a better quality of life to patients.
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Various surgical procedures are involved in hip reconstruction, including hip arthroplasty or hip replacement, hip osteotomy, hip resurfacing, and hip arthroscopy. These surgeries call for the use of sophisticated and technologically advanced hip reconstruction devices.
In the past few years, the hip reconstruction market has witnessed significant advancements in terms of technological developments, innovation of new and more effective implant techniques, development of minimally invasive procedures, and marketing strategies adopted by device manufacturers. Innovations such as metal-on-metal product designs have seen a huge rise in demand in the recent past, as these designs promise increased mobility.
The report presents a thorough overview of the past and present state of the global hip reconstruction devices market and its major elements. The report, which has been devised with the help of market data gathered with the help of a number of primary and secondary market research methodologies, also presents a definitive account of the key drivers, restraints, and major past and present trends, along with an analysis of the cumulative effect of these factors on the overall development of the market during the forecast period.
Hip Reconstruction Devices Market: Major Drivers and Restraints
Rapidly changing population dynamics, increase in the global geriatric population, rise in prevalence of osteoporosis, and surging demand for minimally invasive and technologically advanced hip reconstruction devices in developing countries are likely to be the major drivers of the global hip reconstruction devices market during the forecast period.
More funds are being allotted for research and development of novel and effective minimally-invasive hip reconstruction procedures; a factor also expected to have a positive impact on the overall growth of the market in the near future. Moreover, rising awareness regarding the availability of effective treatment methods that can enable patients to regain the ability to carry out daily activities and maintain a normal lifestyle is propelling the global hip reconstruction devices market.
Stringent regulations for the approval for hip reconstruction devices and high cost of these devices as well as the entire reconstruction procedures limit the growth of the global hip reconstruction devices market. High cost of hip reconstruction procedures is especially limiting market growth in the developing parts of the world.
HIP Reconstruction Devices Market: Regional Overview
The hip reconstruction devices market has matured in developed regions such as North America and Europe. Favorable medical reimbursement policies in these regions make these procedures affordable for a large part of the population. Nevertheless, the rising disposable income in developing countries in Asia Pacific is projected to have a significant impact on the overall demand for hip reconstruction surgeries in the region. The flourishing medical tourism industry in countries in Asia Pacific such as India and China is also expected to lead to expansion of the global hip reconstruction devices market in the region during the forecast period.
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Major companies operating in the global hip reconstruction devices market are Stryker Corporation, Smith & Nephew, DePuy Synthes, B. Braun Melsungen AG, Zimmer, Inc., and Corin.
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