The growing number of obese people the world over, coupled with medical advancements in hip reconstructive products, will make for a conducive environment for the growth of the global hip reconstruction devices market, says a new report by Transparency Market Research (TMR). Yet, the growth of the market could be restrained to some extent by the availability of alternative products and the high costs of hip reconstruction devices already available on the market. The demand for hip reconstruction devices has seen a conspicuous spike in recent years and this growth is expected to continue. These and other trends and findings are analyzed in the report, titled “Hip Reconstruction Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
Besides a growing number of obesity-related hip problems, demographic factors such as a growing geriatric pool and a resultant rise in osteoporosis and arthritis cases are also playing a role in the growing demand for hip reconstruction devices. The preference for minimally invasive surgeries has brought with it the demand for hip reconstruction devices that are compatible with advances in surgical procedures.
However, a large number of people continue to remain skeptical about undergoing hip reconstruction procedures because of the risk of complications that follows. This problem is aggravated by the lack of a clear and cohesive regulatory standard for hip reconstruction devices across the world. At the same time, recent incidents of hip implant recalls have made patients hesitant about going in for hip reconstructive surgery. All of these factors are collectively expected to cause a change in the dynamics of the global hip reconstruction devices market.
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The key product segments within the global hip reconstruction devices market are primary hip reconstruction devices, partial hip reconstruction devices, revision hip reconstruction devices, and hip resurfacing devices. Among the key geographical segments of North America, Europe, Asia Pacific, the Middle East and Africa, the former dominated the market. North America’s dominance is attributed to the availability of reimbursement for patients and a large pool of aging people suffering from conditions such as arthritis and osteoporosis.
From the competitive standpoint, the global hip reconstruction devices market is dominated by global players that also have stakes in other areas such as knee and spine reconstruction. Given the high investments required in developing hip reconstructive devices, new entrants face numerous strategy execution challenges. The companies that currently have established a conspicuous presence in the hip reconstruction devices market are Smith & Nephew, Stryker Corporation, B. Braun Melsungen AG, DePuy Synthes, Corin, and Zimmer, Inc.