Global Hip Replacement Implant Market – Drivers, Opportunities, Trends, and Forecasts: 2022–2031
Overview: Hip implants are helpful in treating and supporting damaged hips caused due to arthritis, fracture, or any other musculoskeletal disorders. Hip replacement is considered as a safe and effective procedure, which can relieve chronic pain, help individuals to get back to daily activities such as mobility, walk, climb stairs, and enable them to perform simple exercises. Hip replacement is one of the most successful operations of all medicines and the advanced technology and surgical techniques have increased the effectiveness of total hip replacement. The market is driven by several factors that contribute to the business growth globally. The rise in awareness about minimally invasive surgeries or procedures has created a high adoption as it is less painful, performed as an outpatient procedure, and unlike traditional open surgeries they are less expensive.
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The hip implant market is growing at a slower pace when compared to other orthopedic segments and is maturing in the developed countries. According to CDC 2015 updates, there were about 310,800 total hip replacements performed in individuals aged 45 years and above as in-patients in the US. The availability of customized hip implants with different materials (metal, polyethylene, and ceramic) have increased the sales, especially that of the fixed bearing hip implants. Further, advances, such as the stem cell therapy for hip joints, is dramatically increasing and has become an alternative to hip replacement surgery. However, it is not considered as a standard practice.
The major products in the market include:
• ALTRX Altra-Linked polyethylene
• Continuum Acetabular System
• ZMR Hip System
• Wagner SL Revision Hip
• R3 Acetabular System
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The market is dominated by DePuy Synthes (Johnson & Johnson), Stryker, Smith & Nephew, and Zimmer Biomet Holdings, which has more than 80% market share in the global hip replacement implant market. Factors, such as the increased prevalence of osteoarthritis, growing popularity about minimally invasive surgeries, and the introduction of new technologies, are driving the market growth.
Market Analysis: The Global Hip Replacement Implant Market is estimated to witness a CAGR of 3.0% during the forecast period. The market is analyzed based on three segments, namely product type, end-users, and regions.
Regional Analysis: The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). The Americas is set to be the leading region for the hip replacement implant market growth followed by Europe. Asia Pacific and ROW are set to be the emerging regions. The emerging markets have a high potential to grow owing to an increase in the number of joint reconstruction procedures due to the rise in road accidents, presence of a large pool of patient population, and focus toward healthcare infrastructure. Further, medical tourism has become a new trend in the emerging markets as most of the people from developed countries are travelling to APAC, especially India, for hip replacement procedures. However, the high cost of implants and the expensive procedural cost, lack of skilled surgeons, lack of proper reimbursement policies, lack of awareness about advanced implants in the developing countries have a significant impact on the overall market growth.
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