A CAGR Of 4.2% Is Expected To Be Recorded With Respect To Hip Replacement Market
Posted by Merin John on July 8th, 2021
The healthcare vertical, which was a physical interaction-based arm, has started shifting to virtual consultation at large. This has, in turn, helped in transcending the geographical barriers. As such, interoperable platforms are being supported by behavioral research, backed by real-time care interventions and personalized medications. The Hip Replacement Market would be moving forward with these additions.
A newly compiled business and commerce study done at the headquarters of Persistence Market Research (PMR) notifies that the competition in the global hip replacement market is stiff. And, the sheer profitability of the healthcare domain will continue to attract newer players in the near future, which will further fragment the vendor landscape.
That being said, the analyst of the report has detected that a few players do hold a moderate position of strength over the rest of the competition, having established themselves over a number of years across regions as well as leading the innovation.
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Geographical Presence Determining Market Leader
For instance, Zimmer Biomet Holdings Inc. operates in more than 25 nations and offers a wide-range of products that are used for joint reconstruction and minimally invasive surgeries. The company is maintaining a good relationship with major group purchasing organizations (GPO) and continuously collaborates with healthcare professionals in developed regions. Smith & Nephew, another leading name in medical device manufacturing, has a global presence and has gone through various acquisitions and partnerships to enhance its portfolio.
Stryker Corporation, DJO Global, Depuy Synthes from Johnson and Johnson, and B. Braun Melsungen AG are some of the other prominent players in the global hip replacement market.
The analyst of the PMR report has projected the demand in the global hip replacement market to expand at a CAGR of 4.2% during the forecast period of 2017 to 2024. In terms of revenue, the analyst has estimated that there will be opportunities worth US,128.5 Mn by the end of 2024 in the market for hip reconstruction, substantially more than the market’s evaluated valuation of 6,830.5 Mn in 2017.
Based on product type, the report segments the hip replacement market into revision hip implants, partial hip replacement implant, hip resurfacing, and total hip replacement implant.
On the basis of component type, the market has been bifurcated into hip stem systems, revision accessories and components, and acetabular cup systems. The analyst has also categorized this market in terms of end user, into ambulatory surgery centers (ASCs), clinics, and hospitals. Geographically, the developed region of North America has been identified as the most profitable region, followed by Europe and then vastly populated Asia Pacific.
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About the AuthorMerin John
Joined: December 11th, 2020
Articles Posted: 262
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