NewswireToday – /newswire/ – New York, NY, United States, 2017/06/28 – Persistence Market Research (PMR), in its report, estimates global hip replacement market to reach 4.1% CAGR during 2016-2024. The report also focuses on key trends and factors driving the growth of hip replacement market.
Hip bone infection, the rising problem of arthritis, hip fractures, manufacturers extending product line, clinicians concerned about patient safety, rising innovation and new hip implants including 3D printing technology and minimally invasive surgeries are the key factors boosting the growth of hip replacement market.
The trends driving the growth of global hip replacement market include awareness among physicians and patients regarding new hip implants and increasing hip injuries, trauma and fractures. The manufacturers of hip replacement implants are also planning to introduce new products with better safety in order to increase the market share.
However, various factors are hampering the growth of hip replacement market including implementation of healthcare reform, increasing hip replacement implant cost. Moreover, lack of affordability among customers due to high cost and access to the new custom hip implant processes in Asian countries is restricting the growth of the market.
According to Food and Drug Administration (FDA), less effective or faulty devices received by patients can result in serious health issues or even death. Around 578 hip replacement implant products were recalled between 2002 and 2013 which involved metal-on-metal hips, says the FDA. This is also acting as the roadblock in the growth of hip replacement market globally.
Partial hip replacement implant to appear as the most preferred product type during 2016-2024
The global hip replacement market is divided on basis of component type, product type, end user and region. The product type segment includes partial hip replacement implant, total hip replacement implant, revision hip replacement and hip resurfacing implant. Among all these, partial hip replacement implant is projected to arise as the most preferred product by both physicians and patients. Moreover, registering 4.7% CAGR, total hip replacement implant is anticipated to appear as the largest segment in terms of value during 2016-2024.
Factors such as easy availability and rise in the application in various health conditions are anticipated to increase popularity of total hip replacement implant product type.
North America to dominate global hip replacement market
The report provides detailed analysis and trends driving the growth of hip replacement market in all the major regions. North America was anticipated to dominate the market gaining maximum value share by 2016 end. However, the hip replacement market in North America is estimated to register 4.3% CAGR by 2024. Key factors contributing to the growth of hip replacement market in North America are better healthcare infrastructure, strong distribution network and the presence of key regional players.
According to the report, the key players are focusing on increasing their market share by introducing cost-effective and innovative hip implants and by entering new markets. Leading players mentioned in the report include Zimmer Biomet, DePuy Synthes (J&J), Stryker Corporation, B. Braun Melsungen AG, Smith & Nephew, DJO Global, MicroPort Scientific Corporation and Exactech, Inc.
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Written by / Agency / Source: Persistence Market Research (P) Ltd