ALBANY, New York, February 14, 2017 /PRNewswire/ --
The leading players in the Global Hip Replacement Implant Markethave been relentless working on achieving product differentiation and maintaining price differences to lure in bigger consumer bases. The global market is being led by Zimmer Biomet, Johnson & Johnson, Stryker, and Smith & Nephew.
According to the research report, the global hip replacement implant market was worth US$6.5 bn in 2015 and is expected to reach US$9.1 bn by the end of 2024. During the forecast years of 2016 and 2024, the global market is estimated to progress at a CAGR of 3.9%.
North America Poised to Dominate Global Market throughout Forecast Period
On the basis of product, the global hip replacement implant market is segmented into total hip replacement implant, hip resurfacing implant, partial hip replacement implant, and revision hip replacement implant. The total hip replacement implant segment is further sub-divided into fixed bearing hip implants and mobile-bearing total hip implants. As of 2015, the total hip replacement implant segment held a dominant share in the global market. This segment is estimated to continue its dominance in the coming years as it is slated to acquire a share of 58.1% by the end of 2024.
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In terms of geography, the global hip replacement implant market is divided into Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. North America has been leading the global market and is expected to continue its dominance throughout the forecast period. By the end of 2024, the North America hip replacement implant market is expected to acquire a share of 52.7% in the overall market.
Increasing Expenditure on Healthcare Opens Up Lucrative Opportunities for Global Market
The global hip replacement implant market is predominantly being driven by the increasing number of surgeries for hip replacement amongst the growing pool of geriatrics. The growing incidence of obesity is the primary cause of increasing pressure on the hips and their degeneration over time amongst the aging population. The significant rise in hip surgeries is also due to the remarkable advancements in the development of minimally invasive surgeries that use techniques such as 3D printing for achieving accurate results. Efforts by the governments to bring in hip implant reforms are also contributing to the rising revenue of the global market. The increasing per capita income, expenditure on healthcare, accessibility to healthcare, and better awareness are also some of the key factors that are expected to support the global hip replacement implant market.
Stringent FDA Regulations Slow Down Product Approval Processes
Despite the advancements, awareness, and adoptions of new methods, the global hip replacement implant market continues to face a few challenges. The major challenge in its way is the high cost of hip replacement products and surgery that is made these surgeries significantly unaffordability for patients, especially in the developing nations. The market is also being challenged by the growing number of product recalls as the metal in these medical devices has proved to be faulty or less effective. Furthermore, the strict regulations pertaining to the approval of all-metal hip implants are also slowing down the process of introducing new products in the global market.
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This review is based on Transparency Market Research's report, titled "Hip Replacement Implant Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
The global hip replacement implant market has been segmented as follows:
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