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. 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.
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The report covers:
- Global Hip Replacement Market trends, with detailed analysis on consumer trends & manufacturer trends.
- Overview on supply analysis covering trends across raw material suppliers, technology providers and distributors.
- Key areas of investments identifying market opportunities and challenges in forecast timeframe.
- Competitive analysis of the industry players along with the overview on strategic management.
- Comprehensive company profiles of the major industry players.
Leading Players operating in the Hip Replacement Market are:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- Exactech, Inc.
- Braun Melsungen AG
- Zimmer Biomet
- MicroPort Scientific Corporation
- DePuy Synthes (Johnson & Johnson Services, Inc.)
- Smith & Nephew plc
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.
Detailed Table of Content:
- 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
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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- Extensive product offerings
- Customer research services
- Robust research methodology
- Comprehensive reports
- Latest technological developments
- Value chain analysis
- Potential Hip Replacement Market opportunities
- Growth dynamics
- Quality assurance
- Post-sales support
- Regular report updates
Reasons to Purchase this Report:
- Comprehensive analysis of the Hip Replacement Market growth drivers, obstacles, opportunities, and other related challenges.
- Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
- Identifies market restraints and boosters.
- Identifies all the possible segments present in the market to aid organizations in strategic business planning.
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